It is named after the insurance company Equitable of Iowa, which originally owned the building, and is located along Locust Street in the downtown area of the city.

[3] In late 2007 the main retail tenant, Joseph's Jewelry, announced that it would relocate from the Equitable Building after 83 years to Davis Brown Tower, located at 10th St and Walnut.

Stovall entered a “Consent Order, Judgment and Decree” that ordered Equitable L.P. to pay a $500,000 environmental civil penalty for conducting extensive renovations of the historic Equitable Building in downtown Des Moines without taking required precautions for the presence of asbestos-containing material.

“This enforcement action should serve as a warning that the regulations relating to asbestos removal and disposal will be vigorously enforced.” In the Consent Order, Judgment and Decree entered May 5, 2009, Equitable L.P. admitted that it: Failed to thoroughly inspect the Equitable Building for the presence of asbestos prior to starting renovation activities.

It can cause lung disease and cancer, especially if it is contained in dust when asbestos-containing material is crumbled, pulverized or reduced to powder.

Bob Knapp pleaded guilty to two charges in February 2011 for his role at the head of a conspiracy to ignore federal asbestos regulations during a three-year renovation project at the Equitable Building.

On March 30, 2014, Knapp was found dead in a burned out car near Panora, Iowa, after stealing it from an acquaintance in Waukee whom he had been staying with.

[8] Russell Coco also pleaded guilty in February to charges of conspiracy to impede and impair Environmental Protection Agency asbestos removal procedures and violations of the work practice requirements of the Clean Air Act.