Key Takeaways
- • Harrison Street Asset Management, co-founded by Christopher Merrill in 2005, oversees $109 billion in assets under management across real estate, infrastructure, and private credit—doubling from $55 billion in the prior year through strategic acquisitions.
- • Colliers International acquired a 75% stake in Harrison Street in 2018 for $550 million, positioning the firm as Colliers' primary investment management arm and enabling accelerated growth and international expansion.
- • Merrill's early conviction in alternative real estate sectors—student housing, senior housing, medical office, and self-storage—proved prescient when he raised a $209 million fund during the 2008 Global Financial Crisis, betting these assets would perform across economic cycles.
- • Harrison Street operates globally from headquarters in Chicago, Toronto, and London, with additional offices and personnel across New York, Tokyo, Seoul, Singapore, and Abu Dhabi, supporting 600+ employees.
- • Merrill's career trajectory began at Chicago-based real estate firm Heitman as an 18-year-old summer intern, where he rotated through property management, construction, and acquisitions before co-founding Harrison Street with seed capital from the Galvin family (founders of Motorola).
Summary
Christopher Merrill has established himself as a dominant figure in the alternatives real estate investment space through strategic foresight and disciplined capital deployment. As co-founder and CEO of Harrison Street Asset Management, Merrill transformed a Chicago-based startup into a $109 billion asset management powerhouse in just over two decades. The firm's explosive growth—particularly the doubling of assets under management from $55 billion in the prior year—reflects both organic expansion and systematic acquisitions executed under Merrill's leadership.
The foundation of Harrison Street's strategy rests on Merrill's early and contrarian conviction regarding alternative real estate sectors. In 2005, when the firm was established with seed capital from the Galvin family (of Motorola prominence), Merrill identified student housing, senior housing, medical office, and self-storage as counter-cyclical asset classes capable of delivering stable returns regardless of broader economic conditions. This thesis was validated during the 2008 Global Financial Crisis, when Merrill successfully raised a $209 million investment fund while competitors retreated—a move that positioned Harrison Street for significant outperformance during the recovery period.
The 2018 acquisition of a 75% stake by Colliers International for $550 million proved transformational for scaling operations. Rather than diminishing Merrill's operational control, the transaction integrated Harrison Street as Colliers' core investment management arm, enabling the platform to leverage Colliers' global infrastructure while maintaining investment autonomy. This partnership accelerated international expansion, establishing Harrison Street's presence across Toronto, London, New York, Tokyo, Seoul, Singapore, and Abu Dhabi, with a total workforce exceeding 600 professionals.
Merrill's personal background informs the firm's investment philosophy. Beginning at age 18 as a summer intern at Chicago-based real estate firm Heitman, Merrill gained multidisciplinary exposure through rotations in property management, construction, and acquisitions—foundational experience that shaped his understanding of real asset operations and value creation mechanisms. This hands-on apprenticeship model, combined with mentorship from the Galvin family, established the template for disciplined, operationally informed investing that Harrison Street maintains today as it competes across the complex alternatives and private credit landscape.
The foundation of Harrison Street's strategy rests on Merrill's early and contrarian conviction regarding alternative real estate sectors. In 2005, when the firm was established with seed capital from the Galvin family (of Motorola prominence), Merrill identified student housing, senior housing, medical office, and self-storage as counter-cyclical asset classes capable of delivering stable returns regardless of broader economic conditions. This thesis was validated during the 2008 Global Financial Crisis, when Merrill successfully raised a $209 million investment fund while competitors retreated—a move that positioned Harrison Street for significant outperformance during the recovery period.
The 2018 acquisition of a 75% stake by Colliers International for $550 million proved transformational for scaling operations. Rather than diminishing Merrill's operational control, the transaction integrated Harrison Street as Colliers' core investment management arm, enabling the platform to leverage Colliers' global infrastructure while maintaining investment autonomy. This partnership accelerated international expansion, establishing Harrison Street's presence across Toronto, London, New York, Tokyo, Seoul, Singapore, and Abu Dhabi, with a total workforce exceeding 600 professionals.
Merrill's personal background informs the firm's investment philosophy. Beginning at age 18 as a summer intern at Chicago-based real estate firm Heitman, Merrill gained multidisciplinary exposure through rotations in property management, construction, and acquisitions—foundational experience that shaped his understanding of real asset operations and value creation mechanisms. This hands-on apprenticeship model, combined with mentorship from the Galvin family, established the template for disciplined, operationally informed investing that Harrison Street maintains today as it competes across the complex alternatives and private credit landscape.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.