Tishman Speyer Pays $135M to Acquire Its First Boston Multifamily

Tishman Speyer has acquired The Eddy, a recently constructed, high-rise apartment tower located on the waterfront in Boston, MA, for $135 million.

Walker and Dunlop arranged the transaction on behalf of real estate investment management firm Green Cities Company.

The Eddy was built in 2016 and features 259 market rate rental apartments that include a mix of studio, one-bedroom and two-bedroom floor plans.  At 17 stories, the LEED Gold certified tower is East Boston’s tallest and provides views of the Boston Harbor and the city skyline.

The transaction marks the first multifamily acquisition in Boston for Tishman Speyer, which is an active owner, developer and operator of office, life science, retail and condominium properties throughout the Boston region.

 “Our acquisition of The Eddy is emblematic of Tishman Speyer’s ongoing desire to develop, own and operate top quality, well-located properties across a diverse array of asset classes,” said Tishman Speyer managing director Jessica Hughes.  “It is also a testament to the enduring strength of the Boston market and the continued growth of its residential neighborhoods, especially along the waterfront.

Tishman Speyer is currently developing the Enterprise Research Campus in collaboration with Harvard University and has completed the Pier 4 mixed-use project. The firm owns numerous office properties throughout the region and maintains an active life science development pipeline through Breakthrough Properties, its joint venture with Bellco Capital.