Harrison Street Real Estate Capital
Corporate brand
UnclaimedHarrison Street is a Chicago-based real estate investment manager specializing in alternative and economically resilient property sectors.
Last updated October 14, 2026
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Overview
Harrison Street, formally known as Harrison Street Real Estate Capital and trading as Harrison Street, is a Chicago-based real estate investment firm focused on specialized property sectors rather than broad traditional commercial real estate. Its investment activities have centered on areas such as student housing, self-storage, senior housing, assisted living, medical office buildings and other healthcare-related real estate. The firm is the investment-management unit of Colliers International and, following a 2025 restructuring, became the umbrella brand for a wider collection of Colliers investment-management businesses. The firm was established in 2005 by Christopher Merrill, a former Heitman executive, together with former Motorola chief executive Christopher Galvin and his brother Michael Galvin. The company’s name refers to Harrison Street in Chicago, the location associated with the founding of Motorola. Harrison Street’s initial strategy was shaped by Merrill’s experience investing in Central European real estate after the fall of the Berlin Wall. That experience led him to favor catalysts linked to relatively non-cyclical social and demographic needs, which could potentially offer more resilient risk-adjusted returns than highly cyclical office, retail or hospitality assets. Harrison Street launched its first fund, Harrison Real Estate Partners I, in 2006 with $75 million in commitments. Early investments emphasized student accommodation and self-storage. During the global financial crisis, these areas proved comparatively defensive: student-housing occupancy remained high and the storage sector continued to generate strong cash flows. The firm did not avoid the effects of the crisis, but its sector selection helped it preserve capital relative to investors concentrated in more economically sensitive property types. The investment platform later expanded substantially into healthcare real estate. Senior housing, particularly assisted-living facilities, became a major component of the portfolio, while medical office buildings formed another important healthcare segment. This focus also shaped the firm’s experience during the COVID-19 pandemic. Although healthcare properties faced operational pressures, medical facilities remained essential to patients, and Harrison Street’s exposure differed from that of managers concentrated in offices, retail centers or hotels that were directly affected by social-distancing restrictions and changes in workplace and travel patterns. In January 2011, Harrison Street acquired Transwestern Securities Management, the real estate investment trust subsidiary of Transwestern, for an undisclosed amount. The transaction gave Harrison Street an entry into the REIT business and broadened its investment-management capabilities. In May 2018, Colliers acquired a 75 percent interest in Harrison Street for $550 million. Christopher and Michael Galvin sold their interests, while Merrill remained the firm’s largest individual shareholder. The transaction also created a broader employee-ownership opportunity within Harrison Street. The firm continued to explore new residential and alternative-property strategies. In January 2022, it was reported that Harrison Street planned to enter the single-family-rental market through a $1.5 billion joint venture with Core Spaces to develop homes built specifically for renters. This represented a move beyond the firm’s earlier avoidance of more traditional apartment investments and reflected the broader evolution of its approach to specialized real estate themes. In 2024, Harrison Street was described as one of the five largest owners of senior housing in the United States. In July 2025, Colliers announced a restructuring of its investment-management operations under the Harrison Street Asset Management brand. The planned platform included Basalt Infrastructure Partners, Versus Capital, Rockwood Capital and Colliers Global Investor. The reorganization positioned Harrison Street not only as a specialist real estate manager but also as the principal brand for a broader alternative-investment management group within Colliers.
History
Harrison Street was founded in Chicago in 2005 by Christopher Merrill, Christopher Galvin and Michael Galvin. Merrill brought experience from Heitman, where he had led overseas investment activity and had invested in Central European real estate during the period following the fall of the Berlin Wall. Those experiences influenced the firm’s preference for property sectors driven by durable demographic or operational needs rather than by highly cyclical economic growth. The business was named after Harrison Street in Chicago, associated with the origins of Motorola. Its first investment vehicle, Harrison Real Estate Partners I, raised $75 million in 2006. The initial strategy concentrated on student housing and self-storage. Harrison Street viewed these sectors as supported by recurring demand and less vulnerable to the economic cycle than conventional office, retail and hospitality real estate. During the 2008 financial crisis, the firm did not generate especially large profits, but its portfolio emphasis helped it preserve capital. Student housing occupancy reportedly remained around 93 percent, while the storage sector continued to show strong cash-flow characteristics. Over time, Harrison Street broadened its platform into healthcare real estate. Senior housing and assisted-living facilities became the dominant part of its healthcare exposure, complemented by medical office buildings. The move reflected the firm’s wider focus on assets linked to population aging, healthcare delivery and other structural demand drivers. By 2024, the company was identified as one of the five largest senior-housing owners in the United States. In January 2011, Harrison Street acquired Transwestern Securities Management, Transwestern’s REIT subsidiary. The purchase was made for an undisclosed amount and provided Harrison Street with a route into the REIT business. It also added another structure through which the firm could manage or access real estate investments. A major ownership change occurred in May 2018, when Colliers acquired a 75 percent stake for $550 million. Christopher and Michael Galvin exited their ownership positions, while Merrill retained the position of largest individual shareholder. The transaction connected Harrison Street more closely with Colliers and was also presented as a way to expand employee ownership within the firm. Harrison Street’s sector mix helped distinguish it during the COVID-19 period. Compared with managers heavily invested in offices, retail and hotels, the firm had less exposure to property types directly disrupted by lockdowns, remote work and travel restrictions. Its medical facilities continued to serve essential healthcare needs, although healthcare real estate itself remained operationally complex during the pandemic. In 2022, Harrison Street was reported to be expanding into purpose-built single-family rental housing through a $1.5 billion joint venture with Core Spaces. The move differed from its earlier tendency to avoid conventional apartments, offices and retail properties, and showed that the firm was willing to enter a mainstream residential category when approached through a specialized, build-to-rent strategy. In July 2025, Colliers restructured its investment-management operations under the Harrison Street Asset Management name. The proposed organization brought together Harrison Street with Basalt Infrastructure Partners, Versus Capital, Rockwood Capital and Colliers Global Investor. This restructuring broadened the meaning of the Harrison Street brand from a specialist real estate manager into the umbrella identity for a larger Colliers investment-management platform.
- 2025
Investment-management operations are reorganized
[1]Colliers places multiple investment-management businesses under the Harrison Street Asset Management brand.
- 2022
Build-to-rent expansion is reported
[1]Harrison Street plans a $1.5 billion single-family rental joint venture with Core Spaces.
- 2018
Colliers becomes majority owner
[1]Colliers purchases a 75 percent stake in Harrison Street for $550 million.
- 2011
Transwestern Securities Management is acquired
[1]The acquisition gives Harrison Street an entry into the REIT business.
- 2006
First fund launches
[1]Harrison Real Estate Partners I raises $75 million and begins the firm’s investment-fund history.
- 2005
Harrison Street is founded
[1]Christopher Merrill, Christopher Galvin and Michael Galvin establish the firm in Chicago.
Products and positioning
A specialist real estate investment manager focused on demographic, healthcare and other relatively resilient property sectors, with an emphasis on alternative assets and thematic investment strategies.
Real estate investment fund · 2006
Harrison Real Estate Partners I
Harrison Street’s first identified fund, launched in 2006 with $75 million in commitments. Its creation established the firm’s fund-management platform and supported investments in specialized real estate sectors, including student housing and self-storage.
Alternative real estate
Student housing investments
A foundational Harrison Street strategy focused on housing serving university students. The sector fit the firm’s preference for assets supported by recurring demographic and institutional demand and became an important source of resilience during the 2008 financial crisis.
Alternative real estate
Self-storage investments
Harrison Street invested in self-storage because demand was viewed as less dependent on conventional economic cycles. The sector’s recurring rental income and comparatively resilient operating performance supported the firm’s capital-preservation approach during periods of market stress.
Healthcare real estate
Senior housing and assisted-living investments
Senior housing, including assisted-living facilities, became a major part of Harrison Street’s healthcare portfolio. The strategy is linked to aging-population trends and the continuing need for specialized residential care. In 2024, Harrison Street was described as one of the five largest senior-housing owners in the United States.
Healthcare real estate
Medical office investments
Medical office buildings form another component of the healthcare portfolio. These properties support outpatient and clinical activity and helped give Harrison Street exposure to essential healthcare infrastructure during the COVID-19 period.
Build-to-rent housing · 2022
Single-family rental housing joint venture
The proposed joint venture with Core Spaces was designed to develop single-family homes specifically for renters. The initiative marked a move into a more mainstream residential category while retaining a specialized, purpose-built investment approach.
Brand decisions
2025
Create a broader Harrison Street investment-management platformStrategyBackground
Colliers sought to consolidate its investment-management activities under a more unified operating identity.
Action taken
Colliers reorganized several businesses, including Basalt Infrastructure Partners, Versus Capital, Rockwood Capital and Colliers Global Investor, under the Harrison Street Asset Management brand.
Aftermath
The Harrison Street name was positioned as the umbrella brand for a broader Colliers investment-management operation.
2022
Enter purpose-built single-family rentalsStrategyBackground
Harrison Street sought to expand beyond its established alternative sectors and participate in demand for professionally developed rental housing.
Action taken
The firm planned a $1.5 billion joint venture with Core Spaces for single-family homes built specifically for renters.
Aftermath
The initiative represented a departure from Harrison Street’s earlier avoidance of traditional apartment investments and broadened its residential strategy.
Joint-venture capitalization. $1.5 billion (January 2022)
2018
Sell a majority stake to ColliersM&ABackground
Harrison Street pursued a strategic relationship with Colliers while retaining Merrill as its largest individual shareholder.
Action taken
Colliers acquired 75 percent of Harrison Street for $550 million.
Aftermath
The Galvins sold their ownership, Harrison Street became part of Colliers’ investment-management activities, and the transaction created broader employee-ownership opportunities.
Purchase price. $550 million (May 2018)
2011
Acquire Transwestern Securities ManagementM&ABackground
Harrison Street sought to broaden its investment-management platform and enter the REIT business.
Action taken
The firm acquired Transwestern’s REIT subsidiary for an undisclosed amount.
Aftermath
The transaction expanded Harrison Street’s available investment structures and marked its entry into the REIT business.
Recent events
Reported
Soltage and Harrison Street announce investment in solar portfolio[3]
Soltage and Harrison Street announced an investment in a 20 MW portfolio of community solar assets and PURPA solar projects in North Carolina, South Carolina, and Maine. The assets will be owned by their partnership and operated by Soltage.
Reported
Harrison Street acquires 11-community Brightview-managed portfolio[4]
Harrison Street announced that it had acquired an 11-community senior-living portfolio managed by Brightview. The 1,322-unit portfolio, previously owned by PGIM Real Estate, includes properties in Maryland, New Jersey and Massachusetts; the acquisition price was not disclosed.
Sources4 sources
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