SPRINGFIELD – Following 13 years of ownership, MassDevelopment announced the $6 million sale of 1550 Main St. to Mittas Holdings LLC and DGP Properties LLC, which are owned by Vidhyadhar Mitta and Dinesh Patel. The sale was formerly announced on Jan. 4 and will expand Mitta and Patel’s ownership of Springfield properties.

Sitting in the heart of downtown Springfield, the 1550 Main St. location was initially operational as a federal courthouse. MassDevelopment purchased the space in 2009 from the federal government when the courthouse moved to its current 50 State St. location. The 1550 Main St. space was initially constructed in 1981, according to the Hampden County Registry of Deeds.

The 1550 Main St. location is a 130,000-square-foot building and features 103 parking spaces due to physical connections via skywalks to the adjacent Columbus Center and Tower Square garages.

According to a MassDevelopment press release, the building was 70 percent occupied and in need of significant upgrades upon purchasing. The property now features an occupancy rate of 98 percent, including tenants such as the Springfield School Department, Baystate Health, the Internal Revenue Service, United States Immigration and Customs Enforcement, and regional offices for U.S. Sens. Elizabeth Warren and Ed Markey.

MassDevelopment CEO Dan Rivera reflected positively upon the impact the organization left on the property.

“Working with tenants, partners, and the city of Springfield over the years allowed us to cultivate this property to its best and highest use … 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,” said Rivera.

Massachusetts Housing and Economic Development Secretary Mike Kennealy championed MassDevelopment’s progress with the space.

“MassDevelopment’s stewardship of 1550 [Main St.] 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 Kennealy.

Springfield Mayor Domenic Sarno also expressed his support for the purchase. He applauded Mitta and Patel for investing in a “key piece” of Springfield’s downtown.

“The property at 1550 Main Street is a key piece to the economic stability of our downtown … I have the full confidence that [Mitta and Patel] will continue to enhance our downtown Springfield footprint while providing the same quality of investment and management to the existing tenants of 1550 Main St., including our Springfield School Department,” said Sarno.

New owners Mitta and Patel also possess an ownership stake in Tower Square and the recently renovated Springfield Marriott Downtown hotel. After purchasing Tower Square in 2018, the duo infused new activity in the building with the inclusion of the YMCA, the insurance organization Wellfleet and White Lion Brewing Company.

The Springfield Marriott Downtown hotel reopened in November 2022 with an extensive list of new features, including a 20,000-square foot. event space constructed on the building’s rooftop, a modern lobby space and the inclusion of several modern amenities.

The new ownership will assume all existing lease agreements for the 1550 Main St. building.

Mitta and Patel each expressed their gratitude for the purchase agreement.

“I thank all public officials and local communities for supporting us to make such investments in Springfield … We will continue to do our best to match MassDevelopment’s role,” said Mitta.

“I am very excited to continue the fantastic job done by the MassDevelopment team … As a local real estate developer, I also greatly appreciate Mayor Sarno’s support and trust in continuing the success at 1550 Main [St.],” said Patel.

Reminder Publishing reached out to Patel for additional comments but did not receive a response by press time.

Readers can learn more about the purchase at https://www.massdevelopment.com/news/new-chapter-for-springfields-1550-main/.