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Gerald Hines—the developer behind Manhattan’s Lipstick Building, who also assisted in developing Goldman Sachs Group’s Jersey City tower—is known for his iconic structures, which remains evident as he’s currently constructing San Francisco’s largest skyscraper.
The 91-year-old real estate developer has established his firm’s longevity and family’s billions by sharing risks during times of crisis, according to Bloomberg. Back in the 1970s, during the oil bust, Gerald reduced his risk by bringing on partners to take large equity stakes in projects. He did the same thing when oil prices collapsed in 2014, only a year after Hines began its $1.7B building spree in Houston.
As a result, Gerald and his family have built a $2B fortune, and the firm’s more than 450 buildings amount to $89B in property and asset management holdings. [Bloomberg]
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