CBRE has been appointed exclusive leasing agent for Rivergate Tower – the landmark, cylindrical high-rise office building located at 400 North Ashley Drive in Tampa, Florida. Miami-based Banyan Street Capital acquired the 31-story tower in August 2015 with plans to be at the forefront of Tampa’s emergence as a top destination for corporate relocations as well as for those who appreciate the iconic history of this building. Banyan, who has an extensive track record repositioning other signature office buildings throughout the country, awarded Roxanne Kemph and Kelley Matheson of CBRE the leasing assignment.
The property, which is currently 80% leased, includes a well-diversified mix of highly recognizable tenants including; Sykes Enterprises, Butler Pappas, Wilson Human Capital, Digital Hands and Northstar Bank. Banyan will be strategically investing approximately $11 million of capital into the property in the coming year to highlight its location along the recently completed Riverwalk and Curtis Hixon Park. Final designs will be announced in the coming weeks which will include: hospitality style upgrades to the “Cube,” renovated entry and exterior patio areas, and upgrades and expansion of the main lobby and multi-tenant corridors.
Additionally, Banyan will be working with the City and selected third parties to provide additional waterfront dining/entertainment space along with direct elevator access from the outdoor patio to the Riverwalk. In doing so, Banyan is committed to ensuring that the building is re-established as the premier location for office users and those ascribing to the urban lifestyle that Tampa is moving toward. As an affirmation of the upgrades Banyan is planning, the building was able to attract Autobytel (a web-based automotive media and marketing services company; NASDAQ: ABTL), to lease space in the top two floors of the Cube which haven’t been occupied in over a decade.
“We are excited to be a part of the transformation of this iconic landmark located in the center of downtown Tampa,” said Ms. Kemph, CBRE First Vice President. “Under the strong ownership of Banyan Street Capital, the building is undergoing significant renovations that will only increase its value for present and future tenants.”
Added Chase Pattillo, CCIM, CBRE Managing Director, “We are excited about our growing partnership with Banyan and we have the utmost confidence that Roxanne and Kelley’s passion and enthusiasm will provide excellent representation for Rivergate Tower, Banyan and its vision for the building.”
Constructed in 1988 for $150 million, Rivergate Tower is one of the tallest limestone structures in the world and offers unobstructed 360-degree views of the Tampa skyline. The building was designed by architect Harry Wolf to symbolize a lighthouse sending out a brilliant ‘beacon of economic light’ from downtown Tampa. The Tower’s measurements are based on what mathematicians refer to as the Fibonacci Series, a complex formula invented by Leonardo Pisa, a 13th Century Italian philosopher and scientist.