Tishman Speyer, a leading real estate investment and development firm, has recently acquired Union West, a luxurious 15-story residential tower located in the bustling West Loop neighborhood of Downtown Chicago. According to Crain’s report citing an insider source, Tishman Speyer paid approximately $128 million for the property.
The acquisition was made from a joint venture led by ZOM Living based in Florida. The two-building complex was listed for sale in June and was represented by John Jaeger of CBRE Multifamily Capital Markets Group.
Union West is situated at 939 West Washington Boulevard and opened its doors to residents in 2019. It boasts 357 apartments ranging from studios to three-bedroom units. Currently at an impressive occupancy rate of 94%, the building offers top-notch amenities including a fitness center, penthouse level lounge area and entertainment space.
Regional Director Nooshin Felsenthal expressed confidence about Union West’s potential for growth given Chicago’s strong multifamily market performance with decreasing new supply expected this year. This latest addition adds another feather to Tishman Speyer’s cap as they have added over one thousand units across Boston , Atlanta ,and Chicago over the past year alone.
