Tishman Speyer, the New York-based firm with operations in the region, country and around the globe, recently continued a small push into New Jersey by purchasing 2 South Willow St. In Montclair for $96.15 million.
Two South Willow, which opened in 2021 and currently is 98% leased, features 200 units in a 172,279-square-foot property that is one block from the acclaimed Wellmont Theater.
Tishman Speyer said it intends to upgrade the building’s lounge, roof deck, common areas and mechanical systems, with plans to also reorient the lobby and add a coworking lounge and pet washing station.
CBRE’s Jeffrey Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer represented an undisclosed seller in the deal.
“Two South Willow offers an elevated customer experience curated with high-quality modern finishes, robust amenities and a dynamic mix of restaurant and experiential retail offerings, all set within a premier New Jersey town with direct transit to Manhattan,” Tishman Speyer Managing Director Albert Schmool said.
“We are proud to be stewards of this community of high-quality homes — a strong addition to our growing residential portfolio and a part of our core-plus investment strategy.”
Tishman’s acquisition of Two South Willow is the latest addition to its holdings in the Garden State. The firm recently announced that it secured full financing and will begin construction on 50 Hudson St. in Jersey City, the second of a two-tower development that will bring more than 2,000 apartments, some 70,000 square feet of retail space and a roughly 32,000-square-foot plaza to the city’s waterfront.
Including New Jersey, the firm recently has acquired 1,800 units in Boston, Atlanta, Chicago and Shenzhen, China. It has announced construction on more than 4,000 rental units in mixed-use projects in the U.S. and China.
