Journal Center office gambit

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Architect, builder and developer Knight Seavey is pulling a bold move in one of the softest office markets in Albuquerque metro area history by constructing an office building thats only about half pre-leased.

The 8,780-square-foot building under construction at 5110 Masthead NE in the Journal Center area has one tenant lined up, physician Robert Cutchens Albuquerque Vein & Laser Institute currently located a few blocks away.

The 4,404 square feet of vacant space in the building is marketed for lease by Martha Carpenter of Colliers International, a commercial real estate services firm.

Close to a quarter of the metros office market either was vacant or available as of the second quarter, according to Colliers. There hasnt been a new office building with spec space, or space that wasnt pre-leased, open in the metro since the first quarter of 2009, Colliers Ken Schaefer reported.

The two buildings that opened then Aperture Center at Mesa del Sol and the Fountain Hills Professional Office Buildings on the West Side have remained largely empty since hitting the market in early 2009 and are now both for sale, he said.

Seavey is optimistic about the potential lease-up of his new building, called Conejos Common, for two reasons. First is the location between Jefferson and the Interstate 25 frontage road, which he says provides excellent access. The second is its office product type.

Its going to be a more boutique project with high-quality space, he said. Were trying to deploy a new concept for office space. We can react to smaller tenants. Its a finer, more focused view. We think theres a place in the market for that.

From the outside, the buildings centerpiece is a courtyard entrance with a fountain that Seavey described as a gracious entry to get you off the parking lot and into a more protected area.

An application has been made for platinum certification through the Leadership in Energy and Environmental Design program. The green elements include high-performance wall and roof systems, triple-paned windows that tilt and turn, and a 25-kilowatt solar array that doubles as covered parking.

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Journal Center office gambit