Hines Interests Limited Partnership

Source: Wikipedia, the free encyclopedia.
(Redirected from
Hines Interests
)
Hines Interests Limited Partnership
Key people
Jeffrey C. Hines, Chairman and co-CEO
Laura Hines-Pierce, co-CEO
AUM$90.3 billion (December 31, 2021)
Number of employees
4,785
Websitewww.hines.com
One Franklin Square, owned by the company

Hines Interests Limited Partnership is a privately held company that invests in and develops real estate.[1]

The company has developed, redeveloped or acquired 1,450 properties, comprising over 485 million square feet.[2] The company currently manages 622 properties comprising 256 million square feet. As of 2022, the company had a presence in 255 cities in 27 countries.[3]

History

The company was founded in

tallest building in Texas.[5]

In 1990, Gerald's son Jeffrey became president and the company expanded into global markets.[6] In the 1990s, Hines had developed its own standards for indoor air quality, which influenced rules later established by the United States Environmental Protection Agency.[7] In 2006, the company assisted in the development of LEED standards.[8]

In 2022, Jeffrey Hines’ daughter Laura Hines-Pierce became co-CEO of the company alongside her father.[9]

Notable Projects and Acquisitions

In 1966, the company signed a lease with

Royal Dutch Shell as the anchor tenant of a 50-story building it was constructing.[4]

In March 2006, Hines Real Estate Investment Trust acquired 321 N. Clark, an 897,000 square foot office building in Chicago for $247.3 million.[10]

In December 2006, a subsidiary of Hines Real Estate Investment Trust acquired a portfolio of 9 buildings in Redmond, Washington for $217 million.[11]

In November 2008, Hines Real Estate Investment Trust acquired a 70% interest in 12 shopping centers owned by Weingarten Realty Investors.[12]

In July 2009, a partnership of the company and Sterling surrendered a 542,000 square foot office building in San Francisco to its lenders.[13]

In October 2010, Hines Global REIT acquired an office tower in Minneapolis for $180 million.[14]

In December 2010, the company sold its 2% interest in 9 buildings including

Safeco Plaza (Seattle) to its joint venture partner, CalPERS.[15]

In April 2011, the company began development of CityCenterDC on the site of the former convention center in Washington D.C.[16][17]

In August 2012, a subsidiary of Hines Global REIT acquired the headquarters of Old Navy in San Francisco for $180 million.[18]

In May 2013, the company sold a building in

Washington D.C. to Liberty Property Trust for $133.5 million.[19]

In November 2013, a team led by the company was chosen as the master developer of the Walter Reed Army Medical Center.[20] In the same month, Hines acquired Behnke Ranch in Pasco county, Florida.[21]

In December 2013, Hines Global REIT acquired a property in Washington, D.C. for $141.9 million.[22]

In April 2016, in partnership with Welltower, the company acquired a site in Midtown Manhattan and began development of a 15-story senior living facility.[23]

In August 2016, a subsidiary of Hines Real Estate Investment Trust sold a property in South Florida for $27.59 million.[24]

In February 2016, the company acquired a 345,000 square foot office complex in North Bethesda, Maryland from JBG Smith.

In June 2016, the company announced that Hines Real Estate Investment Trust Inc. would liquidate.[25]

In November 2016, Hines Real Estate Investment Trust sold 7 office properties on the

Sacramento, Starwood Capital Group for $175.5 million.[27] The company also began construction of a 327,000 square foot development in Houston.[28]

In March 2017, the company, in partnership with

East Bay (San Francisco Bay Area) for $108.9 million.[29] The company also opened a 24-story, 233-unit luxury apartment complex in Houston.[30]

In March 2017, the company acquired a 2.2 million square foot distribution center in La Porte, Texas from BlackRock.[31]

In May 2017, the company announced plans for a 600,000 square foot mixed-use development in Miami.[32] The company also announced plans for T3 West Midtown and Atlantic Yards, 700,000 square feet of developments in Atlanta in partnership with Invesco.[33]

In July 2017, Hines Global REIT sold an apartment complex in Miami for $100 million.[34]

In June 2019, Hines partnered with the Abu Dhabi Investment Authority (ADIA) to fund Conscient Infra's construction of an apartment complex: Conscient Hines Elevate.[35] in Gurgaon for INR 400 crore.

In August 2020, Hines partnered with Henderson Park Capital to acquire a 71,000 square meter site in Athens, Greece, to be developed into a residential-for-sale complex.[36]

In December 2020, Hines formed a joint venture with the National Pension Service of Korea to focus on build-to-core properties in the U.S.[37]

In November 2021, Hines acquired the historic Utah Pantages Theatre, valued at $4 million, for $0.[38] The city of Salt Lake signed the property over to Hines with an agreement to include affordable housing in the 31 story apartment building that was planned to be built in place of the Pantages Theatre.[39] Demolition began on the building’s exterior in April 2022, despite several lawsuits filed by members of the community in an effort to save the historic theatre.[40] The planned development at the site of the theatre will include 400 apartment units, a publicly accessible park, an entertainment venue, and a public walkway.[38] As of June 2023, construction had not yet begun due to delays in development and the loss of one of Hines' financial partners.[41]

References

  1. ^ Feser, Katherine (2021-02-12). "Renderings provide first look at new district near Texas Medical Center". Houston Chronicle. Retrieved 2021-03-02.
  2. ^ Hines: About the firm
  3. ^ Chow, Cecilia (24 February 2022). "Hines deepens investments in Asia Pacific, third generation steps up". Yahoo Finance. Retrieved 22 February 2024.
  4. ^ a b Solomont, E.B. (August 26, 2016). "How Gerald Hines built an $89B real estate empire". The Real Deal.
  5. ^ Luck, Marissa (10 January 2023). "How Houston's skyline has changed over 65 years, and why one real estate firm is at the center of it". The Houston Chronicle. Retrieved 22 February 2024.
  6. ^ Perez, Christine (1 November 2007). "Jeff Hines: Filling His Father's Shoes". Wealth Management. Retrieved 22 February 2024.
  7. ^ Cowen, Diane (14 February 2022). "Laura Hines-Pierce, granddaughter of Hines founder, joins her father as firm's co-CEO". Houston Chronicle. Retrieved 22 February 2024.
  8. ^ Logan, Katharine (11 February 2021). "Gerald D. Hines: A legacy of better building | U.S. Green Building Council". www.usgbc.org. Retrieved 22 February 2024.
  9. ^ Sperling, Maddy (10 February 2022). "Succession: Laura Hines-Pierce joins her father as Hines co-CEO". The Real Deal. Retrieved 22 February 2024.
  10. ^ "Hines Pays $247.3Mln for 321 N. Clark in Chicago". Commercial Real Estate Direct. April 25, 2006.
  11. ^ Mordock, Jeff (November 30, 2006). "Hines to Pay $217Mln for 716,000 SF of Space in Suburban Seattle". Commercial Real Estate Direct.
  12. ^ "WEINGARTEN, HINES REIT FORM $271 MILLION JOINT VENTURE". RE Business Online. November 18, 2008.
  13. ^ "Hines, Sterling to surrender S.F. building". American City Business Journals. July 24, 2009.
  14. ^ Black, Sam (October 7, 2010). "Hines Global REIT to buy 50 South Sixth office tower in Minneapolis for $180M". American City Business Journals.
  15. ^ Jones, Jeanne Lang (December 24, 2010). "Hines sells national building portfolio to CalPERS". American City Business Journals.
  16. ^ O'Connell, Jonathan (March 7, 2004). "New $950 million CityCenter DC complex on site of former convention center set for construction in April". The Washington Post.
  17. ^ Krouse, Sarah; Neibauer, Michael (October 21, 2010). "Hines plans April groundbreaking on CityCenter". American City Business Journals.
  18. ^ Kelliher, Fiona (January 28, 2019). "Exclusive: Gap in talks to buy Old Navy HQ in Mission Bay". American City Business Journals.
  19. ^ Sernovitz, Daniel J. (May 22, 2013). "Liberty Property Trust pays $133.5 M for 2100 M St. NW". American City Business Journals.
  20. ^ O'Connell, Jonathan (November 5, 2013). "Team led by Hines Interests named master developer of 67-acre Walter Reed campus". The Washington Post.
  21. ^ "Hines Acquires Strategic 536-Acre Land Parcel in Tampa, FL, for…". Hines. Retrieved 2023-12-04.
  22. ^ "Hines Global REIT Acquires 55 M Street in Washington, D.C." (Press release). Hines. December 10, 2013.
  23. ^ Malesevic, Dusica Sue (April 19, 2016). "Hines, Welltower plan 15-story senior living facility in Midtown". The Real Deal.
  24. ^ Bandell, Brian (August 15, 2016). "REIT sells BJ's Wholesale-anchored center for $28M". American City Business Journals.
  25. ^ Pulsinelli, Olivia (June 30, 2016). "Houston-based REIT to dissolve, sell assets". American City Business Journals.
  26. ^ "Hines REIT Completes $1.162 Billion Sale of Office Assets" (Press release). Hines. November 11, 2016.
  27. ^ van der Meer, Ben (November 14, 2016). "EXCLUSIVE: Wells Fargo Center sold for $175.5 million". American City Business Journals.
  28. ^ Smith, Mike D. (November 22, 2016). "Work begins on parking garage, tunnel for Houston's Lyric Centre". Houston Chronicle.
  29. ^ Li, Roland (March 28, 2017). "Hines and Oaktree buy massive East Bay office complex". American City Business Journals.
  30. ^ Takahashi, Paul (March 24, 2017). "Hines multifamily exec: 'It's going to be a pretty rough 2017'". American City Business Journals.
  31. ^ Pulsinelli, Olivia (March 31, 2017). "Hines buys, rebrands, expands industrial park near Port of Houston". American City Business Journals.
  32. ^ Dolan-Del Vecchio, Erik (May 24, 2017). "Hines Adds 45-Story Tower To Miami's $2B Worldcenter Development". Bisnow Media.
  33. ^ "Hines and Invesco Real Estate Announce T3 West Midtown and Atlantic Yards" (Press release). Hines. May 30, 2017.
  34. ^ "Berkshire Group acquires rental apartment building near Coral Gables". American City Business Journals. June 27, 2017.
  35. ^ "Conscient Hines Elevate". June 22, 2019.>
  36. ^ "Henderson Park and Hines acquire prime residential development site in Athens". www.propertyfundsworld.com. 2020-08-18. Retrieved 2020-08-20.
  37. ^ "National Pension Service of Korea and Hines Form New Build-to-Core Venture in RE". www.swfinstitute.org. 2020-12-10. Retrieved 2020-12-10.
  38. ^ a b Anderson, Taylor (2023-03-09). "After Demolishing the Utah Theater, Hines Will Miss First Deadline". Building Salt Lake. Retrieved 2023-09-24.
  39. ^ Williams, Carter; March 25, KSL com | Posted-; P.m, 2023 at 4:04. "When will construction begin on Main Street Tower in Salt Lake City?". www.ksl.com. Retrieved 2023-09-24.{{cite web}}: CS1 maint: numeric names: authors list (link)
  40. ^ "Demolition of Utah Theater set to start Tuesday as judge rejects a final-hour effort to save it". The Salt Lake Tribune. Retrieved 2023-09-24.
  41. ^ McKitrick, Cathy (2023-06-24). "The Aftermath of Hasty Destruction of Pantages Theater on Downtown Salt Lake Main Street". Utah Stories. Retrieved 2023-09-24.