Tishman Speyer is wasting no time in Chicago. The New York developer has quietly put Union West, its first apartment acquisition in the city, back on the market less than a year after buying it.
The two‑tower, 15‑story complex at 939 W. Washington Blvd. in the West Loop totals 357 units and was completed in 2020. Tishman picked it up in December 2023 for about $128 million during a slow stretch for multifamily deals, a move the firm pitched as a bold bet on Chicago just as big-money investors were sitting on their hands.
Now, with sales activity finally perking up, that bet is being tested.
According to CoStar News, Tishman has hired CBRE to market Union West. Offering materials show the complex is nearly 96 percent leased, with an average in‑place rent of $3,133 per unit. The property also includes about 12,436 square feet of ground‑floor retail space anchored by an in‑building West Loop Market. CoStar describes the listing as a two‑tower, 357‑unit package sitting along the southern edge of Fulton Market. Tishman Speyer declined to tell CoStar what price it is aiming for.
When the firm bought Union West late last year, executives framed the deal as a classic “buy when others are nervous” play. As reported by The Real Deal, Tishman called it “a rare opportunity to take advantage of disrupted capital flows and acquire a highly amenitized, best‑in‑class asset in a thriving neighborhood” when it closed the roughly $128 million purchase.
What buyers will get
Union West offers a broad mix of units spread across roughly 32 floorplans, plus a full slate of amenities. Residents get a tenant lounge, rooftop‑style pool and an outdoor deck with fire pits and grilling stations, alongside the convenience of the on‑site grocer.
Multi‑Housing News notes the property sits steps from Fulton Market’s restaurant corridor and within walking distance of CTA stations, a combo that has helped keep the building attractive to renters who work downtown. Brokers pitching the sale are leaning on the stabilized rent roll, the nearly full lease‑up and the in‑building market as reasons institutional buyers should be paying close attention.
Why this sale matters
The listing lands just as Chicago’s apartment investment market is finding its footing again. Industry data show buyers have spent roughly $6 billion on apartments regionwide over the past year, a nearly 30 percent jump from the prior year, with several nine‑figure deals already closing in 2026.
CoStar News points to those big trades as evidence that institutional capital is back to testing pricing in Chicago, a trend that could help set the bar for what Union West ultimately commands.
CBRE’s multifamily team is steering the marketing push, and local brokers say whatever number this deal hits will serve as a closely watched benchmark for West Loop values this year. As The Real Deal has noted, Tishman has continued adding Chicago apartments since buying Union West, signaling that the firm is still refining its strategy in the market rather than backing away from it.
Representatives for Tishman Speyer and the CBRE listing team declined to provide additional comment for this story.
