Laura Hines-Pierce, granddaughter of Hines’ founder Gerald D. Hines, has been promoted to co-CEO of the multinational real estate developer.
The international real estate giant announced the promotion Thursday. Hines has about $84 billion in assets and almost 1,500 buildings in 255 cities in 27 countries.
“I’m proud to become co-CEO and continue the momentum we’re experiencing across the board at Hines,” said Hines-Pierce. “My father has been the catalyst for our global expansion and growth over the past three decades and I’m excited to partner with him at this pivotal moment for the firm. The pace of innovation in real estate is finally catching up with other industries; my primary focus has always been – and continues to be – positioning Hines at the forefront of those changes.”
At 66, Jeffrey Hines has not made any retirement-related announcements, but a succession plan is in place, according to the company. Unlike the Roys in the HBO series “Succession,” however, “our lives are much more boring,” Hines-Pierce told Bloomberg.
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After graduating from Duke University with a bachelor’s in Economics and Art History and receiving her MBA from Harvard, Hines-Pierce worked at Sotheby’s in New York before joining the family business in 2012. She served as project manager for River Point, a landmark development in Chicago, and helped to establish the OneHines Women’s Network.
She has been a part of the executive team since 2020. As a member of the office of the CEO, Hines-Pierce helped spearhead the firm’s investment management arm, which has three flagship funds investing in the U.S. and Asia.
The leadership change marks a new chapter in the 65-year-old family business. When Hines-Pierce’s grandfather started his own firm, Gerald D. Hines Interests, in 1957, women were still barred from serving on juries and opening bank accounts without a husband. Today, the company’s global workforce of 4,800 is 40 percent female and 40 percent of its personnel is under the age of 35.
“Laura has brought tremendous innovation to the firm and has been instrumental in driving efficiency and creating value for our investors and clients. It’s an honor to have her join me as co-CEO,” said Jeff Hines, Hines-Pierce’s father and now co-CEO.
Jef Hines ascended as president of the company in 1990, while his father continued to work as chairman and CEO well into his 90s before his death in August 2020, just days after his 95th birthday.
Hines is responsible for the tallest, most iconic and most recent buildings on Houston’s downtown skyline – more than 30 in total, including One Shell Plaza, Pennzoil Place, TC Energy Center (formerly Bank of America Center) and the new Texas Tower, where Hines is consolidating its Houston offices.
Overall, women make up 25 percent of the membership of the real estate and land use industry. But they only account for 14 percent of its CEOs, according to a 2015 Urban Land Institute study.
Hines-Pierce’s two younger brothers Adam and Matthew Hines, also work at the company and are expected to join her and their father in the office of the CEO, at Jeff’s discretion. Adam works in capital markets while Matthew works on a development team in the west region.
The Hines clan continues to grow as Hines-Pierce is expecting a baby in April. “I’m glad that we’re able to take a moment to show that someone in leadership can take the time to prioritize her family at the same time she’s prioritizing her career at this important milestone,” she says.
Correction: This article has been updated to reflect that women make up 25 percent of the real estate and land use field, not Hines’ employees, according to a 2015 Urban Land Use study, not a 2017 National Association of Realtors study.