Farm Credit Financial Partners Inc., a 250-employee technology services company, relocated in early October 2020 from Agawam to Springfield’s Tower Square.
The move will accommodate the company’s growth and expansion over the past 25 years, according to a news release.
“Farm Credit Financial Partners' tenancy and occupancy represents a significant addition to the approximately 120,000 rentable square (11,148 square meters) footage of new tenancy at Tower Square in the past 24 months,” said Demetrios Panteleakis, principal of the Macmillan Group and the rental agent for Tower Square. “This has made Tower Square and downtown Springfield the premier business destination in western Mass.”
He said the new tenants represent 500 new occupants who “will help highlight a vibrant professional community. Tower Square provides a safe, tenant-friendly atmosphere with great amenities and the most accessible on-site parking for tenants in Springfield.”
Bob Passini, Farm Credit Financial Partners' president and CEO, cited other new tenants at Tower Square as a reason to relocate. The YMCA of Greater Springfield opened both its childcare and its fitness center in the mall portion of Tower Square last year.
“FPI was founded in the greater Springfield area and we have been looking for a new space nearby that could accommodate our growth,” Passini said. “Tower Square is committed to providing a business-friendly environment with ample space and amenities to meet the needs of our staff.”
The company supports six agricultural credit associations across the country. In addition to its new Springfield headquarters, it has employees in Spokane, Washington, and working remotely.
MassMutual built Tower Square in 1970 for US$52 million—US$330 million in today’s dollars, accounting for inflation. The complex was a part of a plan by civic boosters to modernize the downtown shopping experience and provide trendy high-rise office space. The building was known as Baystate West until 1996.
Investors Vid Mitta of Lexington, Dinesh Patel of East Longmeadow, and Rohit Patel and Kamlesh Patel of Maine bought Tower Square and the adjoining hotel and parking garage from MassMutual in 2018 in deals worth US$17.5 million. The complex totals 1.6 million square feet (148,644 square meters) and includes a 226-room hotel.
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