Alvarado Square - 250,000+/- Square Foot Office Building Listed for Sale
Our Team is excited about being awarded the listing assignment for Alvarado Square, located at 415 Silver Ave SW! Since the early 1980's, the 250,000+/- rentable square foot, 8-story Downtown Albuquerque office building has been master-leased by the Public Service Company of New Mexico (PNM) for its management and administrative operations. Alvarado Square is a landmark asset, with a unique architectural design and floors that span over the historic Silver Ave. The asset is one of Albuquerque's largest, and most recognizable office properties in its Downtown CBD submarket.
The building is ideally suited for private, government and/or institutional users that require large, contiguous floor plates and access to mass transit. It is strategically located at the south end of the "D-RIDE" shuttle service, which circulates through the core of downtown, running every seven minutes from 6:30 a.m. to 6:00 p.m. Monday through Friday. Immediately east of the property is the Downtown Albuquerque Rail Runner station located in the heart of the city’s transportation network – the Alvarado Transportation Center. In addition, Albuquerque's revolutionary Rapid Ride bus service can take commuters to the University of New Mexico, Presbyterian Hospital, Old Town, and many other places directly from the Rail Runner station, including the outlying communities of Santa Fe and Belen.
In addition to PNM, other recent occupants of the building include the FBI and PNM's former gas company division, which was divested a few years ago. It is anticipated that PNM will physically vacate the building by the end of 2012, however, their lease will be in effect for a few more years, unless an investor or owner occupant presents itself and an early lease buyout is negotiated.
The owner of the asset, Hunter, Keith Industries Inc., originally won the bid to fund the construction of Alvarado Square and in return obtained a long-term lease-back from PNM for a 30-year term. The building is currently listed by the team of John Ransom, Tim With, and Keith Bandoni for $11,100,000. Please contact us at 505-880-7092 for more information on this unique opportunity.