Gerald D. Hines, founder and chairman of Hines, passed away peacefully at home on Sunday, August 23, 2020. The news was announced by his son, Jeffrey C. Hines, who has been running the firm as president, and now assumes the role of chairman and CEO of Hines. Born in Gary, Indiana on August 15, 1925, Hines recently celebrated his 95th birthday. He was widely regarded and regularly honored as a leading CRE visionary. He transformed an entrepreneurial startup, established in Houston in 1957, into an international powerhouse, renowned for developing, owning and managing some of the world’s most recognizable architectural landmarks across five continents. Hines was revered for his ability to enhance urban landscapes and add lasting value to communities through innovative design concepts, intelligent planning, unmatched efficiency, trendsetting features and the highest possible standard of quality. His careful attention to every detail and insistence on integrating the very best materials, systems and operational procedures, set the benchmark for excellence throughout the industry. Most notable was Hines’ belief that memorable design by prominent architects could garner commercial success. This prevailing tenet revolutionized the building industry as well as the quality of commercial building stock in major U.S. cities, and reshaped skylines around the world. Throughout his career, Hines teamed with such renowned architects as Lord Norman Foster; Bruce Graham and David M. Childs of SOM; Gyo Obata; Philip Johnson and John Burgee (15 projects total); I.M. Pei and Harry N. Cobb; Cesar Pelli; Kevin Roche; Robert A.M. Stern; A. Eugene Kohn and William E. Pedersen; Charles W. Moore; Frank O. Gehry; Jon Pickard; and Jean Nouvel, among others. The Hines firm—which now comprises 4,800 employees across 225 cities in 25 countries—has developed more than 907 projects around the world, including 100 buildings over 25 stories, and the tallest office towers in Texas, Kentucky, New Jersey, Oklahoma and Italy. After elevating Houston’s built environment to prestigious art with sustainable function, Hines made his mark across the nation, establishing large local offices in major hubs, including New York, San Francisco, Atlanta and Chicago. From 1996 to 2010, Hines made London his home base, having transferred day-to-day operations to his son, Jeff, who became the firm’s CEO and president in 1990. While abroad, Hines expanded into major western and eastern European markets, securing a footprint that is still growing across the continent. The firm also entered into Asia in the mid-1990s. Significant projects include 53rd at Third, known as the Lipstick Building, New York; 101 California, San Francisco; One Ninety One Peachtree, Atlanta; Three First National Plaza, Chicago; Five Hundred Boylston, Boston; DZ Bank, Berlin; Porta Nuova, Milan; and EDF Tower, Paris. In addition are Houston landmarks, One Shell Plaza; The Galleria; Pennzoil Place; Bank of America Plaza; JPMorgan Chase Tower and Williams Tower. In 2007, David Childs, chairman emeritus of Skidmore Owings and Merrill, said, “Hines’ attention to architecture has been good not only for the profession but also for urbanism, as his unwavering concern for the quality of his buildings extends beyond the plot of land and the frame of the site to the community.” Hines’ bold leadership in sustainability has been recognized by the U.S. Environmental Protection Agency, the U.S. Green Building Council, Global Green USA, and similar organizations in South America, Europe and Asia. His respect for the integrity of local architecture and native culture, and his ongoing effort to add public spaces, parks, water features, art and other open amenities as extensions of commercial projects have enhanced the quality of life in numerous communities. “Beyond his significant, impactful career and his pioneering contributions to architecture, sustainability and the built environment, Dad felt his greatest achievement is the team of dedicated professionals who have, and will continue to, carry on his legacy of peerless quality, integrity and innovation,” said Jeffrey C. Hines, chairman and CEO, Hines. Hines graduated from Purdue University with a degree in Mechanical Engineering and later received honorary doctorates from both Purdue and the University of Houston. He was a frequent guest lecturer at major universities and an esteemed speaker at industry events. Hines was the 2002 recipient of the Urban Land Institute’s Prize for Visionaries in Urban Development and is an honorary Fellow of the American Institute of Architects. Among his proudest accomplishments are the Gerald D. Hines College of Architecture at the University of Houston and the establishment of the Urban Land Institute’s Gerald D. Hines Student Urban Design Competition. Hines is survived by his wife, Barbara, four children, 15 grandchildren and one great grandson. Hines will be laid to rest in a private family ceremony in Aspen, Colorado. A celebration of his life will be held at a future date when it is safe to congregate.
As we roll into a second month of stay-at-home orders triggered by the COVID-19 pandemic throughout Texas, the commercial real estate industry is beginning to fully feel the impact. Non-essential retailers have been forced to shut their doors, in some cases eliminating all potential for revenue. Those employees, furloughed or laid off, face a similar dilemma: how do you pay your mortgage or rent when no money is coming in? The answer for some is to turn to the “force majeure” clause of their contract if they negotiated one. “Typically a force majeure clause has been something that people don’t pay much attention to. It’s one of the boilerplate paragraphs toward the end of the contract,” said David Groff, a shareholder with Wilson Cribbs + Goren, a 20-attorney law firm that focuses on commercial real estate. “That doesn’t mean it’s any less important than any other provisions in the lease, but it sometimes doesn’t get the attention it requires because people get so comfortable for so long.” First, have a conversation with tenants about the state of their business and review their
contract. “Not every lease is going to be the same. Not every interaction between landlord and tenant will be Joined by senior partner Scot Clinton, the pair offered insight into what force majeure is, how courts have responded to it and how both tenants and landlords can respond during REDNews’ April 9 webinar on the topic. “The gist to identify specific types or categories of events that will relieve parties of their duty to perform. In Texas, the general approach to interpreting a force majeure clause, if there is one, really does boil down to the actual terms of the clause,” Clinton explained. Click to read more at www.rednews.com.
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Dr. Dotzour is a real estate economist who served for 18 years as Chief Economist of the Real Estate Center at Texas A&M University in College Station. He has given more than 1,600 presentations to more than 295,000 people and has written over 90 articles for magazines and journals. His research findings have appeared in the Wall Street Journal, USA Today, Money Magazine, and Business Week. Todd Phillips, CFO, RE Journals will moderate, bringing his experience with the commercial real estate to the table. Complimentary Registration.
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1. Real estate market momentum slowing
The world economy has moved into a synchronised slowdown and geopolitical issues still abound. This is now filtering through to real estate markets; however, fundamentals remain healthy with momentum only easing gradually.
2. In a low-yield environment real estate still offers value
Returns for private real estate have remained stable during 2019 while public real estate continues to outperform other major asset classes at the global level. Government bond yields have declined further throughout the year, and real estate continues to offer a premium to most other asset classes despite yields being at record lows in many markets. The volume of capital held by funds that is yet to be deployed is near all-time highs and investors, though cautious and selective, remain keen to access the sector.
Click to read more at www.us.jll.com.
Amid the stock market volatility fueled by the drama of U.S.-China trade negotiations, real-estate stocks and ETFs beckon investors as a relatively safe haven. The Vanguard Real Estate ETF (VNQ +0.9%) has risen 16% YTD, outperforming the S&P 500’s 13% increase during the same time period; and in the past month, the ETF is up 1.3% while the S&P 500 has declined 2.2%. Click to read more at www.seekingalpha.com.
Provo, Utah, has a decidedly low profile, though it deserves to be better known.
Provo is just the 92nd-biggest metropolitan area in America and only the third-largest in its own state (trailing Salt Lake City and Ogden). Yet it boasts the strongest economy in the nation, as determined by this year’s ACBJ Economic Index.
Provo jumped to first place in ACBJ’s updated standings for 2017, up from fourth in 2015 and second last year, based on a formula that measures the nation’s 100 biggest metros against 25 statistical benchmarks.
Click to read more at Austin Business Journal.