New Chapter for Springfield's 1550 Main
MassDevelopment Sells 1550 MAIN, Former Federal Courthouse Turned Prominent Office Building in Downtown Springfield, to Mittas Holdings, LLC and DGP Properties, LLC
January 4, 2023
Matthew Mogavero, 857-248-0868
Vid Mitta, Mittas Holdings, LLC, 978-828-6488
|Photo of 1550 Main Street in Springfield|
SPRINGFIELD, Mass. – Today, 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. 1550 MAIN is a 130,000-square-foot building with a highly visible public plaza and 103 parking spaces below grade, with physical connections via skywalks to the adjacent City and Tower Square garages.
“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.”
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.
“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.”
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2022, MassDevelopment financed or managed 356 projects generating investment of more than $1.69 billion in the Massachusetts economy. These projects are estimated to create or support 11,080 jobs and build or preserve 1,778 housing units.