近距离内射合集

A towering, glass-clad office building in the Journal Center is seeking a new owner as Albuquerque鈥檚 office market shows signs of growth.

Albuquerque Square, a three-story office property at 101 Sun NE, is on the market for nearly $7.3 million. The building spans 36,040 square feet in the heart of the Journal Center, near a shopping strip home to Hello Deli and Satellite Coffee.

鈥淚t has got all sorts of amenities right out your door,鈥� said Tom Jenkins, founding principal and qualifying broker at Real Estate Advisors. Jenkins listed the building for sale last week.

After 12 years of ownership, a California-based investor decided to sell the property due to rising construction costs limiting plans to upgrade the site. It also comes as demand for Class A 鈥� high-quality or premium 鈥� office space continues to grow, Jenkins said.

鈥淲e leased up the first floor, leased up the third floor, and we鈥檙e looking at the second floor, and the cost of improvements was at a level where (the owner) was questioning how much more money he wanted to put into the building,鈥� Jenkins said.

Because of tight inventory, existing Class A office space doesn鈥檛 sell for less than $200 per square foot, Jenkins said, and it鈥檚 even higher for new construction 鈥� $450 per square foot.

鈥淚t just made all the sense in the world to put it on the market for sale,鈥� Jenkins said.

Built in 1995, Albuquerque Square has received a new roof and other upgrades over the years. The property features what the describes as 鈥渁n iconic鈥� curved glass exterior, 10-foot-tall ceilings and floor-to-ceiling windows that usher in an abundance of natural light.

The property also offers several balconies and is surrounded by the mature landscaping and 鈥渃ampus-like setting鈥� that the Journal Center is known for, the listing says.

Medical companies currently occupy the property鈥檚 first and third floors. The ideal buyer for the property, Jenkins said, is a local business interested in occupying the vacant second floor. He said he can see engineering, architecture, accounting or law firms being a good fit.

The listing comes after a positive second quarter for Albuquerque鈥檚 broader office market, despite rising rents. Between April and June of this year, the market saw tenants occupy more space than they vacated, according to a . This was a turnaround from tenants vacating more space than they occupied earlier this year.

Compared with last year, this year鈥檚 second quarter showed 鈥渟tronger occupancy growth and a rebound in leasing activity,鈥� largely driven by Class A demand, the report said.

The local office market鈥檚 second-quarter vacancy rate 鈥� 14.2% 鈥� was also down slightly from earlier this year, according to a separate from Colliers. The North Interstate 25 submarket, where Albuquerque Square resides, had a strong quarter with growing occupancy and one of the city鈥檚 lowest vacancy rates at 9.5%.

鈥淏ecause inventory has gone down more than the contraction of office tenants, our vacancy rates are at very healthy levels 鈥� some of our lowest in the last 20 years,鈥� Jenkins said. 鈥淚t鈥檚 been a unique market.鈥�

Kylie Garcia covers retail and real estate for the Journal. You can reach her at kgarcia@abqjournal.com.