55. They have helped students worldwide as well as architects, artists, and musicians. Founded in 1957 by Gerald Hines, Hines is a global real estate development and asset management firm. He helped to fund studies conducted by Dean Ornish. You don't want to have someone be at a family firm because they feel they need to be or have felt pressured to be. I mean just talk about your office for a second, you know as Laura said. We started our first fund in the mid- 90s, really, because we were doing emerging markets, real estate development in emerging markets, and it was very difficult for one investor to plunk down a big bet in one project in China, it really became necessary to raise a fund so that investors could diversify their risk across many countries and many projects in order to get that done. As the episode comes to a close, Willy shifts from a discussion of the industry to more personal subject matter by asking Jeff about the lessons hes learned over the years and what he hopes to instill in his children going forward. 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. For over 35 years, he has been a trusted wealth advisor to high net worth families, foundations and mutual insurance companies. Jeffs vision for Hines is to, be the best real estate investor, partner, and manager in the world.. You know I think the Single-Family Rental is something that we are very excited about and I think something that, a skill set that Id say we've been developing over the last 10 years, as well as we've been pushing into a land platform and then also building our multifamily for rent platform. Jeff Hines: And Willy, that is the exact same formula that my dad used with me. We have an executive committee, which is the top 17 people in our firm that it really acts as our board of directors, more than a board of directors. It comes from leaders across the firm really taking ownership and responsibility and carrying the culture forward. Mark Seal. TripAdvisor/Janine E A lush, 360-foot-long grassy area is ideal for picnics, and two paved walkways on either side of the falls invite visitors to take a leisurely stroll through the trees. Jeff focuses on three key factors that have led Hines to have the well-regarded reputation they have today. Jeff when you joined Hines back in the 1980s, there was not a major office tower in America that was not being built by Hines. We're not thinking about quarterly growth. A lot of it is we don't quite know yet. He was. 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. But it was a two-year process, probably to get approval to buy our first building. That deal was a marquee deal for both Hines and the L.J. Laura talked about traveling around the world. We need you to be ok with our use of information like your general location or reading habits to personalize your experience, so we can suggest the right stories to read or events for you to attend. I. M. Pei came up with a design. Net-zero operational carbon by 2040. Schwarz toys;[15] they have two children: Jeff and Jennifer,[16] and divorced in 1980. Willy Walker: Laura, I want to bring you in here because you've watched the evolution and growth of this company throughout your life. With a presence in 225 cities across 25 countries and 144 billion dollars of assets under management, Hines vision is to be the best real estate investor, partner, and manager in the world. Read More. He was 95. Could we improve the operation of it to improve the bottom line? 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. But you really do have to be local, and it takes time. American innovation, execution, and tenacity have likely not been seen like this since World War II. Prior to joining Hines, she worked for Sothebys in New York, where she helped develop and implement standardized auction processes and oversaw daily management of departmental auctions and client relationships for high-net-worth clients. But as information becomes more readily available, that edge is starting to go away. You are now being redirected to the BCE.ca website (Bell Canada Enterprises), where you can view our Accessibility plan,and submit your feedback using our Accessibility webform. We used that same system on the Texas Commerce Tower [now the JPMorgan Chase Tower], which is the tallest building in Texas. And what's really the scarce commodity now going forward, we think a lot of investors feel this way at least, is the Alpha-side of the equation. By signing up you agree to ourTerms of ServiceandPrivacy Policy, His firm will always be among the top 10 real-estate companies in the world as far as Im concerned, said John Guess, president of Houston-based Guess Group Inc., a real-estate services company. I mean you look at our footprint now and dots all over the map and you know long tenure people. You took over the company from one of the true pioneers in the commercial real estate business to ever have been in the world and, by the way, I am sorry for the passing of your Father and your Grandfather back in August of this past year. So, I think we're in the process of really diving into how to more broadly infuse ESG across everything that we do. What was it at that time that -- I mean, you were such a successful development firm at that time Im just curious as to what it was that led you to say: We need to add the people, the resources, the know-how to scale that side of our business over the next decade? One of the main themes that Jeff and Laura return to throughout todays episode is the importance of the company culture at Hines. The pitch worked. Aug. 24, 2020, HOUSTON The University of Houston Gerald D. Hines College of Architecture and Design has lost its legendary namesake. Hines was in the process of entering China as a business, and in the 90s China was a very different world. He was. With a presence in 225 cities across 25 countries and 144 billion dollars of assets under management, Hines vision is to be the best real estate investor, partner, and manager in the world. [17] In 1981, he married German-born painter Barbara Fritzsche,[16][18] who had grown up in Australia, the daughter of Holocaust survivors. Laura Hines-Pierce: Sure, I think a lot of it originally stems from my grandfather's background as a mechanical engineer. How do we get an efficient use of our capital and still really deliver the best design that's been a great value long term? It's actively involved in the details in the sausage making etc., The vast majority of decisions that are made in the firm, are made by that committee or investment committee. Willy Walker: And as you look out, I think, right now, and I want to get to the asset management side of it because obviously it's so much more than development. We've really developed a lot of organic know how in those areas. But as I ran through the amazing history, I noted that in 2005, Hines had $12 billion in assets under management and today, as I just mentioned, that number is $144 billion. Hines and his family have amassed a net worth of about $2 billion, according to the Bloomberg Billionaires Index. To me it's more, how can a building owner, and building manager really be thinking proactively to solve problems for tenants and clients that they don't even know they have. towards a paywall. Hines sought to minimize the firms exposure to any single project or market. 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. Willy Walker: Thank you, Susan, and good morning everyone and welcome to another Walker Webcast. We look for outstanding designs and ways to differentiate our product, Hines said at a talk at Harvard University in 2012. As of 2016, his net worth equaled US$1.3 billion. Gerald Hines, the billionaire Texan property developer who built the Lipstick Building in Manhattan and skyscrapers that transformed Houston's skyline in the 1970s and 1980s, has died. And you know we really did, we were able to create something, something pretty unique going forward. Today also happens to be Toms 60th birthday, so Happy Birthday, Tom, and thanks to you and your family for all you do to make Walker & Dunlop so great. Same for India, China, we are, we try to become local players and so you hire local people. Hines was born in Gary, Indiana on August 15, 1925 and recently celebrated his 95th birthday. His son Jeff took over as president in 1990 and led the way in attracting institutional capital to the real-estate sector. Gerald D. Hines, who turned a one-man real estate office in Houston into the global developer Hines, died last night at his home, Hines announced. He was ninety-five. Willy Walker: So, Jeff just talking about the scale and how big you are today, and you know you launched the Hines Global REIT in 2009 right after the GFC and that has become a fantastic vehicle for you all. If I took Walker & Dunlop to, to Warsaw tomorrow Id have to go find some great, you know, local Polish bankers and hire him or her, and Im kind of off to the races. What are you feeling right now as CEO as it relates to what kind of the most pressing issue is to kind of get back up and get going post pandemic? You know I continue to think flexibility is going to be something that our clients and tenants are going to be looking for, and you know the way I would frame it is less in the sense of you know having FLEX office as an option. Stern. Hines exported this approach nationally and then globally, completing New Yorks oval Lipstick Building in 1986, Mexico Citys Del Bosque office complex in 1997 and Barcelonas Diagonal Mar shopping center in 2001. Mrs. Hines and her husband, Gerald D. Hines, founder of the international real estate firm Hines, are significant philanthropists and humanitarians. And we're going to go back and talk about the firm's history from when your dad started it to when you joined it. Really sort of heads down on a million square foot office development there, and my next move really was working with David Steinbach who's our Chief Investment Officer and we spent really our first nine months essentially traveling the globe. Gerald Douglas Hines (August 15, 1925 August 23, 2020)[1] was an American real estate developer based in Houston. 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? That's what you need to become, so, he became an engineer. Jeff Hines: Well, he became an engineer, because his dad told him Engineers are not laid off, Jerry. And so, its touchier, feelier side that takes some time and building those relationships. . Traditionally, a lot of real estate investment managers made money by great Beta. Get the latest news from Steve Brown and the business staff. Willy Walker: He probably gave you and Hasty a little bit of a hard time about thinking that you were from both Harvard Business School and that some case study told you, you ought to go do something like that. Calgary home sales in June set record for the month: CREB, Pandemic leading Canadians to flock to Vancouver, Halifax, report says, GTA rent prices slightly higher in May as market recovers, {{data.symbol | reutersRICLabelFormat:group.RICS}}, {{ stock | formatPrefix }}{{ stock.netChng | formatNetChange }}. So, this next year we're going to have more underway in the living sector than we do in the office sector. All of that is just been really ramped up by COVID. What's The biggest challenge on a go forward basis as it relates to both maintaining the core culture at Hines? Because Hines, really, of all the development firms in the world and asset management firms in the world, has the reputation of having gone and worked with the world's preeminent architects. He was 95. [3], Shortly after moving to Houston in 1948, Hines formed an engineering partnership and started a fledgling real estate business on the side. My final comment before introducing Jeff and Laura. Jeff Hines: I would totally concur with Laura, its culture related. He is not dating anyone. We need you to know that security is our top priority and that we hold any information we have about you under lock and key. HINES INTERESTS LIMITED PARTNERSHIP And those leaders have then infused the culture as they've organically built offices and local geographies. Asias earnings season kicks off this week, with tech companies in the limelight after a few early disappointments and an escalating chip war between the US and China. That's one of the secrets. Laura Hines-Pierce is Senior Managing Director in the office of the CEO at Hines. He died Sunday, according to his firm's website. 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. You'd already been in Mexico and you've done a large industrial development in Mexico, but you really in the mid-90s started pushing the euro. The coup gave Hines the credibility and cachet to rebuild Houstons skyline, completing the trapezoidal headquarters of Pennzoil Co. in 1975 and the 75-floor Texas Commerce Tower in 1982 that became the citys tallest building. "I said . The Perfect Fits His firm will always be among the top 10 real-estate companies in the world as far as Im concerned, said John Guess, president of Houston-based Guess Group Inc., a real-estate services company. Talk to us about that decision in the early 1990s and why you pushed so hard to broaden out? That's an astounding 12X growth in AUM over the past 15 years. Stephen Karp. 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. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. 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. Laura Hines-Pierce: Yeah, and Id say essentially being diversified globally across asset classes and across the risk spectrum allows us to really pull the right lever in the right geography at the right time. Location: Houston | Net Worth: $1.30 B + #87. . To me, that is some of the next step of how you take technology that is the building access technology, and technology around security, and technology around all the different types of technology that are being created out there and start to weave them together in an actual useful way. He is married to Wendy Hines. You got the first building ever in the State of Texas, to get the lead platinum certification. And what that means, what that requires, at least from our perspective, you know our vertical integration allows the opportunity to be flexible, to meet the As we think about, as an example FLEX office, it becomes part of the offering that one can give to clients and tenants to potentially solve problems or meet needs that they have. We are certainly very proud of our history, but that's one of the ways we're serving investors, in addition to some of the others. He was buried in Aspen, Colorado. Location: Boston | Net Worth: $1.00 B + SHARE STORY. 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. 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. Edgar L. Muller was his architectural engineer in the early years in an office Hines built on Richmond Avenue. Walker & Dunlops relationship with Hines is thanks to Gerald Hines and Larry Melody cementing their relationship with the financing of the Houston Galleria in 1970. 1925-2020 Our Founder's Story. 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. 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. Different product types sort of merging and becoming you know, having the definition be a little fuzzier between them going forward. 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. Jeff Hines: For sure of course. His decades long relationship with the . In 2008 the City of Houston purchased the Waterwall and surrounding land from Hines and one year later, re-named the site . 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. Adding over 200 basis points of Alpha to our investments over our history, which is yeah, I think probably one of our most remarkable stats. Why would we buy a building that someone else built? 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. Director, Engineering Management Branch at US Department of Health and Human Services. Who is Jeffrey Hines? And then having our cultural centers in our offices, you know we've hired 600 new people since the start of COVID so being able to have a cultural center where these new hires can come in and learn, feel that culture in the office, you know from the leaders, from the people that have the long tenure that we have. He graduated from Purdue University in 1948 with a bachelors degree in mechanical engineering. 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. I think one thing that we are working through from a building owner and manager standpoint is, and this is really across all asset classes, is how do you start to integrate all the different technologies that exist out in the prop tech world, in a way that become functional and start to become seamless for both the end user and then also for us, as a manager and owner. Jeff Hines: Its a lot of fun except when they are telling me what to do, or to get back to the office from your trip. I mean we had this, with this great footprint, we had this great group of people running the firm in various spots around the globe, so it only made sense to sort of leverage that by adding other product types. Now I think when it comes to technology, I think that technology that is making space solutions easier, that is integrating the use of space with the actual needs of the tenant in a much more seamless way, those to me are the ones that are going to rise to the top and become really important. Today, Hines Group increasingly resembles a private equity firm, deploying the funds of its limited partners, who include the California Public Employees Retirement System and the Abu Dhabi Investment Authority. We know ours are good, so how can we trust we can acquire others and what does that mean? Copyright 2017-2020 Walker & Dunlop, Inc. What are you looking at in those hundred and fifty-six that says, man we are just loving having that building or that mall or that Community coming online in the next year or two because we see great opportunity there? Willy Walker: We will be back next week with another Walker Webcast. You know we did it by organic growth and there were a lot of lessons learned along the way. 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. And one thing that really amazed me was, as I walked into an office in Gurgaon, India or in Paris, or in San Francisco, that Hines culture really was there, the office was still very Parisian or still was very local. Hines and his family have amassed a net worth of about $2 billion, according to the Bloomberg Billionaires Index. A quick background on Hines and then Ill introduce Jeff and Laura. Philanthropy. Jeffrey Hines is the Chairman of Hines Real Estate, formally named HINES INTERESTS LIMITED PARTNERSHIP. You're talking about going to Warsaw and building a building. If you go back to 1990, as you say what we were in the 80s, the business we were in was building large CBD [Central Business District] architecturally significant buildings in U.S. CBDs. Exactly I gotcha, it's great. Because there's an economic value, right? I mean, it was his passion, his absolute passion. 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? Gerald D. Hines was born Aug. 15, 1925, in Gary, Indiana. It takes a lot of money and a lot of patience. Early life and education [ edit] By 1957 the sideline had enough business to allow him to leave his job and set up as a full-time developer. Shell signed on as the anchor tenant for the young developers first skyscraper and ended up relocating its U.S. headquarters to the site from New York. B. Durn is co-principal of Z4Z4-Z4A Office of Architecture and Director of Undergraduate Architecture at the Gerald D. Hines College of Architecture and Design. A Message from our Global CIO $ 95.79B. So, it looked like, looking at our business it might be 20 years before a new CBD office building might have been needed, that's certainly what we felt at the time. CEOs, analysts, best-selling authors, professional athletes, university presidents: we've had them all. After working at the company for several years, he went to work for Texas Engineering. Gerald Hines Net Worth: $1.3B | Houston, Texas Hines Founder and Chairman < > View Full List Photo: Bisnow With a soft smile and instantly recognizable round tortoiseshell glasses, Gerald. His second wife, artist Barbara Fritzsche, had two children Serena and Trevor. That was the business we were in. I think I went to 18 different countries in nine months, something like that. 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. As we got into it, we really found that those skills really were translatable. I know if you asked my Dad that question about his childhood, he has a very different answer because my grandfather used to bring him to construction sites as an eight-year-old before school and you know, probably in very dangerous situations walking through construction sites! 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. With the end of the pandemic in sight, Jeff believes the means to move forward will lie in Hines ability to adapt to client needs, specifically within the realm of rapidly changing technology. Willy Walker: Laura I just heard your Dad use the phrase beds and sheds which I have not heard before and Im going to use it from here on out, I just love it. Id say two other, three other reasons, one of which is our broad push into the Investment Management business. As cyclical as real estate is our number of people employed by Hines is not cyclical. I have analyst from JP Morgan and Morgan Stanley coming to talk about the commercial real estate REIT and services industry, so please join us next Wednesday at 12:30 Eastern time. The demand is certainly there were super excited about. Hines sought to minimize the firms exposure to any single project or market. I would say in the last decade another reason is that we've really pushed very hard into other product types. And Willy, you called us a global real estate developer. This is our 51st Walker Webcast and it was a year ago today that we started this series. Gerry's high standard for client service and achieving client goals is demonstrated in not only the length of service to families and . It was really great conversation. This item: Raising The Bar: The Life and Work of Gerald D. Hines. Born in Gary, Indiana on August 15, 1925, he recently celebrated his 95th birthday. We need additional data to finish your registration. Was the location a location that was improving or getting worse with time? The coup gave Hines the credibility and cachet to rebuild Houstons skyline, completing the trapezoidal headquarters of Pennzoil Co. in 1975 and the 75-floor Texas Commerce Tower in 1982 that became the citys tallest building. Gerald A Hines is the Executive V-P - Global Develop of VictoryShares Emerging Market High Div Volatility and owns about 54,905 shares of VictoryShares Emerging Market High Div Volatility (CEY) stock worth over $1 Million . To do that organically just takes time and effort and that's why there are not a lot of people that have what we have. 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. And you built all these iconic buildings and just the volume that you all developed during that period of time is truly staggering. Hines was an avid outdoorsman and enjoyed travel. Theyre well respected and a safe haven for a lot of institutional investors.. Our cultural capital I think has been, I think its whats allowed us to over the last year be highly effective because we have such a strong cultural glue. 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.
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