Former nonprofit building finds second life as co-working space

December 21, 2017
Shelby Perea
Real Estate Reporter, Albuquerque Business First

The co-working trend is continuing to grow. The Entrepreneur reported globally the number of co-working hubs should spike from 11,300 in 2016 to 13,800 by the end of this year. And Albuquerque is no exception with co-working on the rise in the Duke City too.

Capitalizing on this wave are Mike Fietz and Mark Thompson, who just scooped up the former Futures for Children building at 9600 Tennyson St. NE with plans to create a beehive of entrepreneurship.

Fietz and Thompson – friends for about 35 years – were on the hunt for real estate after Fietz's home building company, Westway Homes, needed office space. That's how the pair found the Tennyson building off Tramway Road.

They said they saw the investment opportunity as a chance to bring the building back to life.

Fietz and Thompson formed Tramway Plaza LLC, which finalized the building purchase on Friday. The listing price was $1.4 million. Thompson, of Cauwels & Stuve Realty and Development Advisor, was the selling broker.

"The building really lends itself for coworking," said Fietz, describing the 16,000-square-foot building with conference rooms, courtyards and 32 open desks.

Anchor tenant Westway Homes will take about 1,500 square feet with the rest up for lease. Lease rates range from $200 to $500 a month. Thompson and Jessica Tonjes, who is also at Cauwels & Stuve Realty and Development Advisors, will serve as the leasing brokers.

A workout facility, full kitchen and tech-centric amenities are on the docket. Fietz and Thompson also envision a restaurant or taproom operating out of the building.

Down Tramway Road is another co-working community, FreeRange Spaces' northeast location. The owners say Tramway Plaza will have a different model with more "upscale amenities," bringing in different business.

Cosmetic construction – being worked on by Westway – is underway at the 3.5-acre property and is expected to be completed by the spring.

Owners Mike Fietz and Mark Thompson scooped up the former Futures for Children building at 9600 Tennyson Street Northeast with plans to create a beehive of entrepreneurship.