Galvanize building in Golden Triangle trades for $10.54M

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The Rocky Mountain Bank Note building is the original location of Galvanize.

Galvanize’s original location, a historic brick-and-timber building in the Golden Triangle neighborhood, has a new owner.

Boulder-based GAB Delaware LLC bought the approximately 30,000-square-foot building at 1062 Delaware St. in Denver from a group led by The Nichols Partnership for $10.54 million. The building was constructed for Rocky Mountain Bank Note in 1929. It has other, later uses, including a public school.

Plenty of investors considered the acquisition, which required a grasp of the techie tenant.

Riki Hashimoto
Riki Hashimoto

“We had great interest on the building. It was an older, historical brick-and-timber building that is kind of the thing everyone is looking for in the urban core,” said Riki Hashimoto of Newmark Grubb Knight Frank.

“Being a single tenant with a mature startup, Galvanize, however, was probably the biggest challenge in terms of getting it done. Because it’s a privately held organization, understanding the financial wherewithal of Galvanize took some time to have these buyer pools get acclimated to that business model.”

Galvanize, which has seven years remaining on its lease, is a platform for start-up web developers, data scientists and others that provides shared workspace, education and networking with venture capitalists, for instance. It has grown to include eight locations in Colorado and coast to coast.

The Nichols Partnership redeveloped the Golden Triangle building and owned it in partnership with principals of Galvanize, which opened in 2013. The building has 20-foot ceilings, skylights and its own café.

“It was a neat transaction to work on just due to Galvanize and their business model,” said Hashimoto, who handled the sale with partner Dan Grooters. Both are executive managing directors at NGKF.

Featured in CREJ’s April 19-May 2, 2017, issue

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