Ally Capital Group and Banyan Street have partnered to recapitalize Rivergate Tower in downtown Tampa, marking a new joint venture between two active Florida real estate investors.
The 31-story office tower at 400 N Ashley Drive is one of the most recognizable buildings in Tampa’s skyline, known for its cylindrical design and waterfront position along the Hillsborough River. Terms of the transaction were not disclosed.
The deal brings together a Tampa-based investor and a Miami-based firm with an established office portfolio. The partners plan to hold the property long-term and invest additional capital in upgrades and leasing.
Ally and Banyan plan to invest about $8 million into improvements, including tenant spaces, common areas and the parking structure. The firms also expect to expand move-in-ready office suites as leasing demand continues to favor flexible, prebuilt space.
Planned work will also focus on better connecting the building to surrounding public assets, including the Riverwalk and Kiley Gardens, as activity in the surrounding downtown district expands.
“Rivergate Tower is the kind of asset that truly reflects our investment philosophy,” said Devin Tiffany, asset manager at Ally Capital Group. “Its architectural significance, strong tenancy, and irreplaceable location make it a rare opportunity.”
Banyan Street, which owns and operates roughly 11.5 million square feet of office space nationwide, has been active in repositioning office properties across Florida and other Sun Belt markets. The firm’s office division president, Zac Gruber, said the partnership reflects continued confidence in Tampa’s growth.
“Rivergate Tower represents a meaningful opportunity to continue our investment in the growth and vibrancy of downtown Tampa,” Gruber said.
Built in 1988 and rising 454 feet, Rivergate Tower is among the tallest limestone office structures in the world.
The deal reflects continued investment in well-located office assets in Tampa’s central business district, as owners reposition buildings to meet shifting tenant demand.
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