Harrison Street Real Estate Capital
| Company type | Private |
|---|---|
| Industry | Real estate investment |
| Founded | 2005 |
| Founder | Christopher Merrill, Christopher Galvin, Michael Galvin |
| Headquarters | Chicago , United States |
Key people | Christopher Merrill (largest individual shareholder) |
| Products | Senior housing, healthcare properties, self-storage, student housing, medical office buildings, single-family rental homes |
| Parent | Colliers International (75% ownership since 2018) |
Harrison Street Real Estate Capital, operating under the name Harrison Street, is a real estate investment company headquartered in Chicago, Illinois. It functions as the alternative real assets division within Colliers International.
By 2024, Harrison Street is recognized as one of the five largest U.S. proprietors in the senior housing sector.
Background
Established in 2005 by Christopher Merrill, a former executive at Heitman LLC, along with siblings Christopher Galvin and Michael Galvin—descendants of Motorola’s founder Paul Galvin—the company derives its name from Motorola’s original site on Harrison Street. Its first investment vehicle, Harrison Real Estate Partners I, secured $75 million in capital during 2006.
Merrill’s prior involvement in Central European real estate investments following the fall of the Berlin Wall influenced Harrison Street’s strategic emphasis on countercyclical asset classes such as self-storage and student housing. These sectors demonstrated favorable risk-adjusted returns and showed resilience during economic downturns. For instance, throughout the 2008 financial crisis, student housing maintained a 93% occupancy rate while storage assets delivered consistent cash flow, outperforming conventional real estate categories.
Subsequently, the firm shifted its attention toward healthcare-related properties, focusing especially on senior housing including assisted living, which emerged as a core element of its portfolio alongside medical office buildings.
In January 2011, Harrison Street broadened its reach into the REIT arena by acquiring Transwestern Securities Management, a subsidiary of Transwestern.
In May 2018, Colliers International purchased a 75% interest in Harrison Street for $550 million. The Galvin brothers exited their ownership positions while Merrill retained his status as the largest individual shareholder. This deal also facilitated increased employee ownership within the organization.
During the COVID-19 pandemic, Harrison Street’s concentration on healthcare properties shielded it from the operational interruptions that affected office, retail, and hospitality sectors. The company maintained active investment activity throughout this period, prioritizing critical healthcare real estate.
In January 2022, Harrison Street revealed intentions to enter the single-family rental home market through a $1.5 billion joint venture with Core Spaces, marking a strategic move beyond its established focus on alternative real estate asset classes.
See also
External links
- Articles with short description
- 2005 establishments in Illinois
- American companies established in 2005
- Companies based in Chicago
- Financial services companies established in 2005
- Investment management companies of the United States
- Privately held companies based in Illinois
- Private equity firms of the United States
- Real estate companies of the United States
- Real estate companies established in 2005