Tishman Speyer has acquired Union West, a recently constructed, 15-story luxury residential tower in downtown Chicago’s West Loop neighborhood.
Completed and opened in 2019, Union West features 357 rental apartments across 32 different floorplans, ranging in size from studios to three bedrooms. Tishman Speyer purchased the tower at 939 W. Washington Blvd. from a joint venture led by ZOM Living.
Union West is situated one block south of Chicago’s Restaurant Row, which features a wide range of acclaimed eateries operating out of former industrial warehouses, and within steps of the Randolph Street shopping district. The asset is also located in close proximity to a major employment center, as well as an array of parks, mass transit and other popular neighborhood amenities.
The building, which is currently 94% leased, features resort-style amenities including a fitness center, lounge and entertainment space on the penthouse level, as well as an outdoor pool and cabanas. Additional Union West amenities include rooftop grill stations and firepits, private work and meeting rooms, a yoga and spin room, pet spa and dog run, and onsite boutique grocer, West Loop Market. Onsite parking, bicycle storage and electric car charging stations are also available to residents.
Tishman Speyer’s acquisition of Union West is the latest addition to its growing national and international residential platform. Over the past year alone, Tishman Speyer has added 1,100 units across three residential communities in Boston, Atlanta and Chicago. During this same period, Tishman Speyer has commenced construction on approximately 2,300 rental units in mixed-use projects in the Boston, New York City, Washington, DC, and Los Angeles regions.
The seller was represented by John Jaeger, Executive Vice President with CBRE Multifamily Capital Markets Group.
