Tower Square sale, a positive sign for Springfield’s future

Real Estate experts say this is a positive sign for Springfield's economy

SPRINGFIELD, Mass. (WWLP) – MassMutual plans to sell Tower Square and the Marriott Hotel. Real Estate experts say this is a positive sign for Springfield’s economy. After years of no real interest in the city, this shows there is an appetite to invest.

When you drive into downtown Springfield, Tower Square is one of the first things you notice with the MassMutual logo on top of the building,
Now MassMutual is planning to sell Tower Square and the Marriott Hotel.

“It’s not a hard sell as it used to be, I think there’s so much going on, it seems like when I talk to people about it, I see their excitement in the prospects of making investments here,” said Evan Plotkin, President of NAI Plotkin, a commercial real estate business.

With MGM Springfield, opening just a few blocks away, there may not be any better time than now to sell this property.

“I think it’s a good time now I think there’s a lot of speculation in the marketplace now,” said Plotkin.

Tower Square originally called Baystate West, has been open since 1971. There’s a mall portion, a 28 floor tower with offices and the 250 plus room Marriott Hotel.  Some people hope the new owners don’t change much.

“I hope that but you never know what’s going to happen,” said Springfield’s Mark Simons.

There are about 1000 who work in the Tower Square offices and thousands of people who walk through the restaurant or mall area on weekdays.

MassMutual said the management company will remain the same.  Plotkin believes expanding the college campus in and around Tower Square could be a blue print for future success.

 

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