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Posted 05 Mar 09 By: No comments yet

Paseo Nuevo Office Complex is One of Albuquerque’s Many Success Stories

Maestas and Ward

ALBUQUERQUE — The best office space in town is being snatched up, and fast. Case in point: Paseo Nuevo Office Complex in the North I-25 Corridor.

Since opening to tenants last June, the five-story, 106,000-square-foot Class A office building near the intersection of San Pedro Drive and Paseo del Norte, Paseo Nuevo has surged to 85 percent occupancy.

“This is a first-class building in the city’s fastest growing and most desirable business submarket,” says Karen Hudson, a partner in Maestas & Ward Commercial Real Estate, who with colleagues Keith Bandoni and Martha Carpenter represents the building. “National leaders in the insurance and health care industries have opened Albuquerque offices in this building. One of New Mexico oldest banks has relocated its headquarters to Paseo Nuevo, as have a prominent Albuquerque accounting firm and law firm. That really speaks volumes about the quality of the facility and also about the strength of the Albuquerque office market, particularly in the North I-25 Corridor.”

Tenants include:

  • Miller Financial Group, a part of the Northwestern Mutual network. One of the strongest companies in the life insurance industry, Northwestern Mutual is a Fortune 500 company with $1 trillion of life insurance protection in force.
  • United Healthcare Services Inc., a division of UnitedHealth Group, the largest single health carrier in the United States with a nationwide network that includes 560,000 physicians and other care professionals, 80,000 dentists and 4,800 hospitals that serve approximately 70 million Americans.
  • Progressive Casualty Insurance, one of the largest auto insurance groups in the country, which serves more than 10 million customers throughout the United States and has more than 28,000 employees in 450 offices around the country.
  • Washington State-based Pacific Cataract & Laser Institute, which provides high- caliber medical care in the areas of cataract, LASIK and eyelid surgery as well as glaucoma, corneal and retinal care. The Albuquerque office is PCLI’s first location in the Southwest.
  • Century Bank, a home-owned, full-service bank that has been serving New Mexico for more than 120 years. The bank, which moved its headquarters from Santa Fe to Albuquerque last month, has branches in Santa Fe and Espanola, with additional branches expected to open in Albuquerque later this year.
  • Albuquerque-based Phillipi Wright & Co., certified public accounts and financial advisors with clients throughout the southwest and far west.
  • The Skarsgard Firm, P.C., an Albuquerque real estate law practice.

As the Albuquerque metro has spread north to Rio Rancho and south to Los Lunas, the North I-25 Corridor has become a commercial epicenter populated by office and industrial projects as well as local and national retailers and restaurants.

“The North I-25 Corridor offers the best of everything Albuquerque has to offer,” Hudson says. “Without a doubt, this city is one of the best places to live and do business.”Maestas and Ward

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