The 335,908-square-foot Regency Plaza returned to prior ownership through a fixed-rate financed acquisition in a market showing momentum after repositioning.
The answer · checked against REBusinessOnline
What are the details of PAULS reacquiring Regency Plaza in Denver Tech Center?
PAULS reacquired 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. The property is 83 percent leased, with 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.
Key facts
- PAULS purchased Regency Plaza, a 335,908-square-foot office tower at 4643 S. Ulster St. in Denver Tech Center, from Granite Properties for an undisclosed price.
- Regency Plaza is a 15-story building originally built in 1985 and repositioned in 2020, according to REBusinessOnline.
- Regency Plaza is 83 percent leased, with more than 176,000 square feet of new leases executed since early 2024.
- Collegiate Peaks Bank, a division of Glacier Bank, provided acquisition financing for the deal with a fixed-rate loan.
- Tim Richey and Jack Richey of Newmark represented the seller, Granite Properties, in the transaction.
- Colliers will continue to handle leasing for Regency Plaza following the acquisition.
PAULS has purchased Regency Plaza, a 15-story office tower at 4643 S. Ulster St. in Denver Tech Center, from Granite Properties. The acquisition marks a return of ownership for the 335,908-square-foot building, which PAULS previously owned.
Originally built in 1985 and repositioned in 2020, Regency Plaza is 83 percent leased. The property has executed more than 176,000 square feet of new leases since early 2024. The transaction closed with acquisition financing from Collegiate Peaks Bank, a division of Glacier Bank, structured as a fixed-rate loan.
The asset features a renovated lobby, an outdoor plaza, a fitness center, a training facility and an onsite restaurant and market. Tim Richey and Jack Richey of Newmark represented the seller in the deal. Colliers will continue to handle leasing for the property.
The Denver Tech Center submarket has seen office owners return to buildings they previously sold as repositioning efforts completed during the pandemic cycle begin to produce tenant demand. PAULS did not disclose the purchase price.
Granite Properties, the seller, had held the asset through a period that included the 2020 renovation and the subsequent leasing push. The fixed-rate financing structure suggests PAULS is underwriting stabilized cash flow rather than speculating on near-term rent growth.
The Deployment Angle
Family Office Real Estate Daily Desk · our analysis, not the source's
For family offices evaluating suburban office exposure, this transaction offers a clean case study in return-trip conviction. A buyer reacquiring an asset it once sold is pricing in a changed view of either the building's trajectory or the market's recovery timeline. PAULS presumably walked away from the asset at a prior cycle peak and is now backing the 176,000-square-foot leasing performance since early 2024 as a signal of durable demand. That performance annualizes to roughly 63,000 square feet per year in a 335,908-square-foot building, implying meaningful velocity in a secondary market.
The fixed-rate debt structure is worth noting. Collegiate Peaks Bank, a community lender under the Glacier Bank umbrella, provided acquisition financing at a time when many office deals are transacted all-cash or with floating-rate bridge loans. A fixed-rate close suggests the lender and the sponsor are underwriting stabilized income rather than speculative repositioning upside. That narrows the equity cheque and raises the bar for levered returns, which points to confidence in the existing 83 percent occupancy holding or improving.
The deployment angle here is direct ownership or a programmatic separate account with a sponsor running a multi-asset suburban office strategy. Co-GP capital in a one-off building is harder to justify unless the family office has a prior relationship with PAULS or conviction in the Denver Tech Center submarket. The 176,000-square-foot leasing figure is the number to pressure-test. Underwrite tenant credit, lease term and whether that volume came from backfill churn or net absorption. If the former, the building is stable but not growing. If the latter, the submarket is tightening and the 17 percent vacancy could lease faster than pro forma assumes.
What to avoid: platform capital commitments to sponsors buying suburban office without a written-down sell discipline. A return trip to an asset signals conviction, but it also signals the sponsor sold too early or is buying too late. Either outcome argues for direct control or a separate account with veto rights on entry and exit timing. The data point that matters is whether the 176,000 square feet of leasing translates to positive net effective rent growth or whether concessions are masking a stalled recovery.
