555 Broadway Blvd NE 62,078 SF 100% Leased Office Building Albuquerque, NM 87102 $11,500,000 ($185.25/SF) 10.13% Cap Rate

The Ficke Team of Colliers is pleased to present to qualified investors the opportunity to acquire the Bureau of Reclamation and the Social Security Administration located in Albuquerque, New Mexico. This 62,078 square foot multi-tenant office property is fully leased to both the Bureau of Reclamation (BoR) and the Social Security Administration (SSA) on recently renewed leases 5 and 7 year leases.
The Bureau of Reclamation is best known for the dams, power plants, and canals it constructed primarily across 17 western states. Today, the Bureau of Reclamation is the largest wholesaler of water in the country; providing water to more than 31 million people and one out of five Western farmers (140,000) with irrigation water for 10 million acres of farmland that produce 60% of the nation’s vegetables and 25% of its fruits and nuts. The Bureau is also the second largest producer of hydroelectric power in the western U.S.
The United States Social Security Administration (SSA) is an independent agency of the U.S. federal government that administers Social Security, a social insurance program consisting of retirement, disability and survivor benefits. To qualify for most of these benefits, most workers pay Social Security taxes on their earnings; the claimant’s benefits are based on the wage earner’s contributions. Otherwise benefits such as Supplemental Security Income (SSI) are given based on need. SSA offers its services to the public through 1,200 field offices, a website, and a national toll-free number. Field offices, which served 43 million individuals in 2019, were reopened on April 7, 2022 after being closed for two years due to the COVID-19 pandemic.