Tishman Speyer has acquired Union West, a 15-story luxury residential tower in Chicago’s West Loop neighborhood. Tishman Speyer purchased the tower, which was built in 2019, from a joint venture led by ZOM Living.
Situated one block south of Chicago’s Restaurant Row, the 357-unit tower offers studios to three-bedroom homes across 32 different floorplans.
“We viewed Union West as a rare opportunity to take advantage of disrupted capital flows and acquire a highly amenitized, best-in-class asset in a thriving neighborhood,” says Nooshin Felsenthal, Tishman Speyer regional director. “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.
Union West, which is currently 94% leased, offers residents a fitness center, lounge and entertainment space on the penthouse level, and an outdoor pool and cabanas. Other 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 an on-site boutique grocer, West Loop Market. On-site parking, bicycle storage, and electric car charging stations are also available.
Felsenthal says, “This investment is also indicative of our ongoing success in significantly diversifying our global portfolio and strengthening our robust residential sector portfolio with an expansion into the Chicago market.”
Over the past year, Tishman Speyer has added 1,100 units across three residential communities in Atlanta, Boston, and Chicago. Tishman Speyer has also began construction on approximately 2,300 rental units in mixed-use projects in the Boston, Los Angeles, New York City, and Washington, D.C., markets.
