Case | HBS Case Collection | July 2004 (Revised October 2004)

Hines Goes to Rio

by Arthur I Segel and Ricardo Reisen De Pinho


The Torre Almirante office tower, Hines' newest project in Rio de Janeiro, was a 36-story, Class AA office tower with an adjoining 420-stall parking structure and a preserved 14-story historic facade. It was completely different from anything that had previously been built in the city. It was also the first time that a developer took the risk of publicly announcing to the Brazilian business community its intention and commitment to complete such a complex real estate project on schedule. It was an impressive and unprecedented enterprise, but at this stage, the project was enmeshed in some operational complications. Several project designs were not yet ready, and discussions among the different companies involved in the development had intensified in the past weeks. Robert A.M. Stern Architects, the New York-based design architect, was debating with Hines about issues ranging from the glass window specifications to the material for the gold leaf lobby ceiling. Pontual Arquitetura, the local production architect, was concerned about the fire protection system. In addition, Racional, the local general contractor, just pointed out a serious problem in the freight elevator shaft that could force Hines to modify substantial parts of the project and, consequently, trigger a new round of required approvals. Includes color exhibits.

Keywords: Property; Design; Construction; Buildings and Facilities; Risk and Uncertainty; Risk Management; Debates; Problems and Challenges; Real Estate Industry; Brazil; New York (city, NY);


Segel, Arthur I., and Ricardo Reisen De Pinho. "Hines Goes to Rio." Harvard Business School Case 805-001, July 2004. (Revised October 2004.)