Advice on JBG Companies Development Analyst Interview

I am applying for a position as a Development Analyst at JBG Companies IN the D.C. area and am looking for some advice on prepping for the interview. Any advice I can get, be it for JBG specifically or just in general, would be amazing. I know most of the basics (i.e. NPV vs IRR, DCF analysis, etc.) pretty solidly, but I am hoping for some advice on what I may not already know or be expecting and what I can do to best prep. Even just some help on what the process looks like would be awesome. Thanks!

 

I know some JBG guys. Smart dudes from top tier backgrounds and experience. Show your passion about real estate and be able to articulate your RE knowledge in a casual conversation - don't just spit out definitions and calculations but rather show your understanding. I can't give you any details as to what the interview process will be like but can assume it will be fit/case study/meet hire ups. Hope this helps. Good luck.

 

JBG is big on hiring people with the long term future in mind, so I wouldn't go in with an attitude that you're going to work for a year or two and leave. They also really value the opinions of younger people on their deal teams, so I would be sure you're well spoken, direct, concise, intelligent, etc. Also, for the development role, I'd focus less on NPV vs. IRR (not that you shouldn't know them) and more on the entitlement process and the like.

Good luck though. I saw that position posted and it's a great opportunity.

Commercial Real Estate Developer
 

Thanks for the advice. Do you have any recommendations on trustworthy sources of info on the topics you mentioned? I would hate to do some internet research and think I know what I'm talking about, only to have it turn out that what I found online was basically just a load of crap

 
bm341992:

Thanks for the advice. Do you have any recommendations on trustworthy sources of info on the topics you mentioned? I would hate to do some internet research and think I know what I'm talking about, only to have it turn out that what I found online was basically just a load of crap

Here's an old article that touches on it http://www.washingtonpost.com/wp-dyn/content/article/2011/01/07/AR20110… but other than that all I can say is I know the company decently enough and I've spoken to numerous people there numerous times.

Not in the nature of the real estate community on WSO to feed people bullshit either. We're good people.

Commercial Real Estate Developer
 
HandsOfMidas:

@CRE
Would you say that your advice/insight applies to other commercial real estate firms besides JBG?

Yes and no. JBG has a certain way of doing things like all big companies do. Other companies are set up more like banks where you're there for two years and then you move on and you should know your roll while you're there. Different cultures exist at every place of employment in every industry, you know?

Commercial Real Estate Developer
 
Best Response

Like CRE said focus is definitely less on financial underwriting and more on your thoughts on entitlements/zoning in Bethesda/DC, building design, construction. Read up on the land use plan for Bethesda and the recent zoning text changes downtown and be prepared to speak to them. If you can, talk to a couple contractors and be prepared to ask about where JBG sees specific construction costs going (ie, curtainwall pricing is crazy right now); research some of the design architects on their projects. Name drop as much of this information as you can to show you did your homework. Would also be helpful to know some area land comps to support this.

that being said, i would disagree with the statement that JBG is big on long term futures for new hires. The firm has been around for a long time and it is extremely difficult to rise up the ladder to a senior position with equity participation. there are a ton of people at the ground floor...most people stay 2-4 years (it is definitely a blue chip dev company) before jumping laterally or going MBA. but, they work on a lot of projects in both office and resi.

keep in mind there are very real rumors that JBG in contemplating a big-time restructure and may try and go public. i would imagine that would significantly decrease their future development pipeline since the public markets generally want to see active lease cash flow.

 
Ricky Rosay:

Like CRE said focus is definitely less on financial underwriting and more on your thoughts on entitlements/zoning in Bethesda/DC, building design, construction. Read up on the land use plan for Bethesda and the recent zoning text changes downtown and be prepared to speak to them. If you can, talk to a couple contractors and be prepared to ask about where JBG sees specific construction costs going (ie, curtainwall pricing is crazy right now); research some of the design architects on their projects. Name drop as much of this information as you can to show you did your homework. Would also be helpful to know some area land comps to support this.

that being said, i would disagree with the statement that JBG is big on long term futures for new hires. The firm has been around for a long time and it is extremely difficult to rise up the ladder to a senior position with equity participation. there are a ton of people at the ground floor...most people stay 2-4 years (it is definitely a blue chip dev company) before jumping laterally or going MBA. but, they work on a lot of projects in both office and resi.

keep in mind there are very real rumors that JBG in contemplating a big-time restructure and may try and go public. i would imagine that would significantly decrease their future development pipeline since the public markets generally want to see active lease cash flow.

OP, Rick Ross here sounds like he might know more than me. Take his advice as well. Even if the reality is that people leave within 2-4 years though, (pretty amusing that it's the case, considering) I know JBG is all about talking a big game on long-term hires, so just go with it if it comes up.

Commercial Real Estate Developer
 

First thing to note is this is NOT a deal team role like some development teams out there. Rather, you will (as some already mentioned) be working on/overseeing the entitlement/construction process and in terms of finance - assisting acquisitions with their underwriting by feeding them inputs/assumptions. I would recommend reviewing all of their recent deals, as well as current pipeline. They are huge on fit and make sure you really want to be there so come up with good answers for why you are a good hire and why you want to work specifically for them (they are the top Sponsor/developer in DC metro - say that - they've achieved top sell outs PSF multiple times, etc..)

Know your financial metrics - they will certainly throw one interview at you on this (IRR/ROC/EM, etc..).

Excellent firm with an excellent reputation. However, they are definitely not looking for long-term hires from their analyst program. Expect to become 0-60 construction/entitlement expert in 2 years and your exit opts will be the top B-schools, PE, or another dev firm.

PM me with any specific questions. I interviewed there for the same role a while back. Good luck

 

There's been a lot of good advice already. As a broker in DC, I have sat across the table from JBG often over the last 10 years. They are respectful, smart, rational people. JBG has substantial projects across multiple property classes (MF, office, retail, hotel) in three very different jurisdictions. (Think: Montgomery County=anti-growth; Fairfax County=pro-growth.) Know about the firm's largest development projects in the pipeline, such as its plans for L'Enfant Plaza. Good luck!

 

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