Office Sales Resume in Houston, Denver as Buyers Return to Stabilized Assets

JLL brokered the sale of a 552,550-square-foot Galleria complex at 89.5 percent occupancy while PAULS reacquired a Tech Center tower it previously owned.

By the Family Office Real Estate Daily Desk·Sunday, October 4, 2026·2 min read

Editorial summary of reporting byrebusinessonline.com Our editorial standards →

The answer · checked against rebusinessonline.com

Which office buildings sold recently in Houston and Denver, and what were their occupancy rates?

JLL brokered the sale of Park Towers, a 552,550-square-foot, two-building office complex in Houston's Galleria district, which was 89.5 percent leased at loan closing, with Interra Capital Group as buyer and Morgan Stanley providing acquisition financing. Separately, PAULS reacquired Regency Plaza, a 335,908-square-foot office tower in Denver Tech Center it previously owned, purchasing the 83-percent-leased asset from Granite Properties with fixed-rate financing from Collegiate Peaks Bank.

Key facts

JLL represented seller Regent Properties in the sale of Park Towers, a 552,550-square-foot Houston Galleria office complex to buyer Interra Capital Group.
Park Towers was 89.5 percent leased at the time of loan closing, with tenants including tax firm Ryan and Huntington Bank, according to the source text.
Susan Hill of JLL arranged acquisition financing for Park Towers through Morgan Stanley on behalf of buyer Interra Capital Group.
PAULS purchased Regency Plaza, a 335,908-square-foot, 15-story office tower at 4643 S. Ulster St. in Denver Tech Center, from Granite Properties for an undisclosed price.
Regency Plaza was 83 percent leased at the time of PAULS's acquisition, with more than 176,000 square feet of new leases executed since early 2024.
Collegiate Peaks Bank, a division of Glacier Bank, provided fixed-rate acquisition financing for PAULS's purchase of Regency Plaza.

Office Sales Resume in Houston, Denver as Buyers Return to Stabilized Assets — Image: editorial illustration · Story sourced from rebusinessonline.com

JLL has brokered the sale of Park Towers, a 552,550-square-foot office complex in Houston's Galleria district. The property comprises two 18-story buildings built in 1972 and renovated between 2016 and 2022. Rick Goings, Kevin McConn and Jonathan Napper of JLL represented the seller, Regent Properties, in the transaction.

Susan Hill of JLL arranged acquisition financing for the deal through Morgan Stanley on behalf of the buyer, Interra Capital Group. Park Towers was 89.5 percent leased at the time of the loan closing to tenants including tax firm Ryan and Huntington Bank. Amenities include a fitness center, tenant lounge with a game room, conference facilities, executive boardroom and a full-service deli. The new ownership has tapped Transwestern to lease the property.

PAULS purchased Regency Plaza, a 15-story office tower at 4643 South Ulster Street in Denver Tech Center, from Granite Properties. The acquisition marks a return of ownership for Regency Plaza, which was previously owned by PAULS. Tim Richey and Jack Richey of Newmark represented the seller in the deal.

Originally built in 1985 and repositioned in 2020, Regency Plaza offers 335,908 square feet of office space that is 83 percent leased. The asset has seen more than 176,000 square feet of new leases executed since early 2024. Collegiate Peaks Bank, a division of Glacier Bank, provided acquisition financing with a fixed-rate loan. Colliers will continue to handle leasing for the property.

The asset features a renovated lobby, an outdoor plaza, a fitness center, training facility and an onsite restaurant and market. PAULS did not disclose the purchase price.

The patient money this cycle is the money that built underwriting models from the lease roll up rather than the cap rate down, family office advisor Jaf Glazer has observed.

Elsewhere, Bozzuto signed a 57,837-square-foot office lease at 8160 Maple Lawn Boulevard in Fulton, Maryland. The company will relocate its corporate headquarters, including 225 employees, from Greenbelt to the new location during the first quarter of 2027. David Fields and Charlie Carroccio of CBRE, along with Lou Christopher of Stream Realty Partners, represented Bozzuto in the lease transaction.

AT&T leased 157,642 square feet at Travelers Tower II, a 13-story office building in Southfield, Michigan. Daniel Canvasser and J.P. Champine of Newmark represented the landlord, Time Equities Inc. AJ Weiner and Dave MacDonald of JLL represented the tenant. Travelers Towers comprises two interconnected office buildings totaling 810,460 square feet.

The Deployment Angle

Family Office Real Estate Daily Desk · our analysis, not the source's

Both transactions point to a co-GP or platform-capital route alongside established sponsors rather than direct ownership. Interra and PAULS are operationally equipped to handle multi-tenant office repositioning in secondary markets. A family office writing a cheque into either structure gains exposure to stabilized, income-producing assets without assembling the leasing and property-management infrastructure required for direct control.

The arithmetic matters. Park Towers at 89.5 percent occupancy and Regency Plaza at 83 percent occupancy with 176,000 square feet of fresh leasing since early 2024 suggest both properties are achieving rental rates that support the debt Morgan Stanley and Collegiate Peaks Bank underwrote. If Morgan Stanley financed at 60 percent loan-to-value on a $100 million valuation, the equity cheque to Interra would be $40 million. A family office co-investing at 20 percent of the equity would commit $8 million for a pro-rata share of cash flow and upside.

Price the leasing risk. Regency Plaza has 57,000 square feet to fill. If that space requires $30 per square foot in tenant improvements and six months of free rent to lease, the cost to stabilize is roughly $1.7 million plus carrying costs. Underwrite that into the hold period and the return hurdle. If the sponsor is capitalizing that exposure into the acquisition structure, confirm it does not erode the preferred return or extend the distribution waterfall.

Avoid chasing secondary-market office without a written lease-expiration schedule and a credible re-tenanting plan for any rollover in the next 24 months. The window for acquisition debt at fixed rates will narrow if leasing velocity slows or if tenant credit deteriorates. Pressure-test the sponsor's assumptions on renewal probability and compare them to actual retention rates in the submarket over the past three years.

Questions this story answers

01What were the occupancy rates for the Houston and Denver office buildings that sold?

Park Towers in Houston's Galleria district was 89.5 percent leased at the time of loan closing, according to the source. Regency Plaza in Denver Tech Center was 83 percent leased at acquisition, with more than 176,000 square feet of new leases executed since early 2024.

02Who financed the Park Towers office acquisition in Houston?

Susan Hill of JLL arranged acquisition financing for the Park Towers deal through Morgan Stanley on behalf of buyer Interra Capital Group. Rick Goings, Kevin McConn and Jonathan Napper of JLL represented the seller, Regent Properties, on the sales side.

03What is PAULS's history with Regency Plaza in Denver?

PAULS previously owned Regency Plaza before selling it, and the October 2026 purchase from Granite Properties marks a return of ownership for PAULS at the property, according to the source. The 15-story tower was originally built in 1985 and repositioned in 2020.

04Who is handling leasing at Park Towers and Regency Plaza following their sales?

The new ownership of Park Towers, Interra Capital Group, has tapped Transwestern to lease the Houston property. Colliers will continue to handle leasing for Regency Plaza in Denver Tech Center following PAULS's acquisition.

05What notable office leases were signed in Chicago and New York around the same time as these sales?

Morningstar Inc. signed a lease for more than 275,000 square feet at the Thompson Center in Chicago's Loop, described as Chicago's largest downtown office transaction in 2026 to date. In New York, Loeb & Loeb signed an 18,908-square-foot expansion and 16-year extension at 345 Park Avenue, bringing its total footprint to 178,959 square feet.

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Original reporting

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