Hines (company)

The company “Hines” (first named Gerald D. Hines Interests) was founded in Houston in 1957 by Gerald D. Hines, an American real estate developer with a background in mechanical engineering. The company initially began as a side-business to an engineering partnership after Gerald D. Hines moved to Houston for work in 1948.[4]

Between 1957 and 1967, the firm developed approximately 69 new office or warehouse buildings, along with retail and residential projects.[5] The company's first large-scale commercial development came in 1967 when Shell Oil Company hired Hines to construct a new downtown Houston headquarters.[5] The project, One Shell Plaza, would open in 1971.[6] The Galleria, Pennzoil Place, Williams Tower, and more than 900 developments would follow.[6][7][8] The company also developed the Texas Commerce Tower, now JPMorgan Chase Tower, a 75-story skyscraper that is the tallest building in Texas, which opened in 1982.[5] The firm proceeded to branch out into Europe in 1989. It consequently completed projects in Spain, Italy, Germany, and the United Kingdom.[9]

In 1990, Gerald's son Jeffrey became president and the company expanded into global markets.[10] 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.[11]

In 2003, Hines established a real estate fund, known as the Hines Real Estate Investment Trust (Hines REIT).[12] A 2005 report by the Lipsey Company,[13] recognized Hines as one of the largest real estate firms in the world, with operations throughout the U.S. and across the globe.[9] Many of the firm's buildings were designed by well-known architects, including I. M. Pei, Cesar Pelli, Frank Gehry, and Robert A.M. Stern.[14] In 2006, the company assisted in the development of LEED standards.[15]

The company would work on notable projects through the 2010s, such as the CityCenterDC on the site of the former convention center in Washington D.C. in April 2011,[16][17] and the Walter Reed Army Medical Center as a team led by the company was chosen as the master developer in November 2013.[18]

Hines would later pursue international opportunities, partnering with the Abu Dhabi Investment Authority (ADIA) to fund Conscient Infra's construction of an apartment complex: Conscient Hines Elevate in Gurgaon for INR 400 crore in June 2019,[19] and forming a joint venture with the National Pension Service of Korea to focus on build-to-core properties in the U.S. in December 2020.[20]

Founder Gerald Hines passed away on August 23, 2020, just days after his 95th birthday.[9][14] Jeffrey Hines took on his father's role of chairman while also retaining his position as chief executive officer.[21]

In 2022, Jeffrey Hines’ daughter Laura Hines-Pierce became co-CEO of the company alongside her father.[22]

In Asia, Hines has one active fund, Hines Asia Property Partners (HAPP, a real estate fund focused on Asia launched in May 2021).[23]

In Europe, Hines has three active funds, the Hines European Core Fund (HECF, an open-end diversified fund launched in 2006), Hines European Property Partners (HEPP, an open-end diversified core-plus fund launched in 2022) and the Hines European Real Estate Partners 3 (HEREP 3, a real estate fund focused in Europe launched in January 2022). The HEREP 3 received commitments from 35 investors in addition to Hines’ own co-investment.[24]

In North America, Hines has two active funds, the Hines U.S. Property Partners (HUSPP, a diversified core-plus fund)[25] and the Hines U.S. Property Recovery Fund (HUSPRF, a real estate fund focusing on renovating struggling or undervalued properties in the United States launched in January 2022).[26]

Hines Global Income Trust is an investment trust founded in 2014 that focuses on investing in commercial properties within North America. The trust’s portfolio is worth $3.9 billion as of January 2024.[27]

• Gerald D. Hines Waterwall Park