Banyan Street Capital Picks Up Iconic Tower in Tampa

Miami-based, Banyan Street Capital has recently acquired a 515,965-square-foot Class A office building in Tampa for an undisclosed price.
Rivergate Tower in Tampa

Rivergate Tower

Miami-based, Banyan Street Capital has recently acquired a 515,965-square-foot Class A office building in Tampa for an undisclosed price. Rivergate Tower, located at 400 North Ashley Drive, was formerly owned by a venture between Mount Kellett Capital Management LP and Morning Calm Management LLC.

Rivergate Tower is the only office building located directly on the Tampa Riverwalk and it is situated within a two-block radius of 90% of the city’s downtown amenities such as the University of Tampa and the Straz Center for the Performing Arts. Its lineup of on-site amenities includes a 735-space underground parking garage on two stories, a high-quality fitness facility, conference rooms, several dining options as well as a full-service branch bank with ATM. Constructed in 1988, the 31-story landmark has received a National Honor Award from the American Institute of Architects in 1993.

The new ownership plans a series of comprehensive renovations to the common areas including the lobby, elevator cabs, bathrooms and corridors. The property is currently 80% leased.

CBRE arranged the sale and financing of the building, while BankUnited N.A. provided a $58 million loan for the purchase and planned renovations. The CBRE team included Christian Lee, Dale Peterson, Charles Foschini, Chris Apone, Jose Lobon and Marcos Minaya. Gregory Santín from BankUnited was also involved in the negotiations.

Photo credit: CBRE