Hines (company)
| File:Hines Interests Logo.svg | |
| File:Texas Tower, 845 Texas Avenue, Houston.jpg Texas Tower, company headquarters | |
| Company type | Private |
|---|---|
| Industry | Real estate |
| Founded | 1957 |
| Founder | Gerald D. Hines |
| Headquarters | Texas Tower Houston, Texas |
Key people | Jeffrey C. Hines (chairman and co-CEO) Laura Hines-Pierce (co-CEO) |
| AUM | $93.2 billion (April 2, 2024) |
Number of employees | ~5,000 |
| Website | hines.com |
Hines Interests Limited Partnership is a U.S.-based privately held company focused on real estate development and investment.
By 2023, the company had developed, redeveloped, or acquired in excess of 1,600 properties encompassing over 540 million square feet. Its portfolio management extends to 685 assets totaling 216 million square feet distributed across 30 nations. As of 2024, the firm reported managing assets worth $93.2 billion, underscoring its prominent position and extensive global reach.
History
Established in Houston in 1957 by former engineer Gerald D. Hines, the enterprise started as a secondary venture before growing into a leading real estate firm. The founder’s engineering expertise contributed to the company's innovative methods in both development and investment.
Pre-2000
From its inception through 1967, the organization completed approximately 69 office and warehouse projects along with retail and residential developments. Its inaugural major commercial project was One Shell Plaza in downtown Houston, finalized in 1971 for Shell Oil Company. Subsequent landmark developments included The Galleria, Pennzoil Place, Williams Tower, and more than 900 additional properties. The firm also constructed the Texas Commerce Tower (currently JPMorgan Chase Tower), which opened in 1982 as Texas’s tallest skyscraper. International expansion began in 1989 with ventures throughout Spain, Italy, Germany, and the United Kingdom.
In 1990, leadership transitioned to Gerald Hines’ son Jeffrey as president, who directed the company toward global growth. During this decade, Hines introduced indoor air quality standards that later influenced Environmental Protection Agency guidelines.
Early 2000s
The launch of the Hines Real Estate Investment Trust (Hines REIT) occurred in 2003. By 2005, the firm was acknowledged among the largest global real estate companies with substantial operations domestically and internationally. Collaborations with esteemed architects such as I. M. Pei, Cesar Pelli, Frank Gehry, and Robert A.M. Stern were integral to its portfolio. In 2006, Hines contributed significantly to the development of LEED certification standards, reinforcing its dedication to environmentally responsible construction.
2010s
During the 2010s, Hines advanced major initiatives including CityCenterDC, a $950 million mixed-use project situated on the former Washington D.C. convention center site that commenced construction in April 2011. In November 2013, the company-led consortium was appointed as master developer for the expansive 67-acre Walter Reed Army Medical Center redevelopment site, highlighting its strategic role in large-scale urban projects.
Between 2013 and 2016, Hines completed the groundbreaking “Timber, Transit & Technology” (T3) building—a seven-story office structure covering 224,000 square feet primarily built from sustainably harvested heavy timber. This project represented the first modern large-scale wooden office building in the United States and enhanced the firm’s leadership in sustainable real estate development.
In June 2019, Hines entered into a partnership with the Abu Dhabi Investment Authority (ADIA) to fund Conscient Infra’s INR 400 crore residential development named Conscient Hines Elevate located in Gurgaon, marking an expansion into India’s burgeoning property market.
By December of that year, Hines revealed plans for Boston’s South Station Tower, a new skyscraper rising to 678 feet with 51 stories, exemplifying continued growth and influence within major American metropolitan markets.
2020s
Gerald Hines, the company's founder, died on August 23, 2020, shortly after celebrating his 95th birthday. Jeffrey Hines assumed the chairman position while maintaining his role as CEO. In December 2020, the firm entered a joint venture with South Korea's National Pension Service to concentrate on U.S. build-to-core assets. The following year, Hines unveiled the initial tower of the two-building CIBC Square project in Toronto, a 3 million square foot development co-created with Ivanhoé Cambridge.
After four decades headquartered at Williams Tower, Hines shifted its main offices to Texas Tower in late 2021, occupying 1 million square feet spanning 47 floors. In 2022, Laura Hines-Pierce joined as co-CEO alongside her father Jeffrey, signaling an evolution in the company’s leadership strategy.
May 2022 saw the topping out of the 57-story Salesforce Tower Chicago, designed to house more than 1,000 staff members. By July 2024, Pinellas County authorized a $6.5 billion public-private redevelopment initiative involving Hines and the Tampa Bay Rays to construct Gas Plant Stadium and develop a 65-acre site featuring residential units, support for small businesses, employment opportunities, and cultural projects.
In November 2024, Hines drew criticism for advertising Dublin rental apartments at prices exceeding €2,000 during a 'Black Friday Deal,' sparking controversy amidst Ireland’s housing crisis impacting thousands of homeless children.
Funds
Hines administers multiple active real estate funds across significant international markets. In the Asia-Pacific region, the firm operates the Hines Asia Property Partners (HAPP), a fund launched in May 2021 aimed at property investments throughout Asia.
Within Europe, three active funds are overseen by Hines: the open-ended and diversified Hines European Core Fund (HECF), established in 2006; the core-plus Hines European Property Partners (HEPP), initiated in 2022; and the value-add fund Hines European Real Estate Partners 3 (HEREP 3), launched in January 2022 with backing from 35 investors alongside Hines’ own capital.
In North America, two principal funds are managed: the diversified core-plus Hines U.S. Property Partners (HUSPP) and the value-focused Hines U.S. Property Recovery Fund (HUSPRF), which targets renovating underperforming U.S. properties and was launched in January 2022.
Additionally, the Hines Global Income Trust, founded in 2014, focuses on commercial real estate in North America and held assets valued at $3.9 billion as of January 2024.
Transactions
| Location | Description | Cost | Partner | Date |
|---|---|---|---|---|
| Chicago, 321 N. Clark | Office building with 897,000 sq ft | Purchased for $247.3 million | N/A | March 2006 |
| Redmond, Washington | Portfolio comprising nine buildings | Acquired for $217 million | Subsidiary | December 2006 |
| N/A | Acquired 70% stake in twelve shopping centers from Weingarten Realty Investors | N/A | N/A | November 2008 |
| San Francisco | Office property totaling 542,000 sq ft | Surrendered lease | Sterling | July 2009 |
| Minneapolis | Office tower acquisition | Purchased for $180 million | N/A | October 2010 |
| Seattle, Washington | Nine buildings including Safeco Plaza; sold a 2% share to CalPERS | N/A | N/A | December 2010 |
| San Francisco | Old Navy's headquarters building acquired | Bought for $180 million | Subsidiary | August 2012 |
| Washington D.C. | Office building sold to Liberty Property Trust for $133.5 million | Sold for $133.5 million | N/A | May 2013 |
| Pasco County, Florida | Land parcel known as Behnke Ranch purchased | Acquired | N/A | November 2013 |
| Washington D.C. | Property acquisition valued at $141.9 million | Purchased for $141.9 million | N/A | December 2013 |
| North Bethesda, Maryland | Office complex of 345,000 sq ft bought from JBG Smith | Acquired | N/A | February 2016 |
| Midtown Manhattan | Site acquired for a senior living project (15 stories) developed with Welltower | Acquired | Welltower | April 2016 |
| South Florida | Property sale completed for $27.59 million | Sold for $27.59 million | Subsidiary | August 2016 |
| West Coast US | Seven office properties sold to Blackstone affiliate | Sold for $1.162 billion | N/A | November 2016 |
| Bellevue, Washington | Office asset sold to AEW Capital Management affiliate | Sold for $193 million | N/A | November 2016 |
| Sacramento | Wells Fargo Center sold to Starwood Capital Group for $175.5 million | Sold for $175.5 million | N/A | November 2016 |
| East Bay (San Francisco Bay Area) | Office complex purchased with Oaktree Capital Management | Acquired for $108.9 million | Oaktree Capital Management | March 2017 |
| La Porte, Texas | Distribution center of 2.2 million sq ft acquired from BlackRock | Purchased | N/A | March 2017 |
| Miami | Apartment complex sold for $100 million | Sold for $100 million | N/A | July 2017 |
| Athens, Greece | Residential development site acquired jointly with Henderson Park Capital | Acquired | Henderson Park Capital | August 2020 |
| Utah (Salt Lake City) | Utah Pantages Theatre site obtained at no cost for apartment conversion including affordable housing provisions | Acquired at no cost | N/A | November 2021 |
See also
References
- Pages with broken file links
- Hines Interests Limited Partnership
- American companies founded in 1957
- Real estate firms founded in 1957
- United States real estate companies
- Companies headquartered in Houston
- United States financial services firms
- Texas establishments from 1957
- Financial services firms founded in 1957
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- Companies of the United States by year of establishment
- American companies established in 1957