Convene, Industrious partner with Hines to operate new locations across US

The billionaire’s real estate investment firm will open locations under new co-working moniker “Hines Squared”

National /
Jun.June 27, 2019 11:10 AM
From left: Ryan Simonetti, Jamie Hodari and Gerald Hines with 717 Texas in Houston (left) and The Kearns Building in Salt Lake City (right)

From left: Ryan Simonetti, Jamie Hodari and Gerald Hines with 717 Texas in Houston (left) and The Kearns Building in Salt Lake City (right)

Gerald Hines is getting into the co-working game.

The Texas billionaire, whose eponymous real estate investment firm oversees $121 billion in assets, has announced a partnership with flexible-office startups Industrious and Convene, to open co-working locations across the country, according to Bloomberg.

Under the name “Hines Squared,” the two startups will operate two flexible-office spaces slated to open later in the year at 717 Texas in Houston and the Kearns Building in Salt Lake City, Utah. Hines has plans to open more locations in its buildings in New York City, Atlanta, San Francisco, Washington D.C., Boston and Denver.

The move is a sign of confidence from institutional landlords who are increasingly pouring investment dollars into the flexible-office sector. Industrious, which provides office space and amenities to enterprise clients, and enters management agreements with landlords, is backed by a suite of real estate venture firms including Riverwood Capital and Fifth Wall Ventures. It currently has more than 60 locations and has raised $142 million.

Convene, which operates meeting spaces and amenities, has also seen significant investment. Its backers include Brookfield Asset Management, RXR Realty and the Durst Organization. It has raised $280 million.

Meanwhile, Hines has in recent months locked horns with his co-developers Goldman Sachs and Singapore’s Pontiac Land Group at 53 West 53rd Street in Manhattan over pricing of the condominiums there. The MoMa Condominium, which was completed almost four years ago, has undergone almost $170 million in price cuts for its apartments. [Bloomberg] — David Jeans 


Related Articles

arrow_forward_ios
WeWork CEO Sandeep Mathrani (Mathrani/Wikipemedia, Getty)
WeWork lost $3B in 2020: report
WeWork lost $3B in 2020: report
Knotel CEO Amol Sarva and Newmark CEO Barry Gosin (Sarva via Sasha Maslov; Gosin via Newmark)
Newmark’s acquisition of Knotel is approved
Newmark’s acquisition of Knotel is approved
Knotel CEO Amol Sarva and Newmark CEO Barry Gosin (Sarva via Sasha Maslov; Gosin via Getty)
Newmark’s bid to acquire Knotel is nearly complete
Newmark’s bid to acquire Knotel is nearly complete
WeWork CEO Sandeep Mathrani, Adam Neumann and SoftBank CEO Masayoshi Son (Getty/Illustration by Kevin Rebong)
WeWork and SoftBank settle lawsuit
WeWork and SoftBank settle lawsuit
CBRE CEO Bob Sulentic and Industrious CEO Jamie Hodari (Getty, Industrious/Illustration by Kevin Rebong for The Real Deal)
CBRE acquires 35% stake in flex-office provider Industrious
CBRE acquires 35% stake in flex-office provider Industrious
WeWork CEO Sandeep Mathrani (Wikipedia Commons, iStock/Illustration by Kevin Rebong for The Real Deal)
WeWork slashes rents in some cities
WeWork slashes rents in some cities
Breather’s Bryan Murphy (LinkedIn, iStock)
Breather to liquidate 400 on-demand offices
Breather to liquidate 400 on-demand offices
Kimberly Ross (Credit: Chubb)
WeWork taps oil exec as new CFO
WeWork taps oil exec as new CFO
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...