Galvanize building downtown trades hands for $10M

rocky mountain bank note co. building

Galvanize operates a co-working space at 11th and Delaware in Golden Triangle.

Galvanize has a new landlord in Golden Triangle.

The Rocky Mountain Bank Note Building, home to the original Galvanize coworking space since 2012, traded for $10.5 million on Thursday, city records show.

“It’s one of the most beautiful buildings downtown,” said the buyer, Doug Brown.

Acting as GAB Delaware LLC, Brown, founder and chairman of real estate investment firm Regent Properties, said he purchased the property to add to his family’s real estate portfolio.

“I’m excited to own it on a long-term basis,” he said. “I want to leave it just the way it is.”

Brown said he and his wife moved to Boulder seven years ago from Southern California, and this is his first real estate investment in Denver. The deal was financed in part with a $5.8 million loan from FirstBank, according to city records.

Broker Dan Grooters of Newmark Grubb Knight Frank handled the real estate transaction.

The property includes the 27,000-square-foot building on the corner of Delaware Street and West 11th Avenue, plus a parking lot down the alleyway between Delaware and Cherokee streets.

The seller is 1062 Delaware LLC, which purchased the one-time bank for $3.65 million in August 2012. At the time, the 1929 building was vacant after a stint as an elementary school. The project’s developer, the Nichols Partnership, renovated the space in time for Galvanize to move in by October 2012.

City records list Nichols Partnership president Randy Nichols and Galvanize co-founder Lawrence Mandes as members of 1062 Delaware LLC.

Representatives of Galvanize and Nichols Partnership did not respond to messages seeking comment.

Galvanize still has a home in other Nichols Partnership properties. The office space and tech incubator startup has taken up residence in the Nichols Building on Platte Street in Denver, as well as PearlWest, a Nichols project on the Pearl Street Mall in Boulder.

As for Galvanize Golden Triangle, Brown said the startup has 16 years in its lease, including options.

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Ron Litvak
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Ron Litvak

Amy, It is a nice building, but it wasn’t a bank: Rocky Mountain Bank Note was a company that printed checks and did other engraving work.