Franklin Park & One Franklin Square - Washington, D

Hines Interests Limited Partnership is a

privately held company A privately held company (or simply a private company) is a company whose shares and related rights or obligations are not offered for public subscription or publicly negotiated in the respective listed markets, but rather the company's stock is ...

that invests in and develops real estate. The company has developed, redeveloped or acquired 1,450 properties, comprising over 485 million square feet.Hines: About the firm
/ref> The company currently manages 622 properties comprising 256 million square feet. The company has a presence in 240 cities in 27 countries. The firm's business model is alleged to be adding to Ireland's housing crisis.

History

The company was founded in

Houston Houston (; ) is the most populous city in Texas, the most populous city in the Southern United States, the fourth-most populous city in the United States, and the sixth-most populous city in North America, with a population of 2,304,580 i ...

in 1957 by Gerald D. Hines. In 1966, the company signed a lease with

Royal Dutch Shell Shell plc is a British multinational oil and gas company headquartered in London, England. Shell is a public limited company with a primary listing on the London Stock Exchange (LSE) and secondary listings on Euronext Amsterdam and the New Yo ...

as the anchor tenant of a 50-story building it was constructing. In March 2006, Hines Real Estate Investment Trust acquired 321 N. Clark, an 897,000 square foot office building in

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for $247.3 million. In December 2006, a subsidiary of Hines Real Estate Investment Trust acquired a portfolio of 9 buildings in Redmond, Washington for $217 million. In November 2008, Hines Real Estate Investment Trust acquired a 70% interest in 12 shopping centers owned by Weingarten Realty Investors. In July 2009, a partnership of the company and Sterling surrendered a 542,000 square foot office building in San Francisco to its lenders. In October 2010, Hines Global REIT acquired an office tower in

Minneapolis Minneapolis () is the largest city in Minnesota, United States, and the county seat of Hennepin County. The city is abundant in water, with thirteen lakes, wetlands, the Mississippi River, creeks and waterfalls. Minneapolis has its origins ...

for $180 million. In December 2010, the company sold its 2% interest in 9 buildings including Safeco Plaza (Seattle) to its

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and economic risk, risks, and shared governance. Companies typically pursue joint ventures for one of four rea ...

partner,

CalPERS The California Public Employees' Retirement System (CalPERS) is an agency in the California executive branch that "manages pension and health benefits for more than 1.5 million California public employees, retirees, and their families".CalPERSFa ...

. In April 2011, the company began development of CityCenterDC on the site of the former convention center in Washington D.C. In August 2012, a subsidiary of Hines Global REIT acquired the headquarters of

Old Navy Old Navy is an American clothing and accessories retailing company owned by multinational corporation Gap Inc. It has corporate operations in the Mission Bay neighborhood of San Francisco, California. The largest of the Old Navy stores are its ...

San Francisco San Francisco (; Spanish for " Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the fourth most populous in California and 17th ...

for $180 million. In May 2013, the company sold a building in

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to Liberty Property Trust for $133.5 million. In November 2013, a team led by the company was chosen as the master developer of the

Walter Reed Army Medical Center The Walter Reed Army Medical Center (WRAMC)known as Walter Reed General Hospital (WRGH) until 1951was the United States Army, U.S. Army's flagship medical center from 1909 to 2011. Located on in the Washington, D.C., District of Columbia, it se ...

. In December 2013, Hines Global REIT acquired a property in

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for $141.9 million. 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. In August 2016, a subsidiary of Hines Real Estate Investment Trust sold a property in South Florida for $27.59 million. In February 2016, the company acquired a 345,000 square foot office complex in

North Bethesda, Maryland North Bethesda is an unincorporated, census-designated place in Montgomery County, Maryland, United States, located just north-west of the U.S. capital of Washington, D.C. It had a population of 50,094 as of the 2020 census. Among its neighb ...

from

JBG Smith JBG SMITH Properties is a publicly traded real estate investment trust based in Bethesda, Maryland. As of December 31, 2020, the company owned 62 properties and has 2 additional properties under construction, all of which are in the Washington me ...

. In June 2016, the company announced that Hines Real Estate Investment Trust Inc. would liquidate. In November 2016, Hines Real Estate Investment Trust sold 7 office properties on the

West Coast of the United States The West Coast of the United States, also known as the Pacific Coast, Pacific states, and the western seaboard, is the coastline along which the Western United States meets the North Pacific Ocean. The term typically refers to the contiguous U.S ...

to an affiliate of

The Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate b ...

for $1.162 billion, sold an office property in

Bellevue, Washington Bellevue ( ) is a city in the Eastside region of King County, Washington, United States, located across Lake Washington from Seattle. It is the third-largest city in the Seattle metropolitan area and has variously been characterized as ...

to an affiliate of

AEW Capital Management AEW Capital Management (AEW) is an American real estate investment firm headquartered in Boston. The firm is the real estate asset management platform of Natixis Investment Managers. In 2022, the firm was ranked by PERE (under Private Equity I ...

for $193 million, and sold the

Wells Fargo Center (Sacramento) Wells Fargo Center is a office building in downtown Sacramento California. Construction on the skyscraper began in 1990 with completion in 1992, and is the tallest building in the city. The building occupies a city block, and features a five-st ...

, the tallest building in

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, Starwood Capital Group for $175.5 million. The company also began construction of a 327,000 square foot development in

. In March 2017, the company, in partnership with

Oaktree Capital Management Oaktree Capital Management is an American global asset management firm specializing in alternative investment strategies. As of March 31, 2022, the company managed $164 billion for its clientele. The firm was co-founded in 1995 by a group that ...

, acquired a property in the East Bay (San Francisco Bay Area) for $108.9 million. The company also opened a 24-story, 233-unit luxury apartment complex in Houston. In March 2017, the company acquired a 2.2 million square foot distribution center in

La Porte, Texas La Porte ( ) is a city in Harris County, Texas, United States, within the Bay Area of the Houston–Sugar Land–Baytown metropolitan area. As of the 2020 census, the city population was 35,124. La Porte is the fourth-largest incorporated c ...

from

BlackRock BlackRock, Inc. is an American multi-national investment company based in New York City. Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager, with trill ...

. In May 2017, the company announced plans for a 600,000 square foot mixed-use development in

Miami Miami ( ), officially the City of Miami, known as "the 305", "The Magic City", and "Gateway to the Americas", is a coastal metropolis and the county seat of Miami-Dade County in South Florida, United States. With a population of 442,241 at ...

. The company also announced plans for T3 West Midtown and Atlantic Yards, 700,000 square feet of developments in

Atlanta Atlanta ( ) is the capital and most populous city of the U.S. state of Georgia. It is the seat of Fulton County, the most populous county in Georgia, but its territory falls in both Fulton and DeKalb counties. With a population of 498,715 ...

in partnership with

Invesco Invesco Ltd. is an American independent investment management company that is headquartered in Atlanta, Georgia, with additional branch offices in 20 countries. Its common stock is a constituent of the S&P 500 and trades on the New York stock exc ...

. In July 2017, Hines Global REIT sold an apartment complex in

for $100 million. In June 2019, Hines partnered 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 August 2020, Hines partnered with Henderson Park Capital to acquire a 71,000 square meter site in

Athens Athens ( ; el, Αθήνα, Athína ; grc, Ἀθῆναι, Athênai (pl.) ) is both the capital and largest city of Greece. With a population close to four million, it is also the seventh largest city in the European Union. Athens dominates ...

, Greece, to be developed into a residential-for-sale complex. In December 2020, Hines formed a joint venture with the National Pension Service of Korea to focus on build-to-core properties in the U.S. In November 2021, Hines acquired the historic Utah Pantages Theatre for $0. The city of Salt Lake signed the property over to Hines with an agreement to include affordable housing in the 31 story apartment building that was planned to be built in place of the Pantages Theatre. Demolition began on the building’s exterior in April 2022, despite the current lawsuits filed by members of the community in an effort to save the historic theatre.

References

{{Authority control American companies established in 1957 Real estate companies established in 1957 Real estate companies of the United States Companies based in Houston Financial services companies of the United States 1957 establishments in Texas Financial services companies established in 1957