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Tishman Speyer Buys Union West Luxury Apartments
Tishman Speyer has acquired Union West, a recently constructed, 15-story luxury residential tower in downtown Chicago’s West Loop. Crain’s reported Tishman Speyer paid about $128 million, citing a source familiar with the transaction.
The tower was purchased from a joint venture led by Florida-based ZOM Living, which listed the two-building, 15-story property in June. The seller was represented by John Jaeger, executive vice president of CBRE’s Multifamily Capital Markets Group.
Located at 939 W. Washington Boulevard, Union West features 357 apartments with a mix of sizes from studios to three-bedroom units. The building is 94 percent leased and features resort-style amenities, including a fitness center, lounge, and entertainment space on the penthouse level.
“With Chicago’s multifamily market fundamentals maintaining solid performance, and an impending fall-off in new supply, Union West is well positioned to capitalize on continued growth and demand,” said Tishman Speyer Regional Director Nooshin Felsenthal. Over the past year, the New York City-based investor has added 1,100 units across Boston, Atlanta and Chicago.
