Apex Bank has made a big bet on downtown Knoxville, closing on Riverview Tower for $44.17 million and instantly becoming a major landlord on South Gay Street. The 24-story office high-rise at 900 S. Gay Street now sits in the bank’s portfolio, along with its sizable multi-level parking structure. It is a rare full-tower sale in Knoxville’s downtown office market and one that could shuffle the ownership landscape along the riverfront corridor.
Bank closes on downtown tower
The deal officially closed on Tuesday, according to the Knoxville News Sentinel, which reported that listing broker Taylor Thompson confirmed Apex Bank as the buyer. The paper noted that the bank paid $44.17 million for the property at 900 S. Gay Street. In a news release cited by the outlet, Apex CEO Dave Miller said, "we are proud to make this investment because we believe deeply in knoxville’s future."
What Apex bought
Riverview Tower contains about 334,198 square feet of office space, according to marketing materials from SVN | Wood Properties. Those materials, along with local coverage, highlight an attached 421-space parking garage and a current occupancy of roughly 96 percent, with tenants spanning financial, legal, and technology firms. Brokers Taylor Thompson and George Brown led the marketing effort for the listing, according to the same offering.
Tenants and downtown impact
The tower houses a downtown Truist branch and associated office operations, and Truist identifies 900 S. Gay Street as a branch location on its website. In 2023, CGI opened a 10th floor U.S. delivery center at the property, describing the Knoxville site as a growth hub for regional tech talent, according to Teknovation. The Knoxville News Sentinel has reported that dozens of businesses operate in the building and noted that Truist signage still dominates the façade.
Background
Completed in the mid-1980s, Riverview Tower remains a downtown Knoxville landmark, according to its owner’s property page. Hertz Investment Group acquired the high-rise in 2013, and a 2013 SEC filing shows that the purchase was financed with a loan package that implies an acquisition price of about $24.3 million. The building has changed hands only occasionally since it was constructed, and SVN’s marketing material cast the property as a durable, core asset in the heart of downtown.
What’s next
Local brokers say the sale points to continued institutional interest in downtown Knoxville office properties as the riverfront and nearby Market Square corridors attract more investment. SVN’s offering stressed walkability and proximity to the university and waterfront as key reasons the tower should appeal to long-term investors. Apex has not announced any redevelopment plans, and industry observers expect the bank to continue operating under existing leases while it assesses how the tower fits into its broader downtown strategy.
