Tampa's Iconic ‘Beer Can Building’ Has New Owners

TAMPA, FL — The iconic Rivergate Tower, a 31-story downtown Tampa office tower nicknamed the “Beer Can Building” because of its cylindrical shape, has a new owner, according to a news release.

Ally Capital Group announced Monday that it’s partnered with Banyan Street to recapitalize the waterfront tower at 400 N. Ashley Drive. This is the first joint venture between the two private investment groups.

Built in 1988, the 454-foot-tall building is one of the tallest limestone structures in the world.

The companies plan to invest $8 million in upgrades to the building, including “improving interaction with the Riverwalk, Kiley Gardens and the emerging walkable vibrancy of downtown Tampa,” the news release said.

Other investments include creating move-in ready spec suites, completing remaining corridor and restroom upgrades, and parking garage improvements.

Grant Werbeck, Ally Capital’s chief of operations, called it a “milestone investment” for the company.

Meanwhile, Zac Gruber, president of Banyan Street Capital’s office division, said, “Our affinity for investing in Tampa is no secret. Rivergate Tower represents not only a best‑in‑class asset, but also a meaningful opportunity to continue our investment in the growth and vibrancy of downtown Tampa. We are thrilled to continue our business plan with this exciting new partnership to bring new vibrancy to the asset and downtown Tampa.”

The acquisition is a win for both companies, as the property’s “architectural significance, strong tenancy and irreplaceable location make it a rare opportunity,” Devin Tiffany, asset manager for Ally Capital, said. “We’re excited to work alongside Banyan Street to unlock additional value and ensure the property continues to serve as a cornerstone of Tampa’s thriving downtown.”

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