Regency Plaza in Denver Tech Center Sells for $71.3M
Granite Properties has expanded its Denver portfolio with the purchase of Regency Plaza for $71.3 million, according to public records. The 319,000 square-foot, Class A, LEED Gold Certified office building is located in the heart of the Denver Tech Center. Granite has selected DLR Group’s Jessie Johnson to head the design team for the planned renovations, which will “enhance the customer experience,” according to a press release.
CBRE represented the seller, Barings, one of the world’s largest diversified real estate investment managers, on behalf of institutional investors. Granite Properties represented themselves. Colliers International will lead the leasing of Regency Plaza.
“Regency Plaza is a trophy asset with an incredible presence in the Denver Tech Center,” said Stephanie Lawrence, senior managing director, Granite Properties. “We look forward to repositioning Regency Plaza through a significant improvement plan designed to meet the needs of today’s workforce,” she added.
The 15-story tower is located on 4643 South Ulster Street providing high visibility, easy access to Interstates 25 and 225 and immediate adjacency to the Hyatt Regency hotel. The project also offers 360-degree views of the mountains, downtown Denver and Cherry Creek Reservoir as well as attached covered parking, onsite food service, training room and fitness center. In addition, the building is located within close proximity to numerous shops and restaurants. The LEED Gold Certified and Energy Star Rated property is currently 93 percent leased.
Renovations will include upgrades to the main lobby, elevator cabs, fitness center, conference room, outdoor plaza and common area corridors. The improvements are designed with the customer in mind, creating opportunities for collaboration and fostering a productive office community. In addition, Granite’s customer-centric Property Experience Team will implement building-wide programs and activities to allow customers to develop meaningful connections in the workplace, give back to the community and improve their overall wellness.
With the acquisition of Regency Plaza, Granite expands its Denver portfolio to approximately 1.3 million square feet of Class A office buildings. Granite also owns Plaza Tower One, Prentice Plaza and High Pointe Tower all located in the Southeast Suburban market and 143 Union located in Lakewood.