Page 33 - BusinessWest January 23, 2023

“These properties are connected, and they are the two best buildings in Springfield’s downtown for class-A space.”
commercial real estate — location, location, location. Beyond that, though, the current tenant mix, the timeline on current leases, and the good overall condition of the building also played a factor in generating a green light.
“Remote work is the main thing that comes to anyone’s mind when we talk about office spaces today,” he acknowl- edged. “But look at the location — this is what we were look- ing at, as well as the maintenance and good condition of the property. These factors led us to see this as a good investment. When vacancies arise, people have choices, and they’re going to move into the best building possible.”
Thus, another chapter has begun in what would have to be called a developing story, in every sense of that phrase. That would be the expanding portfolio of properties now owned by Mitta and Patel, either individually or collectively.
That list includes Tower Square and its recently renovated hotel, which has re-earned the Marriot flag, as well as several other hotels, 99 Restaurant & Pub locations, a Walgreens, three McDonald’s franchises, adult day-care facilities, early- education facilities, and more. These collective investments and entrepreneurial gambits earned Patel and Mitta Business- West’s Top Entrepreneur award just a year ago.
Mitta told BusinessWest that 1550 Main St. was a com- mon-sense addition to the portfolio, one that gives the part- ners a property that is essentially full (97% occupancy), with a stable tenant base that also includes the Internal Revenue Service, U.S. Immigration and Customs Enforcement, region- al offices for U.S. Sens. Elizabeth Warren and Ed Markey, the law firm Alekman DiTusa, and an attractive, well-maintained property in the heart of the central business district.
“These properties are connected, and they are the two best buildings in Springfield’s downtown for class-A space,” he said of 1550 Main and Tower Square. “With these properties, we’ll be well-positioned to attract new tenants looking for quality space.”
The property that has come to be
1550 Main
Continued on page 34
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Dinesh Patel, left, and Vid Mitta, who together orchestrated a stunning turnaround at Tower Square, believe 1550 Main St. is a logical addition to their growing portfolio of commercial real- estate properties.
Staff Photo
Now Accepting
Nominations for The
Class of 2023
BusinessWest recognizes the success and contributions of 40 outstanding young professionals under the age of 40 for their business accomplishments as well as philanthropic involvement and community service. This program not only recognizes young talent, it elevates expectations and
perceptions of the region and serves as an instrument for economic development in Western Mass. The gala, held in June, to honor the chosen ‘40’ draws more than 650 people!
https://businesswest.com/40-under-forty/40underforty/
Deadline: February 17, 2022
WEEKDAYS on WHMP New Schedule Beginning January 30th
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