Albuquerque Plaza
| Company type | Commercial real estate property |
|---|---|
| Industry | Real estate, Office space |
| Predecessor | Mountain Bell building |
| Founded | 1990 |
| Founder | BetaWest Properties (US West affiliate) |
| Headquarters | Albuquerque , United States |
Area served | Albuquerque, New Mexico |
Key people | Jim Long (Heritage Hotels and Resorts) |
| Products | Class-A office space, retail space |
| Owner | Heritage Hotels and Resorts (as of 2019) |
Number of employees | 800 (approximate tenants' workforce) (2015) |
Albuquerque Plaza, also referred to as the WaFd Bank Building, is a prominent high-rise situated on the southern edge of Civic Plaza at 201 Third Street NW in Downtown Albuquerque, New Mexico. It constitutes the taller structure within a dual-tower complex offering premium class-A office space. These towers are linked at street level by a two-story retail corridor to the adjacent, shorter Hyatt Regency Albuquerque hotel tower. Standing at 22 floors, it holds the distinction of being the tallest building in New Mexico. The hotel tower, which rises 20 stories and measures , ranks as the state's second tallest structure. Their matching heights, similar coloration, and distinctive pyramidal rooftops make them significant landmarks within Albuquerque’s skyline.
The project was crafted by Hellmuth, Obata & Kassabaum and reached completion in 1990.
History
BetaWest Properties, the commercial real estate division of US West and affiliate of Mountain Bell, spearheaded the development of Albuquerque Plaza. This project replaced the previous Mountain Bell building, initially a 1953 Fedway department store known for introducing New Mexico's first escalator. At the same time, city officials planned to expand the Albuquerque Convention Center and encouraged BetaWest to incorporate a luxury hotel into the scheme. To facilitate this inclusion, the city extended $10 million in loans to BetaWest, offered a seven-year property tax exemption for the hotel, and granted a three-year catering concession at the convention center.
The design by HOK Architects included a 22-story office tower alongside a 20-story hotel tower, both connected through a common base structure. Construction commenced in early 1988 after demolishing the Mountain Bell building and concluded by mid-1990 with an overall investment of $100 million.
Amidst real estate market difficulties in the early 1990s, US West sold both towers in 1995 to Crescent Real Estate Equities based in Fort Worth for $69 million but retained some office space leases. In 2005, ownership of the office tower transferred to a local investment consortium managed by Allegiance Realty from Charlotte, North Carolina, while the Hyatt hotel was sold separately to an out-of-state buyer. Allegiance reacquired the hotel tower in 2013, thus reuniting both buildings under single ownership. In 2019, Jim Long of Heritage Hotels and Resorts acquired Albuquerque Plaza; as of early 2020, management is handled by his commercial real estate enterprise, Heritage Real Estate Company.
Architecture
Rising to 351 ft with 22 floors, Albuquerque Plaza ranks as New Mexico’s tallest building by both height and number of stories. Positioned at the southeast corner of its city block, this approximately square tower provides 357,000 ft² of premium class-A office space. It ascends 20 stories above a two-level podium shared with the Hyatt Regency hotel. The ground floor contains a retail promenade while the second floor accommodates banquet and conference facilities. Designed by HOK Architects in a postmodern style, the structure employs reinforced concrete accented with pink granite and is crowned with iconic pyramidal roofs that conceal mechanical systems.
At its main entrance stands Glenna Goodacre’s bronze sculpture "Sidewalk Society," featuring nine life-sized figures engaged in various street-corner activities. Commissioned by the developer and unveiled in 1991, this artwork garnered predominantly favorable reactions despite some critique regarding its portrayal of racial themes.
Tenants and Signage
US West initially served as the primary occupant, leasing floors 4 through 12 alongside several law offices. By 1995, prominent tenants included Bank of America and offices of the General Services Administration (GSA). Between 1998 and 2015, Albuquerque Plaza functioned as the headquarters for Bank of Albuquerque, a subsidiary under BOK Financial. The Bureau of Indian Affairs also maintained a significant presence in the building until 2007. As of 2015, the property accommodated approximately 25 office tenants with an estimated workforce of 800 employees, featuring leading local law firms and GSA offices.
From 1991 until 1998, Bank of America signage was prominently displayed on the tower, complemented by a branch located on the ground floor. After a government-mandated divestiture in 1998, this branch transitioned to BOK Financial’s Bank of Albuquerque division. In 2015, U.S. Eagle Federal Credit Union replaced the existing signage. Later, in 2021, WaFd Bank (previously known as Washington Federal Bank) established an office within Albuquerque Plaza and took over the building’s signage, which was installed in May 2021, signifying a refreshed branding for the property.
Environmental Impact
As the tallest structure in New Mexico, Albuquerque Plaza not only contributes substantial commercial office space to downtown Albuquerque but also ranks among the state’s most environmentally responsible buildings. The tower utilizes a hybrid thermal energy storage system developed by CALMAC that diminishes dependence on the electrical grid, reduces carbon emissions, and decreases cooling energy consumption. By shifting cooling demands from peak to off-peak periods for over two decades, the building has realized savings exceeding in electricity expenses. In recognition of its energy efficiency initiatives, the Bank of Albuquerque Tower received BOMA’s “Office Building of the Year” award in 2002.