Mittas Holdings, DGP Properties Acquire Federal Courthouse-Turned-Office in Springfield for $6M

Mittas Holdings, LLC and DGP Properties, LLC have purchased the 1550 MAIN office building in Springfield, MA for $6 million. The new ownership group will assume all existing lease agreements.

Seller MassDevelopment, the state’s development finance agency and land bank, owned the former federal courthouse-turned office-for 13 years. MassDevelopment purchased 1550 MAIN from the federal government for $2.5 million; 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.

“Revitalizing underused commercial properties helps bring additional jobs, foot traffic, energy, and economic growth to a neighborhood,” said Mike Kennealy, chair of MassDevelopment Board of Directors.

1550 MAIN is a 130,000-square-foot building with a public plaza and 103 parking spaces below grade, with physical connections via skywalks to the adjacent City and Tower Square garages.