Larry Levy

Larry Levy is a Chicago entrepreneur-turned-real estate investor who helped finance some of the city’s most emblematic office developments before the sector’s downturn exposed risks and sunk bets embedded in that sector.

After starting out in Chicago restaurants with his brother Mark in 1978, Levy co-founded Diversified Real Estate Capital in 2003. The platform has invested more than $1.5 billion across roughly 20 million square feet nationwide, including capital tied to Chicago’s Salesforce Tower, River Point at 444 West Lake Street and One South Dearborn.

Diversified made its mark as behind-the-scenes equity during the office boom. But the sector has been tested more than ever in the post-pandemic years. The firm was part of the capital stack for the office skyscraper at 321 North Clark Street, but recently surrendered its equity position along with several co-owners to mezzanine lender Nuveen to help repair a troubled $296 million debt package.

Levy has long leaned on diversification as insulation. Through Levy Family Partners, his family office has invested across real estate, operating businesses and growth-stage companies, with stakes spanning hospitality, consumer brands and venture-backed firms such as Uber and SpaceX. The family’s acquisition of Del Taco in 2015 furthered that his playbook extends beyond property.