Neil Bluhm

Founder, Walton Street Capital

One of Chicago’s foundational dealmakers, Bluhm’s career has spanned law, real estate private equity and gaming.

He co-founded JMB Realty with Judd Malkin and Robert Judelson in the late 1960s, building a national platform that owned malls, office towers, hotels and mixed-use properties, including Chicago’s 900 North Michigan Avenue and its retail base.

Bluhm later co-founded Walton Street Capital in 1994, adding institutional private equity real estate to his portfolio.

That platform has been active — and tested — in recent years.

In 2024, JMB Realty refinanced its Magnificent Mile office property with a $180 million loan from Goldman Sachs, buying time on a corridor grappling with persistent vacancy and declining values. Walton Street, meanwhile, has faced similar pressure, relisting another Mag Mile asset after a failed sale and taking losses alongside Glenstar on suburban Chicago office properties.

Those moves underscore the strain on legacy, office-heavy portfolios. Walton Street remains active across asset classes, adjusting hold periods and expectations rather than exiting markets entirely.

— Emma Whalen