Hines Shuffles Leadership In 3 East Coast Cities As It Shifts Away From Office
Hines is elevating three senior members of its East Coast team to be city heads as it works to diversify its assets under management throughout the region.
Senior Managing Director Jason Alderman will lead Hines' New York office, Senior Managing Director Andrew McGeorge will lead its D.C. office, and Managing Director Sean Sacks will lead its Boston office, according to a press release.
The markets' former city heads — Senior Managing Directors Tommy Craig, Chuck Watters and David Perry — will remain with the firm and "continue to provide strategic support and leadership," Hines said in the release.
"This is a new era for the east region. Jason, Andrew, and Sean are the right leaders to grow our business and take advantage of the significant real estate opportunities we see ahead," Hines' East region CEO Sarah Hawkins said in a statement. "Each has a clear vision for driving Hines’ success, and most importantly, has earned the trust and respect of our team and their peers in the market."
Each new city head, in separate statements, said they plan to focus on growing the firm's multifamily, industrial and mixed-use portfolios.
Houston-based Hines has $19.6B in assets under management in its East region, which also includes the Philadelphia metro area. Since 2018, the firm has grown a 5M SF industrial development platform and expanded its multifamily platform from five to 21 projects.
Its latest projects include a combination office and Ritz-Carlton-branded condo tower in Boston and the Parks at Walter Reed, a joint development project made up of 66 acres and 3.1M SF of development in D.C.
In New York, the firm is an equity partner of the under-development One Madison, which secured the second- and third-biggest office leases of 2022 with investment manager Franklin Templeton and IBM.
Traditionally an office giant, Hines has worked to shed some of its older office properties since the start of the pandemic, handing back the keys to a property in D.C. and putting an office in its home base of Houston up for sale after failing to recoup tenants.
Of its new city heads, Alderman has spent the most time at the firm. He first joined Hines in 1999 for a 14-year stint and returned as senior managing director in 2021.
McGeorge joined Hines in 2020 from Fairfield Residential, where he had served as vice president of development for the mid-Atlantic region, per his LinkedIn profile.
Sacks joined Hines in 2014 as a director and has since had a hand in development and acquisition deals that generated $1B in value, according to Hines.
