Tishman Speyer (REPE) analyst progran
Hi guys,
I've been lurking for a while, and decided to post in order to gather some info about a program that attracts me. Anyone has information about TS graduate program ?
- how do you get in ? (they just mention to ask your Uni career service...)
- what kind of tasks are you given in each division ?
- number of rotations over the 2 years ?
- What does "ECM" division stands for in a REPE firm ?
- salaries ?
- exit ops
http://tishmanspeyer.com/work/Analyst.aspx
If you're working in that company, feedback is welcome, even if you did not go through the analyst program.
Im a EuroMonkey, looking for a position in London/Paris/Luxembourg :)
Im currently in a top BS in Europe.
Thanks.
Thank you Propsie for your quick reply.
According the the PERE30 they are one of the big names... Any other feedback appreciated (I also saw a post about JLL analyst program).
up :)
I was hoping someone else would jump in because I don't know the idiosyncracies of recruiting grads in the UK.
If you were in the US, my answer would be to find an alum/family friend/etc at Tishman or else you are screwed. What you're asking is more of a general recruiting question and is not necessarily limited to Tishman.
Upping this. I got in touch with an analyst chick working there. I will post feedback asap :)
Hey,
Was wondering whether anyone else aroun here had any update as to how a BB REIB banking position (GS,CS,MS,JP) would compare against an analyst role at TS? Does anyone have any further info?
Thanks guys
Hey,
Was wondering whether anyone else aroun here had any update as to how a BB REIB banking position (GS,CS,MS,JP) would compare against an analyst role at TS? Does anyone have any further info?
Thanks guys
ECM = Equity Capital Markets
I'd say the RE group in IBD at a BB bank is fairly comparable in experience to the analyst program at a top developer. The developer will give you better exit opps within RE, where as the BB will give you better exit opps if you want to move into general PE or VC.
Tishman Speyer Analyst Program (Originally Posted: 08/17/2012)
I will be graduating in a year and is considering entry level positions in real estate development and finance. I was wondering if anyone here has had experience with Tishman Speyer's analyst program (i.e. hours, comp, exit opps)?
Any info would be appreciated, thanks!
Link: http://www.tishmanspeyer.com/work/analyst.aspx
Great program. Tishman Speyer is a top dog in the development world. REPE can definitely be an exit opp from this stint.
Agreed if you can get an analyst job there, you're in pretty good shape if you decide to move on
Guys, Tishman is not that hot. They were involved (with BlackRock) in the biggest real estate bust in the history of the business (Stuy Town and Peter Cooper Village).
I've seen the partnership agreements, legal docs, DD and UW (which hinged on their ability to drive up rents in a rent-controlled project...dumb) for that deal - the impression that I got was that they are not even remotely sophisticated (assuming that that one deal is a representation of how they invest).
Seriously, guys.
Just my subjective opinion is that Tishman Speyer doesn't seem like they're crushing it. A simple example is something in the wsj paper today:
"It built the huge Peter Cooper Village and Stuyvesant Town apartment complex in New York for returning World War II veterans and in 2006 sold it in what turned out to be a top-of-the-market $5.4 billion deal.
That transaction later came back to haunt the buyers, a group led by Tishman Speyer Properties, which defaulted on $4.4 billion in debt on the property in 2010."
I don't contest that they've had their issues lately, but isn't that less pertinent to someone joining in the analyst ranks? Assuming they've retained a lot of their top talent you would still probably get a quality learning experience. After all, it's only a 2 year program.
could anyone comment on the value of an analyst program at a firm like TS compared to an analyst role in the capital markets/investment sales group at CBRE, JLL, Cushman?
I'd say for many positions in RE PE the Tishman experience is better, but it (could) depend on the firm- I'm not sure and I'm in China so that should be noted. I'll tell you that at my firm, we'd be far more likely to hire middle/junior level people from Tishman, Related, etc. (other top developers) as opposed to someone from a brokerage mentioned above (I came from one of these U.S. developers myself). We'd also give preference to people at Vanke, etc. (top Chinese developers) as opposed to brokers. People who really understand the nuts and bolts (and corresponding model inputs/ranges) of the development process and are still polished/financially sophisticated enough to grasp some of the the more "private equity-ish" side of the business are somewhat rare, from my experience. Also, if you're working on opportunistic deals, it's likely you'll be working directly with developers and your experience in their field will help you build relationships and gain their respect... which is important in a competitive capital market when you've got lots of players trying to get into new deals (like in China, for example). Developers will be much more likely to give you joint control over aspects of the development if you prove to them in negotiations/discussions that you've also done this before and can add value beyond access to capital.
I generally agree with the 2 responses above, although it seems unreasonable to completely discount the firm's performance
Personal opinion: I think I would take a junior level role doing property sales at Eastdil over Tishman (close call). I would take a role at Tishman over property sales at CBRE/CW/JLL (not as close).
Agree with RE Cap Mkts that Stuy Town was a terrible deal, but a lot of people did terrible deals in 06-07 and are going to come out just fine in the next cycle. Conversely, a lot of people did terrible deals in the same period, were burned horribly, and will never recover and raise money ever again. Tishman is going to survive.
You obviously want to use track record and performance as one criterion by which to judge your prospective employers (and it's an important one), but at the same time you'd have a very narrow set of prospects if "never did an awful deal" is a litmus test question. Tishman wouldn't be my first choice, but I think you could do far worse.
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