The Hearn Company

What The Hearn Company does

The Hearn Company (HEARN) is a privately held, Chicago-based commercial real estate investment firm founded by Stephen G. Hearn in 1974. Over 40+ years it has owned, operated, and repositioned institutional-quality office properties across major U.S. markets — including the John Hancock Center (875 N. Michigan), 70 West Madison, 2 North LaSalle, 10 West Broad (Columbus), BMO Plaza (Indianapolis), Valley Corporate Center (San Diego), and Esplanade III (Phoenix), among others. The company is founder-controlled, employs 51-100 people, and has remained private since inception.

HEARN's core offering is a value-add real estate platform that acquires underperforming or under-leased institutional assets at a discount, executes a repositioning business plan (capital improvements, active leasing, operational upgrades), and either holds for cash flow or sells at a meaningful gain. Documented outcomes include a 75% gain on BMO Plaza (2016-2018), a 77% gain on 55 W. Monroe (2011-2014), and occupancy lifts from 68% to 92% (55 W. Monroe), 73% to over 80% (BMO Plaza), and 65% to 92% (Esplanade III). Acquisitions are frequently executed in joint venture with institutional capital partners (GEM Realty, Farallon, Mount Kellett, CrossHarbor, Fortress) and refinanced with lenders such as Mesa West Capital.

Revenue is generated through four streams: (1) rental income from owned properties, (2) third-party property management fees for institutional owners, (3) construction services via the wholly-owned HEARN Construction subsidiary (a licensed general contractor with LEED-accredited professionals), and (4) consulting engagements with banks, insurance companies, and private firms. Tenant base skews toward professional services — legal, financial services, and increasingly healthcare (Lurie Children's Hospital at Hancock Center), with a deliberate 2022 pivot to medical office use at the Hancock Center representing the company's most significant current strategic initiative.

Name

The Hearn Company

Legal name

The Hearn Company

Website

https://hearncompany.com

Company type

Private

Founded year

1974

Operating status

Operating

Headcount range

51–100 employees

Short description

The Hearn Company is a privately held Chicago-based commercial real estate investment firm founded in 1974 that acquires, owns, and repositions institutional-quality office properties across major U.S. markets through an integrated in-house platform spanning ownership, leasing, management, construction, and consulting services.

Ownership category

akta.pro rank

Product category

Commercial Real Estate

NAICS

Lessors of Nonresidential Buildings (except Miniwarehouses) (531120), Real Estate Property Managers (53131)

SIC

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

akta.pro primary industry

Commercial Real Estate Brokerage (Leasing & Sales) (FSAEAJAB)

Keywords

• Commercial real estate
• Property management
• Value-add investing
• Office leasing
• Construction management

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices12 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Marketing or Sales

Revenue model

1. Property Ownership and Leasing: HEARN owns and operates commercial real estate properties, generating revenue through tenant rents. The company acquires underperforming assets, increases occupancy through active management, and sells properties at a profit after executing value-add business plans.
2. Third-Party Management Services: Manages commercial real estate on a third-party basis for some of the largest real estate owners in the country, providing property management, leasing, and consulting services.
3. Construction Services: HEARN Construction provides hard and soft cost construction activity, capital improvement and repair and maintenance property budgets, tenant finishes, and base-building improvements.
4. Consulting Services: Provides consulting expertise in management, leasing and construction for major banks, insurance companies, and privately held entrepreneurial firms, delivering candid and comprehensive reports and opinions.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

HEARN acquires, owns, repositions, and operates institutional-quality commercial office and mixed-use real estate across major U.S. markets, executing a value-add strategy through in-house leasing, property management, construction (HEARN Construction), and consulting services. The firm also provides third-party property management, leasing, and consulting services to major banks, insurance companies, and private real estate owners.

Product overview

The Hearn Company is a commercial real estate investment and management firm offering a unified portfolio of property ownership, management, leasing, construction, and consulting services. The core offering consists of owning and operating institutional-quality commercial real estate properties throughout the United States, supported by in-house leasing, management, construction, and consulting capabilities. The property portfolio includes institutional-quality office towers across major U.S. markets such as Chicago (875 N Michigan/John Hancock Center, 70 West Madison, 55 West Monroe, 2 North LaSalle, 100 North LaSalle), Indianapolis (BMO Plaza), Columbus (10 West Broad), San Diego (Valley Corporate Center), and Irvine, CA (18301 Von Karman), among others. HEARN Construction provides licensed general contracting and construction management with LEED accredited professionals. The company's approach combines hands-on property management with comprehensive in-house support services including accounting, construction, and leasing departments.

Differentiator

Problem solved

Functional benefit

Products and services

• Commercial Real Estate Ownership and Value-Add Repositioning Acquisition, ownership, and value-add repositioning of institutional-quality commercial office and mixed-use properties in major U.S. markets, with the objective of increasing occupancy, cash flow, and sale value.
• Property Management Services Hands-on property management providing responsive, personalized attention to tenant-oriented detail, supported by in-house accounting, construction, and leasing department capabilities for both owned and third-party managed properties.
• Leasing Services Supervisory leasing team executing leasing campaigns for owned and third-party properties, with thousands of new and renewal transactions and the ability to engage outside agency teams best suited to specific assets.
• HEARN Construction Licensed general contractor and construction manager with LEED accredited professionals providing hard and soft cost construction activity, capital improvements, repair and maintenance, tenant finishes, and base-building improvements.
• Consulting Services Advisory engagements in management, leasing, and construction for major banks, insurance companies, and privately held entrepreneurial real estate firms, delivering candid and comprehensive reports and opinions.

Quantifiable outcome

• BMO Plaza occupancy increased from 73% to over 80% after $6 million in lobby, common areas, fitness center, and tenant lounge upgrades
• +5 more outcomes

Named customers16 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• JLL (Jones Lang LaSalle)coreChannel Partner/ Reseller/ DistributorCommercial real estate broker representing HEARN in the $70 million sale of BMO Plaza in March 2018. Brokers Adam Broderick, John Robinson, Bruce Miller and Nooshin Felsenthal facilitated the transaction.
• Avison YoungcoreChannel Partner/ Reseller/ DistributorCommercial real estate broker representing seller True North in the $40 million sale of BMO Plaza. Also handled prior leasing at the property.
• CBREcoreChannel Partner/ Reseller/ DistributorArranged the $210 million Mesa West Capital financing for John Hancock Center refinancing. Representatives John Parrett and Bill Howe originated the financing.
• Colliers InternationalminorChannel Partner/ Reseller/ DistributorLeasing agents Rich Forslund and Matt Langfeldt were hired by HEARN for BMO Plaza Indianapolis.
• CBRE Group Inc.minorChannel Partner/ Reseller/ DistributorGreg Thomas and Kirk Smith of CBRE represented True North in the sale of One Columbus (10 West Broad).
• JLL (Leasing for Columbus)minorChannel Partner/ Reseller/ DistributorAaron Duncan, Collin Wheeler, and Brad Stricker of JLL handle leasing for HEARN's 10 West Broad property in Columbus.
• Cushman & WakefieldminorChannel Partner/ Reseller/ DistributorHealth care advisory team from Cushman & Wakefield hired to lead leasing effort for medical office space at John Hancock Center.

Scale indicators13 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• Rockpoint Group: Boston-based private real estate investment firm executing value-add strategies on office, multifamily, and hospitality assets. Comparable in deploying institutional JV capital to reposition commercial real estate in major US markets.
• L3 Capital: Chicago-based private real estate investment firm focused on value-add office and commercial assets in core Midwest markets. Closely comparable in scale, strategy, and Chicago-centric footprint to HEARN.
• Sterling Bay: Chicago-based real estate developer and investor with a value-add approach to office, life sciences, and mixed-use assets. Comparable as a Chicago-anchored private firm acquiring and repositioning institutional-quality commercial real estate.
• MB Real Estate: Chicago-based commercial real estate services firm providing property management, leasing, and tenant representation for institutional owners. Overlaps with HEARN's third-party management and consulting businesses and competes for the same Chicago office talent and clients.
• The John Buck Company: Chicago-based real estate investment, development, and management firm with a long track record in downtown office towers. Directly comparable as a private, owner-operator of institutional Chicago office product.
• Westbrook Partners: New York-based private real estate firm historically focused on value-add office investments in gateway US markets. Directly comparable as an institutional, value-add office investor/operator with multi-cycle track record.
• Beacon Capital Partners: Boston-based private equity real estate firm focused on value-add office investments in major US markets. Comparable as an institutional value-add office specialist using JV capital to acquire and reposition trophy office properties.
• CIM Group: Los Angeles-based private real estate investment firm with a value-add, vertically integrated approach to urban commercial properties. Comparable in deploying in-house operating capabilities (leasing, construction, property management) to reposition and dispose of assets across multiple US markets.

Broad incumbents

• Cushman & Wakefield: Global commercial real estate services firm whose healthcare advisory team is leading HEARN's medical office leasing effort at the John Hancock Center. Comparable as a broad CRE services platform offering brokerage, valuation, and property management that competes with HEARN's service lines.
• JLL: Global commercial real estate services firm that has directly transacted with HEARN on multiple acquisitions and sales (BMO Plaza, Hancock financing). Overlaps with HEARN's third-party management, leasing, and consulting services and competes for the same institutional client base.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/HEARNCompany

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

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 The Hearn Company