ATLANTA-The Equitable Building, a 609,000-sf, 32-story Downtown landmark structure, is getting a $12-million recapitalization to aid co-owners Lincoln Property Co. and locally based Resource Real Estate Partners LLC in completing renovations and leasing up the 61%-leased property at 100 Peachtree St.

Resource Real Estate Partners found the private equity funding through locally based Southeast Office Partners LLC, becoming Lincoln's new partner in the process. Lincoln has hired Phil Deguire of Resource to head the leasing team while Lincoln continues to provide property management services to the asset. One strategy Deguire says he plans to use is possibly offering signage rights to a large anchor tenant "desiring one of the metro area's best branding opportunities."

"For over 40 years, 100 Peachtree has been the address for some of Atlanta's finest companies, and this new infusion of capital will afford us the opportunity to move forward in our efforts to keep the Equitable Building as one of Downtown Atlanta's premier office towers," says Lincoln executive vice president Bucky Shamburger. "Given their recent leasing success at several other intown properties, we felt the addition of Resource to the team was a positive step toward our goal of leasing up the remaining vacant space."

About 40 tenants occupy the Equitable, paying an average base rent range of $17.50 per sf to $19.50 per sf. Floor plates average 20,000 sf. Resource became interested in helping the Equitable because of "Atlanta's dynamic resurgence," says Resource president Brad Smith.

"We are enormously excited about the opportunities in Downtown and believe that much of the negative press associated with Downtown does not reflect all of the positive news happening there," Smith says. "With more than $2 billion in new construction of office, hotel, residential and entertainment venues in 34 separate projects, we believe there is an outstanding opportunity for success."