Hines names Adam Hines co-CEO starting next year; David Steinbach becomes president

The next Hines generation is moving into the top seats at the Houston developer. Adam Hines, the younger brother of co-CEO Laura Hines-Pierce, will take the other co-CEO position at the start of next year, and their father, Jeffrey Hines, becomes company chair, The Real Deal reported, crediting Commercial Observer.

The shuffle reaches below the family line. David Steinbach becomes the first president of Hines, and Alfonso Munk becomes global chief investment officer. Laura Hines-Pierce will also become CEO and chair of the board of Hines Global Income Trust, with Adam joining that board of directors.

Adam Hines's path to the job ran through capital raising. He was an analyst at Dexus, the Australian real assets manager, before following his family into real estate in 2017, and he has held roles including chief of staff for the office of the CEO and senior managing director, substantially growing Hines's private wealth business along the way, according to the report. In a statement carried in the coverage, Jeffrey Hines credited him with helping shape growth across Europe, private wealth and capital formation.

His sister arrived by a different route. Laura Hines-Pierce, a granddaughter of founder Gerald D. Hines, worked at Sotheby's in New York before joining the family business in 2012, reached the executive ranks in 2020 and has held the co-CEO title since February 2022, a tenure Jeffrey Hines's statement describes as five years of leading the firm in that role. A third brother, Matthew, works in the company's strategic projects office.

The handoff lands on a firm still gathering third-party capital. Hines and Rialto Capital closed the Hines Rialto Credit Partners fund at $1.1 billion last month to invest in office debt, a collaboration that has also produced the Textile Building in Manhattan and Midtown office loans. Hines reports nearly $91 billion in assets, operations in 29 countries and more than 4,500 employees.

Putting the executive who built the private wealth business into a co-CEO seat, alongside a newly created president's office and a global CIO, suggests the fundraising and investment sides of the house are being paired rather than ranked. For the allocators who back Hines's credit and income vehicles, Steinbach and Munk are the names likely to appear on the other side of a subscription agreement, and they are the least visible part of the reorganization. The coverage dates the handoff only to the start of next year.