The Atlanta Journal-Constitution reports that the Coconut Grove, Fla.-based group intends to spend at least half that money to fix up the 32-story high rise, one of the city's first modern skyscrapers.
Georgia State University had expressed interest in owning the building, but the Florida group's purchase means it did not win its effort to buy it.
The Equitable was built in the 1960s, and later represented one of the first major casualties of Atlanta's real estate collapse. In 2007, it was acquired by an investment group for nearly $57 million. It was foreclosed by the lender in June 2009 for $29.5 million.
Information from: The Atlanta Journal-Constitution, http://www.ajc.com