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Hines Interests Limited Partnership

Hines Interests Limited Partnership is a privately held company that invest in and develops real estate.

Hines Interests Limited Partnership
Privately held company
IndustryReal estate
Founded1957; 62 years ago (1957)
FounderGerald D. Hines
Headquarters
Key people
Gerald D. Hines, Chairman
Jeffrey C. Hines, President and CEO
Number of employees
4,320
Websitewww.hines.com
Williams Tower, headquarters of the company
One Franklin Square, owned by the company

The company has developed, redeveloped or acquired 1,262 properties, comprising over 414 million square feet.[1] The company currently manages 529 properties comprising 213 million square feet.[1] The company has a presence in 201 cities in 21 countries.[1]

HistoryEdit

The company was founded in Houston in 1957 by Gerald D. Hines.[2]

In 1966, the company signed a lease with Royal Dutch Shell as the anchor tenant of a 50-story building it was constructing.[2]

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.[3]

In December 2006, a subsidiary of Hines Real Estate Investment Trust acquired a portfolio of 9 buildings in Redmond, Washington for $217 million.[4]

In November 2008, Hines Real Estate Investment Trust acquired a 70% interest in 12 shopping centers owned by Weingarten Realty Investors.[5]

In July 2009, a partnership of the company and Sterling surrendered a 542,000 square foot office building in San Francisco to its lenders.[6]

In October 2010, Hines Global REIT acquired an office tower in Minneapolis for $180 million.[7]

In December 2010, the company sold its 2% interest in 9 buildings including Safeco Plaza (Seattle) to its joint venture partner, CalPERS.[8]

In April 2011, the company began development of CityCenterDC on the site of the former convention center in Washington D.C.[9][10]

In August 2012, a subsidiary of Hines Global REIT acquired the headquarters of Old Navy in San Francisco for $180 million.[11]

In May 2013, the company sold a building in Washington D.C. to Liberty Property Trust for $133.5 million.[12]

In November 2013, a team led by the company was chosen as the master developer of the Walter Reed Army Medical Center.[13]

In December 2013, Hines Global REIT acquired a property in Washington, D.C. for $141.9 million.[14]

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.[15]

In August 2016, a subsidiary of Hines Real Estate Investment Trust sold a property in South Florida for $27.59 million.[16]

In February 2016, the company acquired a 345,000 square foot office complex in North Bethesda, Maryland from JBG Smith.[17]

In June 2016, the company announced that Hines Real Estate Investment Trust Inc. would liquidate.[18]

In November 2016, Hines Real Estate Investment Trust sold 7 office properties on the West Coast of the United States to an affiliate of The Blackstone Group for $1.162 billion, sold an office property in Bellevue, Washington to an affiliate of AEW Capital Management for $193 million,[19] and sold the Wells Fargo Center (Sacramento), the tallest building in Sacramento, Starwood Capital Group for $175.5 million.[20] The company also began construction of a 327,000 square foot development in Houston.[21]

In March 2017, the company, in partnership with Oaktree Capital Management, acquired a property in the East Bay (San Francisco Bay Area) for $108.9 million.[22] The company also opened a 24-story, 233-unit luxury apartment complex in Houston.[23]

In March 2017, the company acquired a 2.2 million square foot distribution center in La Porte, Texas from BlackRock.[24]

In May 2017, the company announced plans for a 600,000 square foot mixed-use development in Miami.[25] The company also announced plans for T3 West Midtown and Atlantic Yards, 700,000 square feet of developments in Atlanta in partnership with Invesco.[26]

In July 2017, Hines Global REIT sold an apartment complex in Miami for $100 million.[27]

ReferencesEdit

  1. ^ a b c Hines: About the firm
  2. ^ a b Solomont, E.B. (August 26, 2016). "How Gerald Hines built an $89B real estate empire". The Real Deal.
  3. ^ "Hines Pays $247.3Mln for 321 N. Clark in Chicago". Commercial Real Estate Direct. April 25, 2006.
  4. ^ Mordock, Jeff (November 30, 2006). "Hines to Pay $217Mln for 716,000 SF of Space in Suburban Seattle". Commercial Real Estate Direct.
  5. ^ "WEINGARTEN, HINES REIT FORM $271 MILLION JOINT VENTURE". RE Business Online. November 18, 2008.
  6. ^ "Hines, Sterling to surrender S.F. building". American City Business Journals. July 24, 2009.
  7. ^ Black, Sam (October 7, 2010). "Hines Global REIT to buy 50 South Sixth office tower in Minneapolis for $180M". American City Business Journals.
  8. ^ Jones, Jeanne Lang (December 24, 2010). "Hines sells national building portfolio to CalPERS". American City Business Journals.
  9. ^ 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.
  10. ^ Krouse, Sarah; Neibauer, Michael (October 21, 2010). "Hines plans April groundbreaking on CityCenter". American City Business Journals.
  11. ^ Kelliher, Fiona (January 28, 2019). "Exclusive: Gap in talks to buy Old Navy HQ in Mission Bay". American City Business Journals.
  12. ^ Sernovitz, Daniel J. (May 22, 2013). "Liberty Property Trust pays $133.5 M for 2100 M St. NW". American City Business Journals.
  13. ^ O'Connell, Jonathan (November 5, 2013). "Team led by Hines Interests named master developer of 67-acre Walter Reed campus". The Washington Post.
  14. ^ "Hines Global REIT Acquires 55 M Street in Washington, D.C." (Press release). Hines. December 10, 2013.
  15. ^ Malesevic, Dusica Sue (April 19, 2016). "Hines, Welltower plan 15-story senior living facility in Midtown". The Real Deal.
  16. ^ Bandell, Brian (August 15, 2016). "REIT sells BJ's Wholesale-anchored center for $28M". American City Business Journals.
  17. ^ Rothstein, Ethan (February 8, 2016). "JBG Sells North Bethesda Offices For $54.6M". isnow Media.
  18. ^ Pulsinelli, Olivia (June 30, 2016). "Houston-based REIT to dissolve, sell assets". American City Business Journals.
  19. ^ "Hines REIT Completes $1.162 Billion Sale of Office Assets" (Press release). Hines. November 11, 2016.
  20. ^ van der Meer, Ben (November 14, 2016). "EXCLUSIVE: Wells Fargo Center sold for $175.5 million". American City Business Journals.
  21. ^ Smith, Mike D. (November 22, 2016). "Work begins on parking garage, tunnel for Houston's Lyric Centre". Houston Chronicle.
  22. ^ Li, Roland (March 28, 2017). "Hines and Oaktree buy massive East Bay office complex". American City Business Journals.
  23. ^ Takahashi, Paul (March 24, 2017). "Hines multifamily exec: 'It's going to be a pretty rough 2017'". American City Business Journals.
  24. ^ Pulsinelli, Olivia (March 31, 2017). "Hines buys, rebrands, expands industrial park near Port of Houston". American City Business Journals.
  25. ^ Dolan-Del Vecchio, Erik (May 24, 2017). "Hines Adds 45-Story Tower To Miami's $2B Worldcenter Development". Bisnow Media.
  26. ^ "Hines and Invesco Real Estate Announce T3 West Midtown and Atlantic Yards" (Press release). Hines. May 30, 2017.
  27. ^ "Berkshire Group acquires rental apartment building near Coral Gables". American City Business Journals. June 27, 2017.