(HOUSTON) – Hines, the international real estate firm, today announced the launch of Hines² (Hines Squared), a comprehensive tenant amenity, property management and services offering. The platform will focus on enterprise clients and deliver premium workplace environments in Hines buildings, which will be known as The Square. Hines² is launching immediately at 717 Texas, a 33-story Class A office tower in Houston; and The Kearns Building, a 10-story, 167,000-square-foot office building in Salt Lake City.
Industrious, the largest premium flexible workspace provider in the U.S., was selected as an operating partner after a lengthy and intensive vetting process across the coworking industry. Industrious will operate both Hines² spaces with future projects across the Hines portfolio already in the pipeline. Hines is also pursuing opportunities with its other preferred partner, Convene, which will operate sites that include full-service meeting and event management.
As the nature of work and the workplace continues to change, global companies increasingly need a real estate partner that understands the modern workforce and the growing need for workspaces to effortlessly adapt to rapidly changing business demands. Hines²is the union between Hines’ award-winning property management strengths and the industry’s most forward-thinking workplace, hospitality and design brands. The result is a real estate experience where current and future Hines tenants will work and thrive.
Hines President and CEO Jeff Hines, explained, “Hines is a premium service provider with a deep focus on providing the highest level of customer service and a genuine care for our tenants and their interests. Given the breadth and quality of our global portfolio and operating platform, Hines has the potential to be a leading provider in this space.”
Hines Innovation Officer Charlie Kuntz added, “Hines’ workplace services offering will serve as a complement to our existing office capabilities, strengthening our position as the preferred partner for tenants and investors around the world, without changing our risk profile or leasing strategy. It’s a natural extension of our vertically integrated operating model. In evaluating potential partners for this new offering, Industrious came across as a clear leader in the space. Their ability to deliver high-quality workplaces, exceptional service, and engaging programming is completely aligned with our vision for Hines².”
Hines collaborated with Fifth Wall, the leading venture capital firm focused on the built environment, including property technology (prop-tech), to define and evaluate the evolution of the burgeoning flexible workspace landscape in a first-of-its-kind RFP process. Given the evolution of a new class of flexible space and office hospitality providers from the previous generation of executive suite operators, a rigorous and comprehensive search for best-in-class service providers that specialize in Workplace as a Service resulted in the selection of Industrious and Convene as operating partners.
Industrious will operate the initial amenitized, flexible workspace centers known as The Square. The Square is a physical location within Hines²properties where businesses experience all the platform has to offer—whether to gather and take advantage of the coworking and flexible office options, meeting and event services, food and beverage, and collaborative zones—or participate in robust community programming.
Kuntz explained, “The Square is a direct response to the changing needs of our current and future building tenants, our core customers. Hines has a 60+ year track record of providing superior space and service, and flexible workspace and office hospitality are a logical progression for us. Partnering with Industrious will accelerate that progression while maintaining our high level of service.”
Industrious is the largest premium flexible workspace provider in the U.S. with over 80 locations across more than 40 U.S. cities. Known for its professional atmosphere, thoughtfully designed spaces, and member-centric approach, Industrious has the highest Net Promoter Score (NPS) in the industry, highlighting its ability to create desirable workplaces.
“Over the past six years, we’ve been laser-focused on understanding the evolving needs of the modern occupier and developing workspaces that fit their needs,” said Jamie Hodari, CEO and co-founder of Industrious. “Partnering with Hines to bring their Hines² vision to life allows us to expand on our mission of making people proud and excited to come to work. We’re proud to have been selected as a partner-of-choice for this exciting new venture.”
Hines is also in the process of expanding the offering to such markets as Atlanta, Boston, Denver, New York City, San Francisco Bay Area and Washington, D.C. As it grows, the Hines²platform will leverage Hines’ global footprint and span markets in North America, Europe, Asia and South America.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 214 cities in 24 countries. Hines has approximately $120.6 billion of assets under management, including $66.5 billion for which Hines provides fiduciary investment management services, and $54.1 billion for which Hines provides third-party property-level services. The firm has 128 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,348 properties, totaling over 444 million square feet. The firm’s current property and asset management portfolio includes 512 properties, representing over 223 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
Industrious is the largest premium flexible workspace provider in the U.S. with over 80 locations in 40 cities. Its Workplace Experience platform, which pairs thoughtfully-designed spaces with hospitality-driven services and amenities, has reshaped the concept of coworking into a scalable solution for companies of all sizes and stages. Since its founding in 2013, Industrious has helped thousands of companies scale their businesses while maintaining the highest NPS scores in the industry. For more information, visit www.industriousoffice.com.
Convene (www.convene.com) designs and services premium places to work, meet, and host inspiring events. Through strategic partnerships with prominent commercial landlords, Convene operates a network of hospitality-driven locations in Class A office buildings across major U.S. cities, with plans to expand globally. Convene has raised $260 million in equity funding to date and has been named one of America’s 100 Most Promising Companies by Forbes and a Best Workplace by both Inc. and Fortune Magazine.
About Fifth Wall
Fifth Wall is the largest venture capital firm focused on innovation for the Built World. Fifth Wall is connecting the world’s largest owners and operators of real estate with the entrepreneurs and technology innovators redefining how the world interacts with its physical environment. With $212M in assets under management, Fifth Wall is backed by Macerich, CBRE, Lennar, Hines, Equity Residential, Prologis, Host Hotels, and Lowe’s Home Improvement. Fifth Wall invests in businesses from all sectors of the Built World, including retail, industrial, hospitality, multi-family, homebuilding, office, and brokerage. In addition to capital, Fifth Wall structures strategic real estate partnerships that accelerate the growth of its portfolio companies. For more information on Fifth Wall and its partners, visit https://fifthwall.vc.