Building Details

Tenancy Multi

Listing Agency: Pioneer CRE Show Phone

Listed By: Paul Bongiorni · License #9575704 Show Phone

Source: Moodyscre

Added: Jul 30, 2024 Changed: Sep 11 Last Checked: Sep 16 at 8:40PM

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Investment Insights

Based on property information with market context.

Park Tower presents a two-building downtown office package with multiple parcels included. The prominent 5-story office tower features an elevator and includes a two-lane drive-through/ATM. KeyBank will lease back its existing first-floor branch, which has recently been renovated, along with a small portion of the 3rd floor. A local chapter of a national trade organization has leased the fourth floor.

Adjacent to the tower, 229 Park Ave. is a vacant, single-story office building that may also support retail use, offering flexibility for future occupancy. The property sits on a corner lot at a signalized intersection and includes ample parking.

The offering includes four separate parcels: 217, 225, 229, and 241 Park Ave. The site is positioned near municipal buildings and within minutes of downtown Springfield, the Riverdale St./Rt. 5 retail corridor, the Eastern States Exposition grounds (Big E), and major area highways including the MA Pike.

Key Highlights

• Commercial package includes two buildings: a prominent 5‑story office tower plus a single‑story office building
• Four separate parcels included: 217, 225, 229, and 241 Park Ave.
• KeyBank leaseback includes the recently renovated existing first floor branch plus a small portion of the 3rd floor

Property Analytics

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Current Use

Office buildings

Suggested Use

Top Pick Parking Lot & Garage Skin Care Clinic Pharmacy Storage Facility Furniture & Home Goods Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

1,150

Businesses Nearby

Explore this area Business Placement

Demographics for 01089, MA

28,835

Population

13,095

Households

2.2

Avg Household Size

41

Median Age

35%

College-Educated

91%

High-School Grad

16.7 sq mi

ZIP Area

1,727

Density / Sq Mi

$70,401

Median Household Income

$43,186

Median Earnings

$1,121

Median Rent

$307,900

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this office buildings located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Office building - 5-story office tower plus single-story office on a corner lot, with a portion leased back to KeyBank.

Where is this office building located?

The property is located at 225 Park St W Springfield, MA.

What is the asking price?

The asking price for this property is $2,100,000.

What are key features of this property?

This property features: Commercial package includes two buildings: a prominent 5‑story office tower plus a single‑story office building; Four separate parcels included: 217, 225, 229, and 241 Park Ave.; KeyBank leaseback includes the recently renovated existing first floor branch plus a small portion of the 3rd floor