Building Details

Tenancy Multi

Listing Agency: Pioneer CRE p***@pioneer-cre.com Show Phone

Listed By: Paul Bongiorni · License #REB.0793882

Source: Moodyscre

Added: Jul 30, 2024 Changed: Jul 28 Last Checked: Aug 1 at 2:19PM

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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

Current Use

Office buildings

Suggested Use

Top Pick Parking Lot & Garage Daycare Center Skin Care Clinic (Bike/Boat/Book/etc) Store Tech Support Center Furniture & Home Goods

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

1,041

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

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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