A rendering of an updated office building at 45 Springfield Ave. in Springfield — Courtesy: Aztec Architects LLC
By Joshua Burd
A credit union is moving its headquarters after acquiring a 20,000-square-foot office building in Union County, in a newly announced deal by Cushman & Wakefield.
The user, Atlantic Federal Credit Union Inc., paid $3.35 million for the property at 45 Springfield Ave. in Springfield, according to the brokerage team. The buyer is now making a host of improvements to the two-story, single-tenant property, which was built in 1955.
“It took more than two and a half years to find a property that checked all of the boxes for Atlantic Federal Credit Union’s new headquarters, as the market has been extremely tight for buildings of this size,” said C&W’s Sean Brady, who represented the buyer alongside Joseph Harkins. “Nevertheless, we are thrilled to have assisted Atlantic Federal Credit Union in its search.”
In a news release, C&W said 45 Springfield Ave. sits on 1.4 acres just off Interstate 78. Atlantic Federal Credit Union’s plans for the asset include expanding the square footage on the second floor, installing a new roof and adding a handicap elevator, new stairs and windows.
The institution is also creating a new two-story atrium at the entrance of the building.
“This transaction would not have been possible without the assistance of Nouvelle LLC’s Luciano Bruni, who assisted us in finding the site and preparing estimates on the proposed cost for each serious project we considered,” Brady added. “We also relied on the talents of Charles Logan of The Aztec Corporation/Aztec Architects LLC, who developed the space program and building redesign, including the new design for the building façade, common areas and interior.”