R2 Companies

What R2 Companies does

R2 Companies is a Chicago-based private equity real estate firm that invests in value-add opportunities through adaptive reuse of architecturally significant and historically sensitive buildings. Founded in 2009, the firm operates a fully integrated owner-operator platform with in-house capabilities spanning investment, development, design (R2 Design-Build), leasing, and property management. As of available reporting, R2 manages approximately $900 million in assets across 6.1 million square feet and 40+ properties, having cumulatively sourced and executed more than $4 billion in real estate transactions. Its portfolio spans creative office, loft apartments, experiential retail (including The Salt Shed concert venue), student housing, and large-scale adaptive reuse developments.

The firm's investment thesis centers on identifying off-market, undervalued assets — opportunities it describes as "hidden in plain site" — and repositioning them through design-led development, capital improvements, and active asset management. R2 co-invests alongside premier institutional capital partners including Goldman Sachs, Apollo Global Management, Walton Street Capital, and Concord Capital Partners. Signature assets include the 1.4 million square foot Chicago Board of Trade Building (with Apollo), the Morton Salt complex converted into The Salt Shed, the 1001 North Branch creative office redevelopment on Goose Island, the 45,000 sf REI flagship on the Chicago River, and Innovation Park Lake County (a former Motorola R&D campus exceeding 1 million sf).

R2 generates revenue through a combination of investment returns on repositioned assets and fee-based asset management and advisory services offered to institutional clients as a full-stack landlord representative. The firm operates from offices in Chicago, Milwaukee, Minneapolis, and Nashville, and has extended its footprint into Austin, Dallas, Miami Beach, Louisville, Champaign, and West Lafayette. Leadership is concentrated among founding partners Matt Garrison (CEO/CIO) and Marc Garrison (COO) alongside partners Matt Pistorio, Gary Stoltz, Matt Duhig, Ishan Novljakovic, Zack Cupkovic, and Nate Laurell.

Name

R2 Companies

Legal name

R2 Companies

Website

https://r2.me

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

R2 Companies is a Chicago-based private equity real estate firm specializing in value-add adaptive reuse of historic buildings, managing approximately $900M across 6.1M square feet of creative office, residential, and experiential properties with institutional capital partners.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment & Development

NAICS

Lessors of Nonresidential Buildings (except Miniwarehouses) (531120), Lessors of Other Real Estate Property (53119)

SIC

Real Estate Dealers (For Their Own Account) (6532), Operators Of Nonresidential Buildings (6512), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Commercial Real Estate Asset Management (BPAJAMAB)

Keywords

• Value-add real estate
• Adaptive reuse development
• Creative office investment
• Multifamily real estate
• Institutional real estate investing

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Real Estate Investment Returns: R2 generates returns through acquiring, repositioning, and managing value-add real estate assets across multiple markets and property types.
2. Asset Management and Advisory Services: R2 offers comprehensive full-stack landlord services to institutional clients, integrating investment, development, design, leasing and management as an outsourced owner representative.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

R2 Companies is a fully integrated owner-operator that acquires, repositions, develops, leases, and manages value-add real estate assets across creative office, multifamily lofts, experiential retail, and student housing. The firm specializes in the adaptive reuse of architecturally significant and historically sensitive buildings, and delivers full-stack landlord services to institutional clients through investment, development, design, leasing, and property management under one operating platform.

Product overview

R2 Companies is a fully integrated real estate investment firm offering a diversified portfolio of commercial and residential properties across multiple asset classes. The company's core products include creative office spaces (such as The Salt Shed, CBOT Building, and 1001 North Branch), multifamily residential properties (including Teweles Seed Tower Lofts and student housing at University of Illinois), experiential retail venues, and industrial/flex properties. R2 operates across Chicago, Milwaukee, Minneapolis, and Nashville markets with approximately 6.1 million square feet of space and $900 million in assets under management. Their investment strategy focuses on value-add opportunities through adaptive reuse of historic structures and repositioning of underutilized properties.

Differentiator

Problem solved

Functional benefit

Products and services

• The Salt Shed Mixed-use development of the former Morton Salt Packaging Warehouse into a 5,000-person indoor/outdoor concert venue on 4.2 acres along the Chicago River. Used by concert-goers, event promoters, tenants of the surrounding creative campus, and R2's adaptive-reuse investors.
• Chicago Board of Trade Building A 1.4 million square foot historic icon in the Chicago Loop being repositioned into creative office, retail, restaurant, and amenity space. Targeted at creative-office tenants, retail and restaurant operators, and cultural institutions (the on-site Chicago Board of Trade Building museum opened in 2025).
• 1001 North Branch A 250,000 square foot redevelopment of the former Peck & Hills Furniture Building on Goose Island, Chicago. Leased to tenants such as CB2 (140,000 sf) and other creative-office and retail occupiers.
• 150 North Michigan 650,000 square foot iconic 'Diamond' office building on Chicago's Magnificent Mile at Michigan Avenue and Randolph Street. Targeted at large office tenants seeking a premier CBD location on the river.
• Teweles Seed Tower Lofts 115-unit multifamily loft tower in Milwaukee's Walker's Point submarket with exposed brick and 10'–15' ceiling heights. Leased to urban professionals and creative-class residents seeking character-rich rental housing.
• 1200 North Branch A 55,000 square foot adaptive reuse renovation of the former Charles Levy printing facility on Goose Island along the Chicago River. Houses R2's own corporate headquarters and select creative-office tenants.
• Central Arts Building A 95,000 square foot heavy-timber loft in River North Arts District home to art galleries and studios. Leased to creative, arts, and small-business tenants.
• Innovation Park An over 1 million square foot R&D campus in Libertyville, IL, originally developed by Motorola as an international R&D facility. Repositioned for life sciences, advanced manufacturing, and technology tenants.
• 79 West Monroe Historic Landmark Rector Building in Chicago's CBD Loop approved for a 115-unit office-to-residential conversion with delivery targeted for 2026. Targeted at downtown Chicago renters as part of the LaSalle Street Reimagined initiative.
• 550 West Randolph A 165,000 square foot heavy-timber loft office building acquired in a joint venture with SRAM for redevelopment as SRAM's global headquarters. Targeted at a single anchor corporate tenant.
• REI Flagship Store A 45,000 square foot riverfront flagship REI store in Lincoln Park with dedicated indoor parking and a kayak launch, co-developed with Goldman Sachs. Anchored by REI as a single-tenant experiential retail asset.
• The Tannery A 251,000 square foot urban creative office campus in Milwaukee's Walker's Point, anchored by Advocate Aurora Health and Rising Medical. Leased to healthcare and office tenants.
• Crown-Arts A 276,245 square foot creative office campus in Minneapolis's Northeast Arts District spanning 11 historic buildings on 19.44 acres. Leased to creative-office and arts tenants.
• Lumber Exchange A 227,211 square foot historic creative office building in Minneapolis CBD, the first skyscraper built in Minneapolis dating to 1885. Leased to creative-office tenants.
• Prior Works A 500,000 square foot urban flex asset at the former American Can factory in Minneapolis's Midway neighborhood. Leased to industrial, flex, and creative tenants.
• 1400 Kingsbury A 101,000 square foot heavy-timber creative office building in Lincoln Park, fully leased to TrueBlue as a single-tenant office asset.
• R2 Yield Fund R2's yield-oriented commingled investment vehicle providing institutional investors with diversified exposure to the firm's value-add real estate portfolio. Targeted at institutional LPs seeking income and appreciation through R2's integrated operating platform.
• R2 Flagship Fund R2's flagship institutional investment vehicle aggregating the firm's largest, most differentiated adaptive-reuse and value-add opportunities for institutional limited partners. Targeted at institutional LPs seeking concentrated exposure to R2's highest-conviction deals.
• Full-Stack Landlord Services / Owner-Representative Advisory Comprehensive full-stack landlord services bundling investment, development, design, leasing, and property management into an outsourced owner-representative offering for institutional clients. Sold to institutional real estate owners seeking single-point accountability across the asset lifecycle.

Quantifiable outcome

• Acquired and executed over $4 billion of real estate investments

Named customers9 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core, major and minor.

• SRAMcoreStrategic or Co-development Partner · 19 November 2025SRAM collaborated with R2 Companies to acquire and redevelop a historic building at 550 West Randolph Street in Chicago for its global headquarters. The project involves a mix of new interiors and preservation of the original structure, with completion targeted for 2027.
• SMS LodgingmajorStrategic or Co-development PartnerR2 partnered with SMS Lodging, a Miami-based hospitality group, to renovate and upgrade the Alden Hotel in Miami Beach to match its irreplaceable Mid-Beach location.
• Hempel Development GroupminorStrategic or Co-development PartnerR2 owns the ASQ Center in Milwaukee in partnership with the Hempel Development Group, a Class A historic office building in the Milwaukee CBD.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Shapack Partners: Chicago-based developer focused on adaptive reuse, creative office, and mixed-use repositionings across the urban core — directly overlapping R2's value-add strategy.
• CA Ventures: Chicago-headquartered real estate investment and development firm with overlapping student housing, multifamily, and office strategies and comparable Midwest geographic footprint.
• Urban Innovations: Chicago-focused adaptive-reuse developer of creative office and mixed-use assets, with a portfolio strategy that closely parallels R2's value-add approach.
• Focal Point CRE: Mid-sized Chicago real estate investment and management firm operating across value-add office, multifamily, and mixed-use — closely comparable in size and approach to R2.
• Sterling Bay: Chicago-based commercial real estate developer known for adaptive reuse and creative-office/Fulton Market repositionings, operating in the same geography and asset class as R2.

Broad incumbents

• Hines: Global real estate investment, development, and management firm with an institutional-scale CRE platform that competes with R2 for institutional capital, albeit with broader geographic and asset-class reach.
• Tishman Speyer: Large global owner/developer of office and mixed-use assets including trophy repositionings (e.g., historic Chicago landmarks), competing with R2 for institutional JV capital.
• KBS Realty Advisors: Institutional commercial real estate investment adviser active in value-add office investing across U.S. markets, comparable to R2 at the strategy level but with broader scale and capital sources.
• JLL (Jones Lang LaSalle): Global CRE services and investment management firm with an institutional investor client base overlapping R2's, capable of bidding for the same JV mandates and full-stack landlord engagements.

Others

• Madison Realty Capital: Private real estate capital provider active in value-add and distressed urban asset investing; thematically aligned with R2's discounted-loft acquisition strategy rather than a direct competitor.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/r2companies
• Facebookfacebook.com/r2companies
• LinkedInlinkedin.com/company/r2-companies
• Instagraminstagram.com/r2companies

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about R2 Companies