Jason Alderman, Laura Hines-Pierce, Sarah Hawkins
Senior Managing Director and City Head of New York; Co-CEO; and CEO of East Region at Hines
Last year's rank: 14
Hines might look a little different this year. Longtime New York head Tommy Craig left his post in January, and Jason Alderman — who has been the New York co-lead with Craig since 2021 — took over as the sole head.
The company also had changes for the head of its D.C. offices, with Andrew McGeorge taking over for Chuck Watters, and also its Boston outfit, with Sean Sacks replacing David Perry.
“This was a multiyear transition working with city heads that have been in place for decades,” said Sarah Hawkins. “We’re thrilled to be working with them and now having new leadership in place.”
But even with the leadership changes, and a tough office market, Hines has barely missed a beat. It kicked off the year by raising an additional $600 million of equity for its U.S. core-plus fund, bringing its total investment capacity to more than $2.3 billion.
In the past year, the company completed seven acquisitions throughout the East Coast, brought its residential platform to 6,000 units, and brought its industrial business to 5 million square feet. That includes dropping $430 million for a luxury rental complex in Coral Gables, Fla. In the New York area, Hines opened its first residential project in Westchester County, NorthLight in Sleepy Hollow, and its first Connecticut multifamily development, The Whit in New Haven.
“We’ve been pleasantly surprised by the combination of demand from people who are leaving the city and want to be near transit, and the empty nester, baby boomer population,” said Jason Alderman. “There’s an average age that’s probably 10 to 15 years older than we would have thought.”
Hines isn’t shying away from office assets, either. It got started on the 51-story tower for its massive office and residential project above Boston’s South Station, and even dropped $59.8 million in April for the 154,000-square-foot office property at 1050 17th Street NW in D.C., where it already leased 82,000 square feet to Davis Polk & Wardwell.
“The overall trend line is not good for office,” Hawkins said. “That being said, there’s a small segment in the gateway markets we follow that are outperforming.”
All told, Hines has $19 billion in assets under management and 28 projects under development in its East Region.
