Bank of America Building Leased Space to YMCA Early Child Development Center

The Bank of America in Downtown Albuquerque welcomed the YMCA Early Child Development program to its building May of 2011. The YMCA is leasing approximately 11,000 of indoor space and approximately 3,100 of outdoor space. This unconventional use of downtown office space was identified by conducting an evaluation of services that were lacking in the downtown area. The addition of an important amenity such as daycare to Downtown Albuquerque improves the marketability of the overall area. In the spirit of being a good neighbor, the YMCA is currently offering a free membership to the YMCA for anyone registering their child(ren) at the Early Child Development at the Bank of America Building.

Challenge

Bank of America Center is a 229,132 square foot office building located in the Albuquerque Downtown Core. The anchor tenant, Bank of America, had occupied over 105,000 square feet of the project for over 20 years. Due to the economy and contraction of the financial sector, a new lease was structured with Bank of America. The new terms released Bank of America from their obligation of leasing a substantial portion of the building. The newly available space included over 10,000 square feet of below grade office space with glass only along one side, attached to a secured courtyard.

Solution

Part of REA’s strategy to fill the vacant space was to conduct an evaluation of services that did not exist at that time in the Downtown area. It became apparent during this evaluation there was a great demand for daycare services in the Downtown area. While not a traditional tenant, we recognized that a daycare would be a good fit as a tenant for the lower level of the Bank of America building. With this strategy REA identified potential operators of a daycare and let them know of the availability of space in Downtown Albuquerque. The YMCA expressed interest and we worked together to design the daycare space. The YMCA Early Child Development program focuses on providing a curriculum which enhances the individual child’s learning and social development. The YMCA daycare is a significant amenity for the Downtown core, the program includes over 11,000 sf of indoor space and 3,100 sf of outdoor playground. This location of the YMCA daycare is one of the largest facilities of its kind in the state, with a 70 child capacity. This type of service in Downtown helps meet the needs of current and future Downtown residents and businesses.