Real Estate

Prominent Springfield Office Building Sold

1550 MAIN

Springfield, MA – After 13 years of ownership, MassDevelopment announced it has sold 1550 MAIN in Springfield to Mittas Holdings, LLC and DGP Properties, LLC, owned by Vidhyadhar “Vid” Mitta and Dinesh Patel, respectively.

The 130,000sf building includes a highly visible public plaza and 103 parking spaces below grade, with physical connections via skywalks to the adjacent City and Tower Square garages.

“MassDevelopment’s stewardship of 1550 MAIN has sparked new life in a prominent building in downtown Springfield and demonstrated the value of investing in and modernizing properties to meet the needs of communities today,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s board of directors.

“Working with tenants, partners, and the City of Springfield over the years allowed us to cultivate this property to its best and highest use,” said MassDevelopment president and CEO, Dan Rivera. “This type of focused teamwork is how long-lasting redevelopment takes root. It is what makes converting an old federal courthouse into a stunning multi-tenant office building possible.”

In 2009, MassDevelopment purchased 1550 MAIN from the federal government. On arrival, the property was 70% occupied and in need of significant upgrades. After exceeding all goals, including reaching a current occupancy level of 98%, MassDevelopment put the property up for sale to the CRE market through a disposition process to allow the agency to refocus its investment efforts elsewhere.

Current 1550 MAIN tenants include the City of Springfield School Department, Bay State Health, Internal Revenue Service, U.S. Immigration and Customs Enforcement, and regional offices for U.S. Senators Elizabeth Warren and Ed Markey. The new ownership group will assume all existing lease agreements.