Doug Holte, who led Irvine Co.’s office division for more than a decade, has returned to Hines to launch a new venture for the Houston-based real estate investor.
Holte, who counted a 22-year career with Hines prior to joining Irvine Co. in 2009, is now CEO of EXP by Hines, a new global business unit that aims to analyze real estate trends—such as flexibility and sustainability—for its clients.
The platform aims to speed up carbon reduction efforts in real estate and help developers drive value for tenants through other environmental, social and governance (ESG) efforts.
The new company “is an engine of growth using the most innovative ideas in capital, culture, and environmental stewardship to connect every stakeholder in the built environment and create healthy, activated communities,” Holte said in a statement.
“EXP is looking beyond the boundaries of real estate to solve complex problems while creating long-term value.”
Holte joins the new Hines venture after creating a like-minded platform of his own, AGI, or Agile Workweek Investments. He launched the startup in January 2021; it invests in commercial property technology to increase office efficiency.
EXP will have two business lines: Global ESG and Global Venture Lab. The former will be led by Peter Epping, currently global head of ESG by Hines; Kathryn Scheckel will lead the latter group, which will be a combination of “a venture incubator for early-stage startups and a venture investing arm.”
Hines, whose Newport Beach office has been among the more active local commercial property investors over the past decade in the office, industrial, and multifamily sectors, has $92.3 billion assets under management across 28 countries.
Hines to Irvine Co.
Holte was a senior partner in Hines’ west region from 1987 to 2009, where he oversaw portfolio growth in the region, growing its footprint from 4 million square feet to 20 million square feet. He also helped grow the regional team from 25 individuals to 250.
He then joined Irvine Co., where Holte was responsible for growing the company’s office portfolio from 37 million square feet to 53 million square feet in California, Chicago and New York.
Holte’s LinkedIn profile indicates he deployed $5 billion in capital across the company’s portfolio, including 9 million square feet of acquisitions, 7 million square feet of development and $250 million in renovations.
Irvine Co. Changes
Holte’s former team is going through some leadership changes of its own.
Jonathan Brinsden, who joined Irvine Co. in 2021 as president of the office division, has been promoted to group president of Irvine Co.’s commercial property division, where he’s now responsible for the office, retail and commercial design and construction divisions. The firm’s commercial portfolio totals 64 million square feet.
Roger DeWames has been named division executive vice president of office properties; he was previously senior vice president of development for the company’s office and self-storage portfolios. Like Holte, DeWames joined Irvine Co. from Hines.
Property Fund
A prior Hines spinoff proved to generate some activity for the investor in Orange County.
At the start of 2022, the firm announced the launch of the Hines U.S. Property Recovery Fund to redevelop properties in large U.S. markets, including in Santa Ana.
The firm paid a little over $20 million for 3130 Fairview, a 3.9-acre site just south of Segerstrom Avenue and near Segerstrom High School. The property is undergoing a redevelopment into a 77,481-square-foot industrial building, with Ware Malcomb heading design.
Around the same time, Hines paid $50 million for a 112,400-square-foot building in Tustin used by Avid Bioservices Inc. (Nasdaq: CDMO).
