Tishman Speyer Buys New Jersey Multifamily Building for $96M in All-Cash Deal

Tishman Speyer, which helped spark a resurgence of the commercial mortgage-backed securities (CMBS) office market market with two recent high-profile Manhattan deals, went the debt-free route for its latest deal across the Hudson River.

The developer has acquired a recently completed 200-unit multifamily building in Montclair, N.J., for $96.1 million in an all-cash deal from Brookfield Properties, Commercial Observer has learned. Tishman Speyer made the all-cash offer to provide the seller with a “certainty of closing,” according to a source close to the deal. 

The 172.279-square-foot apartment building at 2 South Willow Street, which debuted in spring 2021, was developed by Brookfield Properties and Ironstate Development. 

The all-cash New Jersey multifamily deal by Tishman closed three months after it executed a $2.85 billion CMBS refinance of The Spiral office tower in Manhattan’s Hudson Yards. 

Tishman also was part of a $3.5 billion CMBS refi for its Rockefeller Center office complex in October 2024, a deal that was oversubscribed with a fixed interest rate of 6.23 percent after starting at 6.5 percent.

The 98 percent-leased Two South Willow project consists of 180 market-rate apartments and 20 affordable units along with ground-floor retail space and a 230-spot parking garage. Resident amenities include a fitness center, a roof deck, interior courtyards and outdoor barbeque grills. 

“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,” Albert Schmool, managing director at Tishman, said in a statement. 

Schmool added that the deal marks “a strong addition to our growing residential portfolio and a part of our core-plus investment strategy.”

CBRE (CBRE) represented seller Brookfield Properties in the transaction, with a team led by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer.

Tishman plans to add enhancements to the property’s lounge, roof deck, common areas and mechanical systems. It is also looking to add a coworking space and pet-washing station. 

Tishman has been acquiring residential commercial real estate assets since 1989 and now has a portfolio of 33,000 units of rental apartments and for-sale condominiums globally with another 9,000 units in the pipeline, according to the developer. 

Officials at Brookfield and CBRE did not immediately return requests for comment. 

Andrew Coen can be reached at acoen@commercialobserver.com