PAULS has paid $57.25 million for Regency Plaza, a 15-story, 335,908-square-foot Class A office tower at 4643 S. Ulster St. in the Denver Tech Center. The Denver firm owned the building in the 1990s, and the purchase is its first office acquisition since it sold nearly all of its office holdings before the pandemic. The seller was Granite Properties.

The price works out to about $170 per square foot, roughly 20% below the $71.25 million Granite paid for the building in 2019. Barings had owned Regency Plaza before that, having bought the property for $55 million in September 2008.

The acquisition comes after PAULS pulled back from office investment as prices rose before the pandemic.

Brian Pauls, the firm’s president, told the Denver Post that prices had become high and inflated when the company stepped back from the sector and that PAULS is now looking at office opportunities as values have fallen. He also said the firm had kept its Cherry Creek headquarters at 100 Saint Paul Street during that period.

PAULS described Regency Plaza as a building it knows well and said it is “strongly positioned for Denver’s office recovery.”

The 1985-vintage tower was repositioned in 2020 and has a renovated lobby, outdoor plaza, fitness center, training facility, restaurant and market. It is 83% leased, with more than 176,000 square feet of new leases signed since early 2024. The property received a 2025 TOBY award from BOMA Denver Metro.

Granite bought the property in 2019 and subsequently completed renovations to the lobby, restrooms, corridors, conference center, fitness center and cafeteria. Newmark’s Tim Richey and Jack Richey represented Granite in the sale. Colliers principals Abby Pattillo and Robert Whittelsey remain the property’s leasing agents.

PAULS financed the acquisition with a $40 million six-year fixed-rate loan from Collegiate Peaks Bank, with the option to draw another $7 million.

Denver office properties have continued to trade at prices below their previous sale values in many cases. Through August, $707 million of office space had changed hands in the metro at an average of $97 per square foot, according to Yardi Research data. Regency Plaza’s $170-per-square-foot price was therefore above the metro average, although below the $205 national average for office sales.

Regency Plaza is located in the Denver Tech Center, southeast of downtown Denver. PAULS also continues to own and occupy its headquarters at 100 Saint Paul Street in Cherry Creek.