Tim Callahan

Callahan built his firm around high-rise office towers, a strategy that once defined institutional real estate success and now works through the sector’s hardest reset. 

His reputation was forged when he led Trizec Properties and orchestrated its $8.9 billion sale to Blackstone and Brookfield in 2006, one of the largest real estate privatizations of its era.

After that exit, Callahan launched his own firm and partnered with Canadian firm Ivanhoé Cambridge to assemble a portfolio of trophy office towers, including major Chicago assets such as 10 and 120 South Riverside Plaza and Manhattan skyscrapers like 1211 Sixth Avenue, home of Rupert Murdoch’s News Corp., and 3 Bryant Park. That partnership ended in 2018, when Ivanhoé bought out Callahan’s stake.

Callahan remained active in the Chicago office market even as sentiment soured following the pandemic shift to hybrid work. In 2022, Callahan Capital Partners and partner Oak Hill Advisors acquired a stake in the Bank of America Tower at 110 North Wacker Drive in a deal that valued the property at roughly $1 billion — a bold bet on best-in-class office just as the market began to fracture. In 2025, lenders doubled down again, backing the tower with significant financing despite widespread distress across downtown Chicago.

His career has been defined by timing office cycles well. Whether trophy assets ultimately justify that patience will shape Callahan’s next chapter.