Rivergate Tower changes hands as part of In-Rel Properties sell-off

BUYER: IR-Rivergate LLC (manager: Mukang Cho), New York City
SELLER: Rivergate Building Owner LLC
PROPERTY: 400 N. Ashley Drive, Tampa
PRICE: $59.59 million
PREVIOUS PRICE: $22 million, June 2011
LAW FIRM ON DEED: Bass Berry & Sims PLC (SMM), Memphis

PLANS, DESCRIPTION:
Private equity fund Mount Kellett Capital Management LP purchased the 32-story, 567,062-square-foot Rivergate Tower, an adjacent 34,372-square-foot office building and parking garage for $59.59 million.

The price equated to $99 per square foot for the office space. That figure is less than the two-year average price per square foot for office space ($118) in the Tampa Bay area, according to the CoStar Group.