Itap deja vu for a Denver Tech Center office tower.
The Regency Plaza building at 4643 S. Ulster St. in Denver sold on Monday to PaulsCorps, a Denver-based firm that previously owned the building.
PaulsCorp, which is headquartered in Cherry Creek, paid $57.3 million for the 15-story, 335,000-square-foot tower. That works out to $170 a square foot.
PaulsCorp financed the deal with a $40 million, six-year loan from Collegiate Peaks Bank. An additional $7 million loan can be drawn down, per the loan agreement.
The seller was Texas-based Granite Properties, which purchased the property for $71.3 million in 2019. This week’s deal works out to a 20% discount.
That discount is far less steep than many other office building sales, which often sell at 50% or more off. That reflects Regency’s relatively strong position. The building is 83% leased, with 176,000 square feet of new leases executed since 2024, according to PaulsCorp.
“This is a great value and positioned very well as the office recovery continues,” PaulsCorp president Brian Pauls said, saying the average remaining lease term of tenants is over six years.
Regency Plaza was completed in 1985 and renovated in 2020. PaulsCorp owned the building in the mid-1990s.
The company once owned office buildings across the country. But, in a lucky move, it sold nearly all of them prior to the pandemic. The exceptions were 100 St. Paul St., its headquarters in Cherry Creek, and a building two blocks north, which it sold in 2022.
“Prices were getting quite high and inflated,” Pauls said.
Now, the company is looking to move back into the office sector. Pauls said his firm looks for where quality and value line up.
“We’re watching it quite closely,” he said.
His company, which also does development, also owns industrial, residential and land. Itap currently building an apartment project near Denver International Airport.
Read more from our partner, .
