Georgia State Eyes Iconic Equitable Building

Georgia State University might buy the iconic Equitable Building in downtown Atlanta, a skyscraper that helped shape the city's skyline since the 1960s—but in the modern era became an emblem of the metro area's commercial real estate woes. The Equitable Building was acquired by an investment group in 2007 for nearly $57 million. It was foreclosed by the lender in June 2009 for $29.5 million.

Georgia State has long been considered in real estate circles a possible buyer for the landmark high-rise, designed by Skidmore, Owings & Merrill. H. Fenwick Huss, the dean of Georgia State's J. Mack Robinson College of Business, said the university is “trying to acquire” the 33-story Equitable high-rise. If successful, space could be available there for Robinson College's administrative and faculty offices within the next two years.

A deal would be a coup for Georgia State, which is growing rapidly and trying to expand in a time of state budget restrictions. It isn't clear how Georgia State might structure a purchase, but the university's nonprofit foundation could play a role, said those familiar with the potential deal.