Christopher Merrill

CEO, Harrison Street Real Estate Capital

Merrill’s Chicago-based investment firm launched in 2005 with an early emphasis on nontraditional property types. That focus has paid off during multiple downturns, insulating it from some of the volatility that hit office and retail.

Merrill built Harrison Street into one of the largest global managers dedicated to healthcare, life sciences, student housing and data infrastructure property, with more than $55 billion in assets under management.

During the pandemic, however, even Harrison Street faced pressure as senior housing and student housing fundamentals weakened temporarily. Merrill responded by doubling down on long-term demographic trends and expanding globally.

Recent years have tested deployment discipline as higher interest rates slowed transactions. Harrison Street has continued raising capital, but putting it to work has become harder. Merrill has emphasized underwriting conservatism and sector specialization as competitive advantages in a crowded alternatives space.

His career reflects a bet that specialization beats diversification — provided the patience exists to ride out short-term disruptions tied to demographics and public policy.

— Sam Lounsberry