Barry Malkin

Barry Malkin’s strong business acumen has been deeply tested in battles over distressed property owned by GEM Realty Capital.

In 2024, GEM and partner Hearn faced a $275 million foreclosure tied to downtown Chicago’s 70 West Madison Street, highlighting the depth of value erosion in the Loop. On the West Coast, GEM and partner Flynn Properties defaulted on San Francisco office buildings carrying roughly $47 million in loans, and lenders later moved to prepare sales of the debt tied to the landlords’ assets. Those setbacks placed GEM squarely inside the national reckoning for office investors who bought or refinanced near peak pricing.

Malkin was GEM”s founding partner and senior managing partner in the Chicago investment firm launched in 1994. As co-chief investment officer, he oversees investment activity across the firm’s property and public securities business, and he’s credited with directing roughly $7 billion to $8 billion in investments since its start.

Before GEM, Malkin worked inside the JMB universe — the powerhouse real estate operator co-founded by his father, Judd Malkin, alongside Neil Bluhm and Robert Judelson. At JMB, he was involved in the IPO of Urban Shopping Centers and the sale of JMB’s institutional advisory business, then spent time in restructuring at JMB International’s London office and earlier worked in real estate finance at Kidder, Peabody & Co.