He passed away peacefully at home last weekend.

Hines' son Jeffrey C. Hines now assumes the role of chairman and CEO of the global investor and management company, which has around €121 bn AUM, including €63.7 bn for which it is investment manager, and €58 bn for which it supplies third-party property services and also non-real estate assets.

Paying tribute to his father, Jeffrey C. Hines said: ‘Beyond his significant, impactful career and his pioneering contributions to architecture, sustainability and the built environment, dad felt his greatest achievement is the team of dedicated professionals who have, and will continue to carry on his legacy of peerless quality, integrity and innovation.’

Hines’ contribution to the real estate industry was widely praised. In 2007, David Childs, chairman emeritus of Skidmore Owings and Merrill, said: 'Hines’ attention to architecture has been good not only for the profession but also for urbanism, as his unwavering concern for the quality of his buildings extends beyond the plot of land and the frame of the site to the community.'

Remembering a ‘real mentor’, Lars Huber, CEO of Hines Europe, said: ‘This is a sad day for the Hines family worldwide. Gerry instilled the values of integrity, innovation and quality which are part of our DNA to this day, and I am sure for generations to come.

'He was a pioneer of real estate, an inspirational leader and a real mentor to me throughout my career, as he was to so many others. He was instrumental in establishing Hines’ European platform and, along with the senior leadership team, I am proud to have counted on him as a colleague and friend. We will miss him.'

Born in Gary, Indiana on 15 August, 1925, Hines transformed a small firm founded in Houston, Texas in 1957, into an international powerhouse, which develops, owns and manages some of the world’s recognisable buildings, such as the DZ Bank in Berlin, the Porta Nuova in Milan and the EDF Tower in Paris. Hines today employs more than 4,800 people in 225 cities across 25 countries.