Global development firm Hines has restructured leadership roles amid a change in strategy for its Northeast markets. The Houston-based company said this week it is promoting three senior members of its East Coast team to lead its offices in New York, Washington, DC, and Boston. Former leaders of the three offices will remain with the firm, according to a press release from Hines. In a move away from the office sector, which has been the company’s bread and butter since its founding, the new office heads will focus on growing the firm’s presence in three other industry sectors: multifamily, industrial, and mixed-use portfolios.
Hines has been shedding some of its office assets since the early days of the pandemic. The company put one of its office buildings in Houston up for sale last summer and recently handed back the keys to a DC office building. While based in Houston, Hines is active in markets around the world and has $19.6 billion in assets under management in its East region. Over the past five years, the company has built a 5 million-square-foot industrial development platform and grown its multifamily platform to 21 projects. Given the continued uncertainty in the office market, it’s not surprising that Hines is looking to beef up its presence in other sectors that are faring better. The move follows similar ones by other major office owners like Empire State Realty Trust, which has recently been making a push into the multifamily market.