PAULS re-acquires 15-story Regency Plaza from Granite in Denver Tech Center

PAULS has re-acquired Regency Plaza, the 15-story, 335,908-square-foot Class A tower at 4643 South Ulster Street in the Denver Tech Center, buying back a building it owned before from Granite Properties, Connect CRE reported. No price appears in the report, and it does not say when PAULS sold the asset or on what terms, leaving the submarket without a fresh comp.

Newmark's Tim Richey and Jack Richey represented Granite on the sale, and PAULS financed the acquisition with fixed-rate debt from Collegiate Peaks Bank, a division of Glacier Bank—a commercial bank balance sheet rather than a conduit or insurance-company loan, which fits the pattern of selective office lending. As this publication wrote about a Torrance refinancing in September, the loans that are getting done are being sized to individual rent rolls, leaving owners with a lender's basis in place of a price.

Regency Plaza is 83 percent leased, with more than 176,000 square feet of new leases executed since early 2024—over half the tower's rentable area signed in under three years—so the rent roll is the case for the deal. At 83 percent occupancy, close to 57,000 square feet is still to fill.

Colliers will continue to lead leasing at the property, with Abby Pattillo and Robert Whittelsey remaining on the assignment, and keeping the brokers who signed the 176,000 square feet through an ownership change suggests the leasing trajectory, not the structure, is the part of this trade worth underwriting. Regency Plaza was built in 1985 and repositioned in 2020, and the renovated lobby, outdoor plaza, fitness center, training facility and on-site restaurant and market are the product a leasing campaign can sell.

Office has been clearing in two registers lately—per-foot comparisons and debt—and owners in Norfolk got the first kind in August, when 150 West Main traded at $111 a foot. Denver Tech Center owners get neither out of this transaction. Until a price lands on the record in the submarket, the marks available to them are an 83 percent leased building and a bank willing to lend fixed-rate against it.