Lionstone Investments was founded in 2001 by Glenn Lowenstein, Tom Bacon, and Dan Dubrowski as a privately-owned real estate investment firm specializing in researching, conceptualizing, and executing national investment strategies based upon proprietary analytics and ideas.

Prior to forming Lionstone, the three principals held leadership positions at Hines and each has over 30 years of experience in real estate investing.

The three founders of the Lionstone Group
From left: Dan Dubrowski, Tom Bacon, and Glenn Lowenstein

Leadership Team

Portfolio Managers Bryan Sanchez and Tom Paterson joined Lionstone in 2005 and 2007 respectively, and have become intrinsic to the firm’s operations and culture. John Enerson became Lionstone’s Chief Compliance Officer and Chief Legal Counsel in 2006. In 2011, they were joined by Andrew Lusk who currently serves as Head of the Investments Team.

In 2012, Lionstone hired Jane Page as Chief Operating Officer, a position she held for two years before becoming Chief Executive Officer. At that time, Andy Bruce was hired as Chief Financial Officer.


In 2016, the firm’s ownership was expanded beyond the three founding partners with the promotion of these six senior employees to partners, creating a future path for employee growth and a multi-generational enterprise. These nine individuals now comprise Lionstone’s Partners’ Council. While the founding partners to remain active in Lionstone’s ownership and governance, the new partners are primed to become a fresh generation of leadership. As Lionstone continues to cultivate key staff, the new partnership structure will provide the foundation for a new generation of leaders to emerge and lead the firm into the future. Thus, Lionstone continues to build upon a commitment to excellence—excellent investment performance for our investors; excellent firm performance in relation to our peers; and excellent professional development for our team.