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5401 Watson Dr SE
Albuquerque, NM 87106
Office Property For Sale
Investment Highlights
- Fully leased two-tenant campus with dual institutional-credit tenancy
- LEED Gold-certified Class A campus featuring sustainable design
- Located within Mesa del Sol, an expanding innovation district supported by major investments from Netflix, Kairos Power, Pacific Fusion
- Newly executed 10-year lease with the State of New Mexico beginning September 2026
- Acquisition opportunity at a substantial discount to the property's estimated replacement cost, creating a below-replacement-cost ownership basis.
- Flexible two-building campus configuration on 24.80 acres
Executive Summary
?- The State of New Mexico is separately investing more than $4M of its own capital in tenant improvements and FF&E — a meaningful self-funded commitment that reinforces long-term occupancy intent beyond the lease's contractual term.
- New Mexico operates sustained budget surpluses as the nation's #2 oil and gas producer, backed by one of the largest state permanent funds in the U.S. — among the most
fiscally secure government tenants available.
?- 5% rent escalation after Year 5; two 5-year renewal options provide long-term income durability and extension optionality through 2046.
- Fidelity Investments (FMR LLC, S&P: A) — NNN lease at $18.07/SF plus all operating expenses, placing both leases on a comparable gross economic basis. [Expires Nov 2028]
- Despite contractual flexibility to reduce its footprint, Fidelity elected to retain approximately half the campus — an affirmative signal of continued
operational commitment to the Mesa del Sol location.
- The State of New Mexico is also a significant institutional client of Fidelity, adding a second layer of relationship alignment between the campus's two anchor tenants.
?- Two-tenant campus at 100% occupancy — dual institutional credit, zero income fragmentation, simplified asset management.
Property Facts
Sustainability
Sustainability
LEED Certification Developed by the U.S. Green Building Council (USGBC), the Leadership in Energy and Environmental Design (LEED) is a green building certification program focused on the design, construction, operation, and maintenance of green buildings, homes, and neighborhoods, which aims to help building owners and operators be environmentally responsible and use resources efficiently. LEED certification is a globally recognized symbol of sustainability achievement and leadership. To achieve LEED certification, a project earns points by adhering to prerequisites and credits that address carbon, energy, water, waste, transportation, materials, health and indoor environmental quality. Projects go through a verification and review process and are awarded points that correspond to a level of LEED certification: Platinum (80+ points) Gold (60-79 points) Silver (50-59 points) Certified (40-49 points)
Property Taxes
| Parcel Number | 1-016-052-080105-3-02-03 | Improvements Assessment | $7,579,550 CAD |
| Land Assessment | $1,227,994 CAD | Total Assessment | $8,807,544 CAD |
Property Taxes
