One of Albuquerque’s premier office buildings, the 10-story One Park Square in Uptown, has been purchased by an investment group headed by Albuquerque businessman and hotelier Jim Long and former Albuquerque resident Chris Smith.
The building at 6501 Americas Parkway NE, which is more than 190,000 square feet, has reportedly been owned by institutional investors since it was built in 1985, most recently by seller HUB Acquisition Trust, a subsidiary of Newton, Mass.-based HRPT Properties Trust.
The purchase price was not disclosed, but One Park Square changed hands for $21.7 million in 2001. In inflation-adjusted dollars, the 2001 purchase price would be about $29.1 million today.
Long and Smith, who is now president of Allegiance Realty in Charlotte, N.C., were also the lead players in the 2013 purchase of the 20-story Hyatt Regency building in Downtown, Albuquerque’s second-tallest building.
Long and Smith are also involved in the ownership of the 22-story Albuquerque Plaza in Downtown, Albuquerque’s tallest building. Albuquerque Plaza and the Hyatt Regency sit next to each other and, with their distinctive pyramid-shaped rooftops, feature prominently in the Downtown skyline.
One Park Square, located next to its separately owned twin Two Park Square, is 90 percent leased, according to Long. Its tenants include Merrill Lynch, Wells Fargo Advisors, Charles Schwab, Prudential Advisors, Atkinson & Co. CPA and engineering firm WHPacific.
In addition to Long and Smith, other investors with a local connection in the One Park Square purchase include Albuquerque patent lawyer Deborah Peacock and husband Nate Korn, a local businessman, and former resident Randy Talbot, now of Bellevue, Wash.
In association with his hospitality company, Albuquerque-based Heritage Hotels & Resorts, Long headed an investment group that recently closed on the purchase of the 84-room El Monte Sagrado Living Resort & Spa, Taos’ top-rated hotel.
Heritage Hotels now has nine hotels in New Mexico. A tenth, the 118-room Chaco Hotel, is under construction near Old Town.