The news was announced yesterday by his son, Jeffrey C. Hines, who has been running the firm, and now assumes the role of chairman. 7501 Wisconsin Avenue, Suite 1200E, Bethesda, Maryland 20814. Jeff Hines is Owner, Chairman, and Chief Executive Officer. Gerald D. Hines was born Aug. 15, 1925, in Gary, Indiana. He was the founder and chairman of Hines, a privately held real estate firm with its headquarters in that city. So that's an important factor that I think again, people are going to need to get back together and to be able to make real progress. [10], At the time of his death, the Hines portfolio of projects underway, completed, acquired, and managed for third parties includes more than 1,900 properties representing approximately 679,000,000 square feet (63,100,000m2) of office, living/housing, mixed-use, industrial/logistics, hospitality, medical, retail, and sports facilities, as well as large, master-planned communities and land developments. And then the last point, and this may be the most important point, is that we really have the wind at our back in terms of who we are and what the investment community, investor community thinks of real estate investment managers. All Rights Reserved. Laura recalls her early years at Hines and how she never once felt parental pressure to join the company. There was a tad of what Laura said of both pride and maybe a tad of arrogance that you all were building the very, very best buildings there were, so why would you buy anybody else's? After the oil bust of the 1970s, he increasingly found partners who took equity stakes in his projects, protecting his companys balance sheet from the whipsaws of the real estate market. Willy Walker: And on that, you met and still work with all of these incredible architects. We need you to be cool with us holding onto your email address (if we already have it) and for us to email you about commercial real estate news and events. Willy then jumps right in asking Jeff about how he was able to grow and expand Hines over the years since his fathers founding of the company. Why would we buy a building that someone else built? It is truly astounding what the team at Walker & Dunlop has accomplished, and like my two guests today, we are now faced with what's next. Jeff Hines: Yeah, I mean I think that's if you're in lots of geographies and you're got lots of product types, acquisition versus development. All of that is just been really ramped up by COVID. Enter your email below. I. M. Pei came up with a design. I think the one thing that if we're talking about the institutional investor world, there may be a different answer for say the retail or high net worth group. I think I went to 18 different countries in nine months, something like that. His big break came in 1966. Hines is a global real estate investment, development and property manager. Since joining the firm in 1982, Mr. Hines ascent to his position of leadership has been paralleled by a vast expansion of the firm's holdings, products and services as well as a dramatic increase of Hines capital base and the reinforcement of the firm's reputation for excellence and commitment to sustainability. It's working on redepositing the culture that we have had to withdraw. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. Students will also visit architecture offices in Houston, Dallas, Fort Worth, San Antonio, and Austin. You know my dad mentioned it, but that was his background, you know by training and he absolutely brought that to the table and was very focused on how do we get to real efficiency out of these buildings? towards a paywall. It makes my life more difficult. That's an astounding 12X growth in AUM over the past 15 years. So, on that, Jeff you know, at the same time as buying other people's properties, you also really made a push into Europe. Or your family was building a huge iconic building in a city where you got to meet someone special that was sort of a unique experience that you remember back to? HINES INTERESTS LIMITED PARTNERSHIP Hines was an avid outdoorsman and enjoyed travel. Just hit yes and continue on your way. So, product diversification has been a major linchpin of the last decade and that's allowed us to grow pretty significantly. Jeff Hines: I would say, we started our journey to being a Global real estate investment manager really in the early 90s. By 1957 the sideline had enough business to allow him to leave his job and set up as a full-time developer. Since 2017, she has worked in the Office of the Chief Investment Officer, focused on several firm-wide initiatives that have helped to refine investment strategy and acquisition efforts. And one of them was to start looking internationally and expand geographically but the other was to take our experience as developers and as property managers and apply that to acquiring other people's projects. And Id say the answer to that is multifold. Both of which Laura and I have we have votes on various issues and they're blind votes and Laura and I each have one vote. [17] Instead he became a vegetarian and followed a vigorous exercise routine. Dropping them on the boardroom table, he proposed a 50-story tower his upstart firm was planning in Houston and vowed the entire development would be built to the same quality as the pristine fittings, according to The Offshore Imperative, Tyler Priests 2007 book about Shell. Dating & Relationship status He is currently single. We're not thinking about, we are investing for the long term, and so I think that's the other piece that that really allows us to do that. Thats pretty satisfying. Jeff Hines: I would totally concur with Laura, its culture related. The big things that we're just scratching the surface on and again our vertical integration, allows us, I mean potentially incredible volume of data that we have available to us over time and that data will become more and more important in terms of how we provide service to the tenants. This is our 51st Walker Webcast and it was a year ago today that we started this series. She was part of the grassroots team that established the One Hines Women's Network, which led to the creation of Hines's Diversity and Inclusion Initiative. $29.42. Laura Hines-Pierce is Senior Managing Director in the office of the CEO at Hines. Hines eponymous real estate firm grew to have 4,800 employees and has worked more than 907 projects in 25 countries around the world, according to . Jeff Hines: Yeah, I mean it's more challenging. It was really great conversation. It has a presence in 225 cities, in 25 countries and $144 billion of assets under management. What's your take on multifamily versus Single-Family Rental in the housing industry most specifically here in the United States? What's The biggest challenge on a go forward basis as it relates to both maintaining the core culture at Hines? Office is going to be, it's unclear what the effect on office is going to be but you know my feeling is, it's going to be less of the sort of person sitting behind a screen doing spreadsheets which certainly can be done, you know from elsewhere, and it is going to be creating places that people want to go to, that people want to go and share and interrelate and work on training that next generation or you know, things that really do move the culture along. Mrs. Hines and her husband, Gerald D. Hines, founder of the international real estate firm Hines, are significant philanthropists and humanitarians. On that. Because there's an economic value, right? Obviously, it's hugely satisfying and its just a wonderful thing that this this firm that we consider a family legacy, how we can, seems well on its way successfully to the next generation. What's your take of the capital markets today because you all have such amazing investor relationships and you have those relationships around the globe, as you talk to that investor base what are they looking for as it relates to not only core returns, because we've all seen returns come down, but as it relates to Are they saying we want to be in emerging markets? Same for India, China, we are, we try to become local players and so you hire local people. The pitch worked. In the 1950s, while still a partner there, Hines built a 5,000 square-foot building for his neighbor. The Perfect Fits So, you know the history is so much a part of our firm, but growing up, you know, I think my Dad actually made a very purposeful decision to keep us a little bit arm's length from the business and I think that was a decision based on really wanting us to make our own decisions about our career path, about our journeys in life, and not feeling pressured to join the business. If you have any comments or questions about the evolving economic landscape and how it is impacting the CRE space, our experts are available and fully operational to help. Willy Walker: But Laura expand on that for a second, for me, because not only beyond the design in the long-term outlook of what building a beautiful building would bring, but Hines was also extremely early as it relates to sustainable development. They have helped students worldwide as well as architects, artists, and musicians. Willy Walker: Well, in in talking about Laura and her brothers asking you to get back to the to the office Im going to let both of you get back to your day and Im just going to thank both of you for taking the time. That was the business we were in. By Stephen Schad. So, I think it is managing not from setting edicts on high, but how you how you work with the senior team, and I think Lauras doing that extraordinarily well. Willy Walker: Jeff, Laura just said generational growth. Have a great one. Jeffs vision for Hines is to, be the best real estate investor, partner, and manager in the world.. Once you get the right culture in place, the right footprint in place, the right people in place, and have that sort of track record, you know, it all builds on itself and the flywheel can be pretty powerful. [2][6] He was then employed by American Blower Corp, and was subsequently transferred to Houston. We're not asking for your money. And Id say again, the answer is probably several fold, and one big driver, and this is also sort of a driver for us making a big international push. But to do that organically is, which we think is the right way, the only way you can sort of maintain that culture, which is really the glue that holds everything together. In the one year anniversary episode of the Walker Webcast, Willy speaks with Hines Chairman and CEO, Jeff Hines, and his daughter, Senior Managing Director, Laura Hines. Hines and his family have amassed a net worth of about $2 billion, according to the Bloomberg Billionaires Index. By delving into investment management, embracing product diversification, and having a well-rounded understanding of the industry, its these factors that Jeff believes have successfully carried Hines to the point of international recognition. You know it's funny, our history is so much a part of our culture and it's absolutely woven into our DNA and just on the previous topic, a little bit of a funny story, I think it's taken time to evolve into who we are, but we are very good at evolving and I think there is a lot of debate of how do we acquire buildings and is that the right thing for us to do? I mean first of all, you know, its things set in -- that were set in place right from the beginning at Hines that my dad established. So, for a firm that is thinking about the long term, you know, really thinking about owning these buildings for the long term and the value over that long period, investing in that design and really, really spending the time, the appropriate capital that made sense to really increase the quality of the building was important for us as a long-term investor. We now need to think about ESG, not only in terms of how we design a building, design and build a building, but how we invest in real estate, how we operate real estate, and how we think about it relative to our corporate culture. One of the main themes that Jeff and Laura return to throughout todays episode is the importance of the company culture at Hines. So, the question is, do we sort of close-up shop and wait for our business to return or do we take our skill sets and do other things with them? At the time of his death, the company had assets in 25 countries. He is married to Wendy Hines. A quick background on Hines and then Ill introduce Jeff and Laura. Willy goes on to ask Laura and Jeff about their companys unique approach to building design and Laura emphasizes how better designed buildings not only retain tenants, but also increase overall asset value. And so, it is, there is going to be a focus on getting together and you know actively working on that, so I can't say anything more than Laura already said. Timing the market well. You know Willy, coming from a family business, youd probably feel the same if your Dad would have pressured you to come in the business, you might have run the other way. Mar 10, 2021 The Mediterranean-style mansion that late Houston real estate mogul Gerald Hines called home for decades is officially on the market with an asking price of $34.5 million. [8], Hines donated $7million to the University of Houston's College of Architecture, which renamed the college the Gerald D. Hines College of Architecture. Fixing operations. I think we have 16 different commitments and objectives that we're in the process of carrying forward and several others on the horizon, creating a livable future, carbon, our people, and I think that's something that is certainly more complicated than it was before, but absolutely something that we are focused on continuing to be the leader in. Gerald Hines. This is not a step When you want the best tenant at the highest price, he wants the best product.. We will email you a link to reset your password. As you look out to what the pandemic has done, to the way that we work, to the way that we live, to the way that we shop. Chinas economic recovery lost momentum in the second quarter, adding to risks for the world economy as Beijing hints that any stimulus measures will be targeted rather than broad. He was 95. And over the past 17 years, thanks to adding incredible people, acquiring some amazing businesses, and setting bold, highly ambitious goals, we have grown and grown. Gerald D. Hines, an engineer from Indiana who became a towering figure in real estate development by collaborating with world-renowned architects on projects from Barcelona to Beijing and in. Jeff concludes his time on the Walker Webcast by sharing the joy of what it means to work with family within a family-operated business. [3] He had celebrated his 95th birthday just over a week before his death.[10]. After the oil bust of the 1970s, he increasingly found partners who took equity stakes in his projects, protecting his companys balance sheet from the whipsaws of the real estate market. And so, this has been part of our growth story, and then having this diverse skill set that we've really built over the last 10 years allows us to drive into you know potentially new opportunities. [3], Shortly after moving to Houston in 1948, Hines formed an engineering partnership and started a fledgling real estate business on the side. Well, yesterday the Mortgage Bankers Association released their annual rankings for 2020 and Walker & Dunlop was the largest provider of capital to the Multifamily industry. We've really developed a lot of organic know how in those areas. He was. A large proportion of its business is now focused on earning fees from investing and managing third-party properties rather than relying on the large-scale developments typified by its hustling founder in its early projects. Nordea Bank Abp, the biggest bank in the Nordic region, raised its full-year profitability guidance as the tailwind from rising interest rates helped it to generate better than expected profits in the second quarter. Ms. Hines-Pierce joined Hines in 2012 and was responsible for project management of developments and support of new business opportunities in the Midwest and Southeast Regions, including analyzing acquisition and new business opportunities, developing financial and budget models, assessing market research, evaluating mixed-use development opportunities and assisting with institutional fund raising. Stern. Diversity and Inclusion are something that every firm is really trying to make a big push into; how do you do that in the world that we've had for the last year. Laura Hines-Pierce: Sure! It was a very different world back then, and so I got incredible opportunities on that front and certainly was exposed to the business broadly. "I'd get up at 3 and 4 o'clock . Id say, I spent my first five years with Hines working in our Chicago office as a Project Manager. 1925-2020. It's a real honor to have both of you on it is unbelievable to see what your family has created in the firm and the presence you have around the globe. Willy Walker: Laura, I want to bring you in here because you've watched the evolution and growth of this company throughout your life. Gerald D. Hines, a soft-spoken engineer who started out as a builder of small, anonymous warehouses in Houston and went on to transform the business of commercial real estate development by. But it was a purposeful decision, I think, and I think that's important for me, knowing that Ive explored other career paths and opportunities and Ive found my way to Hines, and I think I was very purposeful about that because of the opportunity I had and lack of pressure that I had. Hines Gerald. Founded in 1957 by Gerald Hines, Hines is a global real estate development and asset management firm. Literally decisions are made by a very strong institutional team that's been with Hines for a long period of time. Hines Founder Gerald D. Hines Dead at 95. You know buying out a contract in Spain is very different than buying out a contract in Beijing, and you just have to learn those. [17] In 1981, he married German-born painter Barbara Fritzsche,[16][18] who had grown up in Australia, the daughter of Holocaust survivors. For over 35 years, he has been a trusted wealth advisor to high net worth families, foundations and mutual insurance companies. [4], In his early 50s, Hines was told by doctors that he needed heart bypass surgery. At the time of his death, the company had assets in 25 countries. But really, before Hines, buildings were pretty boring, rectangular boxes and the prevailing wisdom was that it was too expensive to bring in a great architect and we really changed the formula, and that's not just by hiring the great architect and letting them do what they want to do, because then you would have gotten a building that was too expensive and a floor plan that may not have been commercially viable. Yet in the mid-2000s you made the distinct decision to change the strategy and move much more rapidly into that asset management business, if you will, and not necessarily away from development, but to grow that. Born Jan. 19, 1935 in Berkeley County, Gerald was the son of the late Clyde Gilbert Hines and Mabel Rudy Hines. [12][13] As of 2016, his net worth equaled US$1.3billion. Hines had two children, Jeff and Jennifer, with his first wife, Dorothy Schwarz. Gerald D. Hines, founder and chairman of the international real estate firm Hines, who brought architectural excellence, superior engineering and peerless integrity to international real estate development, passed away peacefully at home on Sunday, August 23, 2020, surrounded by family. [3] A 2005 report by the Lipsey Company,[9] recognized Hines as one of the largest real estate firms in the world, with operations throughout the U.S. and across the globe. My final comment before introducing Jeff and Laura. His Ph.D. dissertation, titled, "Atmosphere as Form in Architecture," explores the idea of atmosphere in the context of design practices from 1818 to present. The sidewalks are lined with nearly 200 live oaks whose treetops form a dense canopy overhead. Jeff Hines: Well, he became an engineer, because his dad told him Engineers are not laid off, Jerry.

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