HOUSTON—Many universities offer outstanding real estate programs, but Charles Hazen found his experience from law school and as a practicing attorney to be the best prerequisite to prepare him for a successful commercial real estate career. Hazen views all real estate relationships as in essence legal relationships–tenants and landlords, joint ventures, buyers and sellers.
He maintains that four years practicing law, where his main client was Hines, set him up to hit the ground running when he transitioned to a real estate career. Hazen has spent the majority of his 32-year career at Hines, where he served in a number of executive positions including senior managing director and CEO–core fund/REIT division and CEO of Hines US core office fund, Hines Global REIT and Hines corporate properties. He was a member of the Hines executive committee and managed the acquisition or development of approximately $12 billion of office, retail, industrial and multifamily properties worldwide, and was involved in raising more than $6.2 billion during a 15-year period.
Hazen's strategy of using his background as a springboard into the commercial real estate industry seems to have worked. He was recently appointed the new president of Transwestern Investment Group. In this role, the veteran real estate professional will have leadership responsibility for the strategic direction, investor relationships and operational activities for all of TIG's business units. TIG is a member of the Transwestern family of companies, which also includes national real estate services and development companies.
Hazen recently discussed his legal background, goals for the new position and advice for those just starting out in the industry in this exclusive.
GlobeSt.com: How did law school and a career as a practicing attorney prepare you for a successful commercial real estate career?
Hazen: When I was in law school, I was interested in corporate real estate. From there, when I decided to take a position with a law firm, it was that industry that held particular interest for me so I directed my focus on corporate real estate. In law school, it's a very demanding curriculum and you have to learn to think critically and think analytically, and frame your thoughts in support of positions, and you have to write well. Law school doesn't teach you to practice law, but it does train you to do those things, which will be helpful in any business; not just real estate. Once you get into practicing law, that is another aspect of the education. You have the benefit of working with lots of sophisticated transactions with smart people in the business. This trains you to be in real estate. A lot of real estate is about projects: building, financing. When you are practicing law, you become very project-oriented and working with a team to accomplish goals, which is helpful in real estate.
GlobeSt.com: How did the transition from Hines allow you to hit the ground running when you transitioned to a real estate career?
Hazen: Hines is one of the great developers in the world. Their footprint expands in a number of markets in the world. In my time there, I was involved in many aspects of the firm. As a developer, I was involved in a number of different responsibilities, malls, offices, etc. And then I transitioned to the investment management business, investing on behalf of various clients based on specific strategies as CEO of Hines corporate strategies. We developed and invested in corporate build to suits around the country. Then in 2004, I transitioned into starting our core fund/non-listed REIT division and became CEO of those two businesses. We raised capital and invested around the world in industrial, office and multifamily. That process in transitioning from a developer to an investor to CEO, combining all of those disciplines into this current position, helped me very much.
GlobeSt.com: What other degrees might be a good transition if someone doesn't want to go to law school?
Hazen: There are a number of degrees in engineering, architecture that are helpful in development. Then you have a number of people who have degrees in finance and accounting who are more interested in numbers and financial analysis. I wouldn't say one is better than another. There are a lot of opportunities in real estate and ways to go depending on your background and levels of interest.
GlobeSt.com: What advice would you give to others just starting in CRE?
Hazen: The most important thing is to spend a couple of years doing nothing but listening and learning. It is amazing how many smart people there are in this industry and how many perspectives you can get in a business that has so many markets and sectors you can focus your attention on. The best advice I would give to any young person who wants to get into real estate is absorb as much as you possibly can and ask a lot of questions, then you will feel more confident in taking positions, giving advice and taking risks. Listening is the key.
GlobeSt.com: What are your goals for the new position?
Hazen: Grow our business, pursue new initiatives and strategies at TIG. The primary focus when I hit the ground running was to spend time with the team to get to know these talented people at TIG to hear where the investment opportunities are and what new strategies might play a role. They are going to see things others might not see.
HOUSTON—Many universities offer outstanding real estate programs, but Charles Hazen found his experience from law school and as a practicing attorney to be the best prerequisite to prepare him for a successful commercial real estate career. Hazen views all real estate relationships as in essence legal relationships–tenants and landlords, joint ventures, buyers and sellers.
He maintains that four years practicing law, where his main client was Hines, set him up to hit the ground running when he transitioned to a real estate career. Hazen has spent the majority of his 32-year career at Hines, where he served in a number of executive positions including senior managing director and CEO–core fund/REIT division and CEO of Hines US core office fund, Hines Global REIT and Hines corporate properties. He was a member of the Hines executive committee and managed the acquisition or development of approximately $12 billion of office, retail, industrial and multifamily properties worldwide, and was involved in raising more than $6.2 billion during a 15-year period.
Hazen's strategy of using his background as a springboard into the commercial real estate industry seems to have worked. He was recently appointed the new president of Transwestern Investment Group. In this role, the veteran real estate professional will have leadership responsibility for the strategic direction, investor relationships and operational activities for all of TIG's business units. TIG is a member of the Transwestern family of companies, which also includes national real estate services and development companies.
Hazen recently discussed his legal background, goals for the new position and advice for those just starting out in the industry in this exclusive.
GlobeSt.com: How did law school and a career as a practicing attorney prepare you for a successful commercial real estate career?
Hazen: When I was in law school, I was interested in corporate real estate. From there, when I decided to take a position with a law firm, it was that industry that held particular interest for me so I directed my focus on corporate real estate. In law school, it's a very demanding curriculum and you have to learn to think critically and think analytically, and frame your thoughts in support of positions, and you have to write well. Law school doesn't teach you to practice law, but it does train you to do those things, which will be helpful in any business; not just real estate. Once you get into practicing law, that is another aspect of the education. You have the benefit of working with lots of sophisticated transactions with smart people in the business. This trains you to be in real estate. A lot of real estate is about projects: building, financing. When you are practicing law, you become very project-oriented and working with a team to accomplish goals, which is helpful in real estate.
GlobeSt.com: How did the transition from Hines allow you to hit the ground running when you transitioned to a real estate career?
Hazen: Hines is one of the great developers in the world. Their footprint expands in a number of markets in the world. In my time there, I was involved in many aspects of the firm. As a developer, I was involved in a number of different responsibilities, malls, offices, etc. And then I transitioned to the investment management business, investing on behalf of various clients based on specific strategies as CEO of Hines corporate strategies. We developed and invested in corporate build to suits around the country. Then in 2004, I transitioned into starting our core fund/non-listed REIT division and became CEO of those two businesses. We raised capital and invested around the world in industrial, office and multifamily. That process in transitioning from a developer to an investor to CEO, combining all of those disciplines into this current position, helped me very much.
GlobeSt.com: What other degrees might be a good transition if someone doesn't want to go to law school?
Hazen: There are a number of degrees in engineering, architecture that are helpful in development. Then you have a number of people who have degrees in finance and accounting who are more interested in numbers and financial analysis. I wouldn't say one is better than another. There are a lot of opportunities in real estate and ways to go depending on your background and levels of interest.
GlobeSt.com: What advice would you give to others just starting in CRE?
Hazen: The most important thing is to spend a couple of years doing nothing but listening and learning. It is amazing how many smart people there are in this industry and how many perspectives you can get in a business that has so many markets and sectors you can focus your attention on. The best advice I would give to any young person who wants to get into real estate is absorb as much as you possibly can and ask a lot of questions, then you will feel more confident in taking positions, giving advice and taking risks. Listening is the key.
GlobeSt.com: What are your goals for the new position?
Hazen: Grow our business, pursue new initiatives and strategies at TIG. The primary focus when I hit the ground running was to spend time with the team to get to know these talented people at TIG to hear where the investment opportunities are and what new strategies might play a role. They are going to see things others might not see.
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