Apex Bank Acquires 334,000-Square-Foot Riverview Tower in Downtown Knoxville

Apex Bank has secured a major presence in downtown Knoxville with the acquisition of Riverview Tower, a 23-story office tower located at 900 S. Gay St. The 334,197-square-foot building features floor-to-ceiling windows on every level and includes an adjacent multi-level parking garage, marking a substantial investment in the city's urban core.

Key Details

The transaction involved Apex Bank purchasing the property from an affiliate of Hertz Investment Group for an undisclosed price. SVN | Wood Properties brokers George Brown and Taylor Thompson represented the seller in the deal, which closed approximately four months after the building was listed. Following the acquisition, Apex Bank has retained SVN | Wood to continue managing leasing for the office tower.

According to REBusinessOnline, the building spans 334,197 square feet of office space across 23 stories, with floor-to-ceiling windows on every level. The inclusion of an adjacent multi-level parking garage adds practical value for tenants in a downtown setting where parking availability often influences leasing decisions.

Market Context

The sale of Riverview Tower reflects ongoing investor interest in secondary and tertiary southeastern markets, particularly among financial institutions seeking to establish physical footprints outside of primary metros. Downtown Knoxville has seen steady demand for Class A office space, driven by a mix of regional corporate tenants, professional services firms, and financial institutions.

The four-month timeline from listing to close suggests competitive interest in the asset, even as the broader office market nationally faces headwinds from remote work trends and rising interest rates. The presence of floor-to-ceiling windows throughout the building positions it well among tenants prioritizing natural light and modern amenities—features that have become increasingly important in post-pandemic leasing decisions.

For CRE professionals, the deal highlights several trends worth monitoring. First, institutional investors like Hertz Investment Group are selectively pruning portfolios, while regional banks like Apex Bank are acquiring properties that align with their operational and investment strategies. Second, the retention of SVN | Wood for leasing duties indicates confidence in the local market's ability to absorb office space, even as vacancy rates fluctuate nationwide.

The Knoxville submarket benefits from proximity to the University of Tennessee and a growing technology sector, both of which contribute to demand for well-located office product. Riverview Tower's location on South Gay Street places it in the heart of the city's central business district, providing tenants with walkable access to dining, retail, and entertainment options—a factor that continues to differentiate urban office assets from suburban alternatives.

This transaction also underscores the role of specialized brokerage firms in facilitating complex commercial real estate deals in mid-sized markets. SVN | Wood's dual role as both transaction broker and ongoing leasing agent demonstrates the value of local market expertise in executing and managing institutional-grade office investments.