PCCP Forms Joint Venture with Banyan Street Capital to Acquire 515,965 SF Office Complex in Tampa, FL
New York, NY, August 13, 2015 – PCCP, LLC announced today that it has formed a joint venture with Banyan Street Capital to acquire Rivergate Tower, a 515,965-square-foot office complex located at 400 N Ashley Dr. in downtown Tampa, Florida. The sale and financing for the asset was arranged by CBRE. Built in 1988 for $150 million, Rivergate Tower is comprised of an iconic, 31-story, 493,006-square-foot, Class A cylindrical shaped tower and an adjacent 22,959-square-foot, five-story pavilion building that houses the Florida Museum of Photographic Arts. The complex occupies a full city block in the revitalized River Arts District of downtown Tampa. Rivergate Tower offers expansive 360 degree views overlooking the Hillsborough River and Tampa skyline, and amenities that include Malio’s Prime Steakhouse, an upscale café, a full-service bank branch, an ATM, a dry cleaner, and a fitness center. Parking is provided by a two-story, 735-space parking garage located under the building and adjacent park.