Its lease of 53,560 square feet in the former IRS building in Albuquerque, New Mexico, has earned the University of New Mexico's Center for Development & Disability a 2025 CoStar Impact Award.
This lease helps catalyze economic activity by revitalizing a historically government-occupied space. The tenant, UNM, will use the space for its autism program, providing critical support for individuals, families and healthcare professionals.
The space leased to UNM is designed to accommodate modern autism support services. Emphasis on design, wellness and sustainability ensures the space meets the needs of patients, families and staff.
About the deal: The office located at 5338 Montgomery Blvd. NE totals 77,747 square feet on a lot of just over 8 acres. The University of New Mexico signed a 12-year lease for the first through fourth floors, and is expected to move into this property in Far Northeast Heights in May. The adaptive reuse of the building to align with healthcare and education standards has modernized and made more appealing the 1994-built property.
What the judges said: "UNM's ongoing investment in the city enhances its economic future by expanding educational opportunities," said AJ Johnson, vice president at Pegasus Group. Conner Marshall, an associate managing director for Colliers Valuation and Advisory, added, "At a time when there are many question marks regarding the future of office space, this large, former government office building was able to be backfilled with a new tenant that will bring new life to the building along with life-giving services to the community."
They made it happen: Walt Arnold, CCIM, and Kelly Schmidt of SVN | Walt Arnold Commercial Brokerage represented the landlord. Debbie Dupes and Cheryl Hardt of CBRE represented the tenant.