Hines sought to minimize the firm’s exposure to any single project or market. After the oil bust of the 1970s, he increasingly found partners who took equity stakes in his projects, protecting his company’s balance sheet from the whipsaws of the real estate market.
Heavyweight Partners
His son Jeffrey took over as president in 1990 and led the way in attracting institutional capital to the real-estate sector. Today, Hines 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. 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.
Hines had two children, Jeff and Jennifer, with his first wife, Dorothy Schwarz. His second wife, artist Barbara Fritzsche, had two children Serena and Trevor.
This article was provided by Bloomberg News.