This vacant office building at 1321 Bannock St. has been purchased by the Denver Art Museum Foundation. (Matt Geiger/BusinessDen)
Like adding new pictures to an art gallery, the Denver Art Museum Foundation is adding new properties to its investment portfolio.
The foundation, which is responsible for overseeing the museum’s endowment, paid nearly $13.5 million combined last week for the office building at 1321 N. Bannock St. and the parking lot next door at 1331 Bannock St., according to public records.
The roughly 9,000-square-foot office building, which is unoccupied, sold for $8.08 million, or about $897 per square foot. The 15,100-square-foot parking lot to the north sold for $5.38 million, or $356 per square foot.
The foundation purchased the properties as an investment and the museum has no plans to expand its campus in the near future, said Andy Sinclair, a spokeswoman for the museum. The lots are across the street from the Golden Triangle museum. The foundation wants to lease the building to a long-term tenant.
The foundation, created in 1988, manages a $158 million endowment, according to the museum’s most recent annual report. The Bannock Street properties are the only real estate holdings in the foundation’s portfolio, Sinclair said.
Both properties were sold by the Dikeou family, which owns several parking lots and other parcels elsewhere throughout downtown. The family bought the building in 2005 for $1.11 million and has owned the parking lot since at least the early 1990s, property records show.
This is not the first time in recent years that a Golden Triangle art museum foundation has pursued property. The Clyfford Still Museum Foundation at 1250 Bannock St. purchased a parking lot across the street for $1.7 million in 2017, then added two neighboring properties for $3 million the following year.
This vacant office building at 1321 Bannock St. has been purchased by the Denver Art Museum Foundation. (Matt Geiger/BusinessDen)
Like adding new pictures to an art gallery, the Denver Art Museum Foundation is adding new properties to its investment portfolio.
The foundation, which is responsible for overseeing the museum’s endowment, paid nearly $13.5 million combined last week for the office building at 1321 N. Bannock St. and the parking lot next door at 1331 Bannock St., according to public records.
The roughly 9,000-square-foot office building, which is unoccupied, sold for $8.08 million, or about $897 per square foot. The 15,100-square-foot parking lot to the north sold for $5.38 million, or $356 per square foot.
The foundation purchased the properties as an investment and the museum has no plans to expand its campus in the near future, said Andy Sinclair, a spokeswoman for the museum. The lots are across the street from the Golden Triangle museum. The foundation wants to lease the building to a long-term tenant.
The foundation, created in 1988, manages a $158 million endowment, according to the museum’s most recent annual report. The Bannock Street properties are the only real estate holdings in the foundation’s portfolio, Sinclair said.
Both properties were sold by the Dikeou family, which owns several parking lots and other parcels elsewhere throughout downtown. The family bought the building in 2005 for $1.11 million and has owned the parking lot since at least the early 1990s, property records show.
This is not the first time in recent years that a Golden Triangle art museum foundation has pursued property. The Clyfford Still Museum Foundation at 1250 Bannock St. purchased a parking lot across the street for $1.7 million in 2017, then added two neighboring properties for $3 million the following year.
