SPRINGFIELD, Mass. (WWLP) – A downtown Springfield building has officially been sold.
The 130,000-square-foot building at 1550 Main Street has been bought by Mittas Holdings, LLC and DGP Properties, LLC, owned by Vidhyadhar “Vid” Mitta and Dinesh Patel, respectively.
It’s a highly-visible building with 103 parking spaces below ground, with connections via skywalks to the adjacent Springfield Parking Authority-owned Columbus Center Garage and Tower Square’s parking.
The property is 98% occupied by tenants including the Springfield School Department and Baystate Health. It also houses offices for Senator Elizabeth Warren and Ed Markey.
“Revitalizing underused commercial properties helps bring additional jobs, foot traffic, energy, and economic growth to a neighborhood,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “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.”
“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.”
“I want to thank MassDevelopment President and CEO Dan Rivera and his dedicated team for their continued belief and investment in our Springfield,” said Springfield Mayor Domenic J. Sarno. “The property at 1550 Main Street is a key piece to the economic stability of our downtown. Dinesh Patel, Vidhyadhar Mitta and their team have a proven track record of property ownership, management, investment and economic development, as they are also the owners of our Springfield Tower Square property at 1500 Main Street since 2018, and oversaw the grand reopening of our iconic Marriott Springfield Downtown Hotel. All of this makes them the ideal owners to continue the advancement and oversight of this important and vital economic development property. I have the full confidence that they will continue to enhance our downtown Springfield footprint while providing the same quality of investment and management to the existing tenants of 1550 Main Street, including our Springfield School Department.”
“I thank all public officials and local communities for supporting us to make such investments in Springfield,” said Mittas Holdings, LLC Owner Vid Mitta. “We will continue to do our best to match MassDevelopment’s role.”
“I am very excited to continue the fantastic job done by the MassDevelopment team,” said DGP Properties, LLC Owner Dinesh Patel. “As a local real estate developer, I also greatly appreciate Mayor Sarno’s support and trust in continuing the success at 1550 MAIN.”