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Downtown Tampa's 'beer can' building is sold once again

Rivergate Tower, also known as the Sykes Enterprises tower and Tampa’s iconic “Beer Can” building, has sold again. [SCOTT McINTYRE   |   Times] 
Rivergate Tower, also known as the Sykes Enterprises tower and Tampa’s iconic “Beer Can” building, has sold again. [SCOTT McINTYRE | Times] 
Published Aug. 7, 2015

TAMPA — One of the most distinctive towers in the city's skyline has changed hands once again.

Rivergate Tower, the 31-story cylindrical high-rise more popularly known as the "beer can" building, was sold for $70 million to Miami's Banyan Street Capital. CBRE, the real estate firm that arranged the deal, announced Thursday that it had sold the building on behalf of previous owner, Mount Kellett Capital Management LP.

The building has changed hands over the past two decades as its price has fluctuated wildly. Its price has gone from $123.2 million in 1988 to $49.5 million in 2000 and then to $60 million last year, which is what Mount Kellett paid for it.

Rivergate Tower is a 515,965-square-foot building with 735 underground parking spaces. It's also one of the tallest structures made of limestone. Completed in 1988, it was designed by architect Harry Wolf to look like a lighthouse, to symbolize optimism.

The most prominent tenants of the building at 400 N Ashley Drive include Sykes Enterprises' call center, the Tampa Downtown Partnership and Malio's Prime Steak House.

According to CBRE, 80 percent of the tower has been leased. CBRE senior vice president Dale Peterson said the new owner plans to upgrade Rivergate Tower's interior office space.

"They have a very significant capital investment program that will reposition the asset," he said.