Microsoft Office Apps Won't Open (Word, Excel, and Powerpoint)

I have a 2015 iMac running the latest version of Catalina and all 3 apps will not work. Excel says not enough memory (32GB of installed RAM and only 11GB used with 320GB+ of free disk space). Word says something about a docfile access issue and powerpoint opens to the 365 login and hangs at loading after that.

I have reinstalled all apps from the App Store. Rebooted the iMac and run first aid on the disk. Nothing changes. I have even tried the apps on my 2018 Mac mini to make sure it wasn't Catalina and they work just fine there.

Any ideas what could be causing these 3 apps to not work?