Tishman Speyer has announced its acquisition of Union West, a 15-story luxury residential tower in Chicago’s West Loop neighborhood.
“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,” said Tishman Speyer Regional Director Nooshin Felsenthal. “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. 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.”
Completed and opened in 2019, Union West features 357 rental apartments across 32 different floor plans, ranging in size from studios to three bedrooms. Tishman Speyer purchased the tower, located at 939 W. Washington, from a joint venture led by ZOM Living.
Union West is ideally situated one block south of Chicago’s coveted 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.