2/24/11

Hey guys--

what do we know about Eastdil? It seems like their shops are separated into brokerage and investment banking. What is the firm like in terms of culture, hours, dealflow, on the investment banking side? Are there differences between the NYC, Chicago, SF, LA offices? Do they hire SA's separately for both? What is the compensation like? Also, is it reputable enough to transfer over to BAML or GS REIB after a couple years analyst experience?

Thanks!

Comments (76)

2/25/11

It's basically like a brokerage more than an investment banking firm (single property deals, etc). That said, they are good at what they do and have excellent deal flow / high volume of transactions, particularly in certain regions.

don't know about the hours/pay, I'd also be interested to hear what others have to say on that.

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2/25/11

Eastdil is at the epicenter of all things commercial real estate, but more so on the brokerage side than the IB side of the business. I've heard Roy March speak a few times and he is quite the larger than life character (of course, the last time I heard him speak was right after BX pulled off the EOP deal).

I don't know much about the internal culture, though. Sorry.

2/26/11

So what about exit ops to BB RE IB? Usually brokerage isn't looked highly upon by investment bankers, but since Eastdil is the best and they offer investment banking services, what do you think? IE going from an analyst at Eastdil for two years to a BB associate in RE?

7/16/13

what are you talking about, buddy? Eastdil is probably the Top #1 RE IB shop in this country.
I don't know what other RE iB shops you are referring to....

2/26/11

Eastdil owns the brokerage market share in the majority of markets they operate in, which is helpful. I also think their corporate culture doesn't necessarily feel like a traditional brokerage house like CBRE. I have good relationships with the LA office and I know a number of former associates who have been able to transition into REIB. They have mentioned to me that part of this was to due to Eastdil's deal flow and reputation, and partly due to the relationships they fostered with clients.

2/28/11

Eastdil is not really viewed as a traditional brokerage shop like CBRE, Cushman & Wakefield, etc. Between the reputation of the company and the network you'll create, exit ops from Eastdil will be plentiful (even to banking).

6/15/11

The culture, at least depending on your office, can be brutal. I know of a managing director that quit in less than three months to go back to his old job because he couldn't stand his coworkers calling him at 3:00 AM.

6/16/11
prnz:

The culture, at least depending on your office, can be brutal. I know of a managing director that quit in less than three months to go back to his old job because he couldn't stand his coworkers calling him at 3:00 AM.

I have a buddy that has worked on capital real estate related capital raisings, etc. and has interacted with Eastdil. Coincidentally, his good buddy from college works there and he has expressed that it can be an exceptionally demanding group...even when compared to other BB IBs.

Anecdotally, my buddy needed some market info or something of the sort from Eastdil late one evening. He called over and told them what he needed and that he needed it to be done by tomorrow afternoon since it was rather involved and would take a good amount of time. He gets an email at like 4am from some analyst there that stayed and knocked the whole thing out. When he talked to his buddy later and told him about what happened his buddy said that is how they all are. I mean, that's not to say that the group itself doesn't demand a lot of there analysts, but I think the culture is more a function of the analyst demanding a lot from themselves. The friend of the friend I know has basically raised a small private equity firm of the side (while working insane hours) with the intent of purchasing real estate in NYC. Essentially 'type A++" personalities.

Regards

"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so."
- Ronald Reagan

6/16/11

til 4am? isn't the comp like 70k all in? bleh

6/16/11
kmzz:

til 4am? isn't the comp like 70k all in? bleh

This is on the IB side of the house in NYC...so I think their pay is at street, so not $70k all in. Maybe that is more accurate for someone on the brokerage side or something...but I don't have figures.

Regards

"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so."
- Ronald Reagan

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6/16/11

I would also be very interested in the compensation at a brokerage/REIB like Eastdil, especially in debt placements. Posting to subscribe.

"Until and unless you discover that money is the root of all good, you ask for your own destruction. When money ceases to become the means by which men deal with one another, then men become the tools of other men. Blood, whips and guns or dollars."

6/17/11

Keep in mind, Wells Fargo owns Eastdil. Probably important to note, and probably has several implications for how they conduct business.

4/6/16

.

9/11/14

Can anyone comment on the all in salary for first year real estate analysts

9/12/14

Their associate pay matches WFC Securities salaries out of the MBA track. So can say with probably 85% certainty that analyst pay matches the street - probably 70 (maybe now 85) base, stub bonus, and bump in both the following year...

3/18/16

SA pay is significantly below street - 55k pro-rata, with no overtime/housing/signing bonus. They claim they pay IB SAs a brokerage salary... no one was able to explain why. Not sure what FT analysts make, but I wouldn't be so certain that it matches street.

11/9/15

I can't speak to specific Eastdil pay, but from what I know, I believe it would be equal or better than BB IB for both brokerage and REIB.

Wells Fargo owns Eastdil. Eastdil's REIB is effectively an extension of WF, while Eastdil's brokerage, which is their bigger business, is still largely independently run.

I believe that REIB salary at Eastdil is set by Wells, while bonuses are determined jointly by Eastdil and Wells. I do know that there is some conflict between the firms about the size of bonuses since the merger, but it sounds to me like at the analyst level, bonuses are essentially the same as before (I don't know if they were high or low to begin with - probably towards the higher end based on Eastdil's rep), while at the higher levels of REIB, bonuses have been cut a bit.

My impression of the firm is that the REIB team would be the 'A' team at most BBs, but that at Eastdil, they play second fiddle to the brokerage guys. If REIB guys are A/A+ sort of guys, the brokerage guys are A+/A++ - from my impression. Overall, a top shop.

Also, regarding analyst salaries: Eastdil is one of the only places to pay for dinner AND lunch. Which may sound silly, but at $25 a day times the 300 days a year you'll be working, that's effectively an extra $7500 of salary added in.

Culture wise, I think it varies significantly by the office. But from what I have seen, it is a very friendly, team-oriented culture. I think it is a bit Goldman-esque culturally, with less competitiveness/more collaboration because. People work incredibly hard (as some others have said - the hours can be insane), but seem to enjoy it.

Dealflow wise, Eastdil is the best. No one else gets the amount of great deals that Eastdil does. They are simply top of the pile here. If you want experience in REIB/brokerage, there probably isn't a better place to start out from that perspective.

Exit ops wise, Eastdil is great for certain things, but limits you more than REIB at a BB might. It does not necessarily limit you from exiting to REIB at a major BB after a few years, but you are probably at a slight disadvantage there, just because Eastdil is to a degree seen to be a bit different than just a boutique iBank. However, for exiting to places like Blackstone's RE group, or places like Vornado or Simon it puts you at a significant advantage. So it's all about what you want. Personally, I would work at Blackstone or Vornado over pretty much any normal PE or HF, so I like the situation - but it's not for everyone.

4/4/16

posting to subscribe

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4/19/16

Anyone have updates on the comp? Specifically within the debt placement group? Bump

I had a flair for languages. But I soon discovered that what talks best is dollars, dinars, drachmas, rubles, rupees and pounds fucking sterling.

4/19/16

We have bookrun deals with them. Seems like a good shop. I think their banking offices are just DC and NYC, with the others being brokerage. They are legacy Wachovia REIB, so solid reputation. No idea about the other stuff, prob street average.

4/19/16

Wachovia gives them a good amount of independence and the Eastdil name is very well regarded. There is a good deal of segregation between Eastdil's brokerage and banking businesses, so know which you are interviewing for. My personal opinion is that one would be better off doing brokerage for a player like CBRE/C&W because of the additional resources those companies provide, although it would be highly dependent upon what broker you would be supporting.

4/19/16

does anyone know anything about the SF office?

4/19/16

Might want to spell the company's name right first

4/19/16

Based on recent conversations I've had with brokers (in and around Chicago), they will comp about 5-10% below a traditional REIB shop or bank. If you are in NYC or Chi, it is a fantastic opportunity with outstanding brand recognition among those who matter. However, looking at your username, it seems like you are in SF. I'm sure their rep is equally as sterling on the West Coast but I can't speak to it directly.

Cheers

4/19/16

Thanks TPRB. Do you know if they only recruit from B-school for associates?

4/19/16

No. They've hired analysts from other shops before for associate-level positions.

4/19/16

Eastdil also hired one of my buddies straight out of MIT, he did the RE grad prog there.

4/19/16

This is completely speculative, but given that there are two different groups, Investment Sales and Investment Banking, I would think there might be differences in bonus. Not sure which would be higher. Lots of upside in Investment Sales when you are at a company that owns the market. But they generally don't work as much as the ibanking folks, which may/may not affect comp at the associate level. However, I have heard that Investment Sales associates at Eastdil, unlike other places, are paid salaries consistent with ibanking associates rather than having commission make up a large component of their pay.

4/19/16

The guy I know that works at Eastdil works a TON, and he's not on the banking side.

And Eastdil garners the same respect on the West coast as in NYC, so I wouldn't worry about that. When I mentioned Eastdil to people in LA/SF, they all responded by saying they were amazing/probably controlled too much of the market.

4/19/16

Is he working ibanking hours (80-100) or something in the 60-80 range. I had always heard that they worked less than ibankers but that being said I have never known anyone working there on a personal level.

4/19/16

MBAREALESTATE:
Is he working ibanking hours (80-100) or something in the 60-80 range. I had always heard that they worked less than ibankers but that being said I have never known anyone working there on a personal level.

Just wanted to give this question another shot.

4/19/16

An associate at my shop came from Eastdil's investment sales - worked IB hours. IMO: Smart, fun people to work with (we consistently purchase from Eastdil) and an exceptional presence on the West Coast.

Fill the unforgiving minute with 60 seconds of run. - Kipling

4/19/16

To answer OP - I believe, slightly below other BB REIB (like MSRE) but still well. Solid network makes up for it.

Fill the unforgiving minute with 60 seconds of run. - Kipling

4/19/16

Does anyone have detailed Eastdil comp figures for the associate level (base + bonus)?

4/19/16

Probably around 105 base, 50 bonus

Fill the unforgiving minute with 60 seconds of run. - Kipling

4/19/16

I've heard it is around 100k after bonus.

4/19/16

I know a buddy who landed an analyst gig at Eastdil's investment brokerage group coming straight out of Wharton UG; Eastdil fellows told him to expect between $100k - $120k all-in his first year.

4/19/16
Greenwich7690:

I know a buddy who landed an analyst gig at Eastdil's investment brokerage group coming straight out of Wharton UG; Eastdil fellows told him to expect between $100k - $120k all-in his first year.

Not surprised in the least. I would think comp would be relatively close to REPE in a good market.

4/19/16

Unless you are in NYC you are doing Investment Sales. Not that this is a bad thing. They pay good and are the most institutionalized shop out there. Our last Acquisitions Director came from a 10 year run at Eastdil.

4/19/16

not true. DC office also does investment banking. they have brokers there too.

Haters gonna hate

4/19/16

what kind of IB deals does DC office do? Eastdil doesn't post their transactions online

4/19/16

Thank you.

Can anyone provide more insight into what Eastdil Investment banking group does? and how it differs from Investment sales side

4/19/16

one deals with the public markets (IPO/ equity raising for REITs) and one sells properties&loans/arranges debt

4/19/16

How are the hours in both ? I'm gonna be interning at the RE IB department at JLL.

ooof marone !

4/19/16

I would want to say 50-60 hours/week. JLL is RE brokerage, not REIB, end of story.

4/19/16

JLL has a corporate finance division which is basically REIB.

4/19/16

Agreed. That is most likely mortgage banking at JLL. They sometimes like to refer themselves as Real Estate Investment Bankers just like Cohen guys did but really just mortgage brokers.

JLL hours no idea. Eastdil interns do not get to leave the office.

8/8/16

Lol. Eastdil is not 50-60 hours a week, or even remotely close. Even now, at the most dead time of the year, 70/week is nice. It is pretty consistently 80+ for analysts, and some of the guys will do 100+ for months at a time when they are on a big deal, since Eastdil's teams run so lean. Overall average is probably in the 85-90 range.

4/19/16

Eastdil analysts are run ragged but the pay is better than other CRE starting positions.

Fill the unforgiving minute with 60 seconds of run. - Kipling

4/19/16

bump

4/19/16

?

4/19/16

Arsene Wenger's Father:

?

You seem very concerned about this. Do you have an offer?
4/19/16

I wish. Just interested in non-wall street firm's real estate investment banking practice in general

4/19/16

http://www.eastdilsecured.com/_businesslines/line/...

Looks like they're split into three platforms:

1) Investment Sales (Real Estate Brokerage)
2) Debt/Equity Origination (Mortgage brokerage)
3) "Investment Banking" - M&A/Advisory etc.

I had a flair for languages. But I soon discovered that what talks best is dollars, dinars, drachmas, rubles, rupees and pounds fucking sterling.

8/8/16

They define it like that, but it rarely plays out that way. Eastdil does a lot of portfolio transactions, which by nature fit the definition of real estate M&A. But, those same portfolio transactions are also brokered in such a way that you could also call it investment sales. And, Eastdil will frequently arrange (or at least bid to arrange) financing for the same deals that they're brokering. The lines blur quickly, and it really can be an all inclusive deal.

For example, big company A wants to do a sale-leaseback of all of it's stores. Eastdil figures out which ones to sell/leaseback (advisory part of M&A), brokers the properties to a select group of clients, who it very well may pitch the deal to in terms of a 'merger' to another company looking to expand it's presence in a region, and then will try to finance the sale.

4/19/16

You'd prob be working on investment sales and debt placement at Eastdil. I really don't consider it an investment bank, but some RE groups love to use that term. We had a former Cushman Wakefield guy intern for us last summer and he loved saying that he "previously was in real estate investment banking" but I'm pretty sure he did appraisals and then got a little exposure on the brokerage side as an analyst.

4/19/16

Eastdil investment sales is probably the best in the country and you can make a lot of money there. Don't discount it simply because it contains "sales" rather than IB. RE brokerage is a tough business but I know a few guys, especially top investment sales guys, who make a ton of money doing it. Hell, top leasing guys in big markets can make a couple million per year.

4/19/16

I'm not discounting it. I have several friends - very bright people - in the RE brokerage business and they totally kill it. I've worked with brilliant guys from Eastdil, Ackman-Ziff, HFF, etc. I'm simply saying that it's not REIB.

4/19/16

Buyside REITs, REPE Funds, among others. Check the Real Estate Epiphany thread

Fill the unforgiving minute with 60 seconds of run. - Kipling

4/19/16

bump

4/19/16

Not sure at the MBA level but I believe them to recruit separately from Wells, generally speaking.

C.R.E.A.M.

Best Response
4/19/16

Eastdil both hires separately AND takes placements from Wells. It's my understanding that to end up at Eastdil through Wells is more difficult than other groups. Typically with Wells, you receive a platform offer that you can then use to place yourself into any group - with the exception of Eastdil. Normally, Wells hosts a big event where representatives from each group come down to Charlotte, and the whole incoming class gets to network with each group/list and submit their top choices for groups. From what I have heard, most people tend to get their first choice assuming the people they networked with liked them. Eastdil is the exception. They apparently come to the events, but if you list Eastdil as a choice, they require additional interviews, and may not take you (whereas the other groups, you are done interviewing and more or less just get in once you have a Wells offer in hand). Eastdil also recruits independently, and it is my understanding that MOST of Eastdil's incoming class is NOT hired by Wells/most are hired by Eastdil directly.

So to answer your question, Eastdil will require additional legwork, no matter what. At the MBA level, probably even more so. You have a shot at getting placed there through Wells, but a better shot at getting hired directly by Eastdil. That said, Eastdil and Wells tend to be some of the nicest guys out there (in my experience), and reaching out to/networking/going through recruitment with either is not a painful process at all.

4/19/16

Thank you, this is extremely helpful.

4/19/16
4/19/16

I had a flair for languages. But I soon discovered that what talks best is dollars, dinars, drachmas, rubles, rupees and pounds fucking sterling.

4/19/16
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