ATLANTA -- The financial crisis has claimed a major victim in downtown Atlanta with foreclosure papers being served on the owners of the Equitable Building.

Channel 2 Action News reporter Jodie Fleischer learned Wednesday the 33-story office building will be auctioned to the highest bidder on the steps of the Fulton County Courthouse on May 5.

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READ: Foreclosure Notice On Equitable Building

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The foreclosure notice filed in Fulton County Superior Court said Equastone 100 Peachtree, LLC, the owner of the building, owes Capmark Bank $51,973,000 on the mortgage.

Equastone bought the Equitable Building in 2007 for $57 million, but the value of building has dropped 26 percent. Only 50 percent of the building's office space is leased.

The building sustained damage when a tornado hit downtown Atlanta in March 2008. Dozens of windows were smashed and high winds damaged some offices.

In addition to the Equitable Building, Equastone, a private real estate investment firm based in San Diego, Calif., owns property in Arizona, California, Colorado, Louisiana, Nevada, Oregon and Texas.