A major bank is suing the owner of downtown Tampa’s cylindrical
office tower at 400 North Ashley Drive — better known in this area as the “Beer Can” building, Rivergate Tower or the Sykes Enterprises tower.
In its lawsuit, Royal Bank of Scotland states that the tower owner, ACP/Pinnacle or America’s Capital Partners on Brickell Avenue in Miami, failed to pay its August mortgage payment on the tower and continues not to pay. The bank, which says it is owed $48.4 million, seeks to foreclose on the property. (Click here for complete story)
It really comes as no surprise to Commercial Real Estate professionals working the Downtown market. Tenants have been exiting Rivergate Tower, one of Tampa’s signature landmark buildings, for some time now. Its not unusual for our office to receive a phone call or two every month from tenants looking to test the waters outside of the building.
Property records show that there was a qualified sale of the building in 2005, for $35 million. Currently, there is more than 240,000 square feet of vacancy in the building and 515,000 square feet total, meaning that the vacancy rate is pushing 47%. The asking rates are $21 per square, which is a premium for the downtown market. Tenants considering the loss factor for the space, which is high in the building in part as as a result of the unusual shape of the structure (i.e. square desks don’t fit well in round spaces) tend to find more competitive deals and cooperative landlords in other towers.
Bank Pursues Foreclosure Against Tampa’s Beer Can Building
It really comes as no surprise to Commercial Real Estate professionals working the Downtown market. Tenants have been exiting Rivergate Tower, one of Tampa’s signature landmark buildings, for some time now. Its not unusual for our office to receive a phone call or two every month from tenants looking to test the waters outside of the building.
Property records show that there was a qualified sale of the building in 2005, for $35 million. Currently, there is more than 240,000 square feet of vacancy in the building and 515,000 square feet total, meaning that the vacancy rate is pushing 47%. The asking rates are $21 per square, which is a premium for the downtown market. Tenants considering the loss factor for the space, which is high in the building in part as as a result of the unusual shape of the structure (i.e. square desks don’t fit well in round spaces) tend to find more competitive deals and cooperative landlords in other towers.