Hines Interests Limited Partnership

Hines Interests Limited Partnership
Privately held company
Industry Real estate
Founded 1957 (1957)
Founder Gerald D. Hines
Headquarters Williams Tower
Houston, Texas
Key people
 Gerald D. Hines, Chairman
Jeffrey C. Hines, President and CEO
Number of employees
 3,775
Website www.hines.com
Williams Tower, headquarters of the company
One Franklin Square, owned by the company

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

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]

History

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 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 April 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 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]

References

  1. 1 2 3 Hines: About the firm
  2. 1 2 Solomont, E.B. (August 26, 2016). "How Gerald Hines built an $89B real estate empire". The Real Deal.
  3. ↑ Heschmeyer, Mark (March 30, 2006). "Hines To Pay $247 Million for Chicago Tower". CoStar Group.
  4. ↑ Burr, Andrew C. (December 19, 2006). "Hines Contracts for Nine Class A Office Bldgs. in Pacific Northwest". CoStar Group.
  5. ↑ Pardy, Sasha M. (November 14, 2008). "Weingarten and Hines Create $271M Joint Venture for 12 Shopping Centers". CoStar Group.
  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. ↑ "Hines To Buy GAP's Old Navy HQ Building". CoStar Group. August 22, 2012.
  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. ↑ White, Eric A. (December 11, 2013). "Hines Global REIT Pays $142 Million for 55 M St". CoStar Group.
  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. ↑ Johnston, Bill (February 8, 2016). "Hines Buys 345,000-SF North Bethesda Office Complex From JBG". CoStar Group.
  18. ↑ Pulsinelli, Olivia (June 30, 2016). "Houston-based REIT to dissolve, sell assets". American City Business Journals.
  19. ↑ Heschmeyer, Mark (November 11, 2016). "Hines REIT Completes $1.35 Billion Sale of Office Assets". CoStar Group.
  20. ↑ Drummer, Randyl (November 17, 2016). "Hines REIT Sells Tallest Building In Sacramento for $175.5 Million". CoStar Group.
  21. ↑ Saris, James (November 29, 2016). "Hines Breaks Ground on The Marketplace at Lyric Center". CoStar Group.
  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. ↑ Saris, James (April 4, 2017). "Hines Acquires 2.2 Million-SF Underwood Distribution Center in La Porte". CoStar Group.
  25. ↑ Sumner, Justin (May 23, 2017). "Hines to Develop Office, Mixed-Use Tower at Miami Worldcenter". CoStar Group.
  26. ↑ Wood, Carter (May 31, 2017). "Hines, Invesco Real Estate Disclose 700,000 SF of Office Projects in Midtown Atlanta". CoStar Group.
  27. ↑ Lopez, Chrysta (July 11, 2017). "Berkshire Group Enters Miami Market, Buys Coral Gables Apts from Hines". CoStar Group.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.