Commercial Real Estate

Rivergate owner plans renovations
Banyan Street Capital is planning to invest more than $10 million to upgrade the 31-story Rivergate Tower along Tampa's Riverwalk to “elevate the project to a new standard for downtown,” says one of its principals.

Renovations are expected in the 400 N. Ashley Drive building's common areas, lighting and restrooms, says Dale Peterson, a CBRE Group senior vice president who represented sellers Mount Kellett Capital Management and Morning Calm Management in the $70 million transaction.

K. Taylor White, a Banyan Street senior managing director, says the Miami-based company believes tenants are seeking a more urban experience today, and will flock to buildings like Rivergate as a result. The tower is currently 80% occupied by tenants such as Butler Pappas, Digital Hands, Sykes Enterprises and Wilson Human Capital, among others.