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General IBD, hands down regardless of where you go. Real estate IBD doesn't necessarily provide much in terms of exit opps (select real estate PE funds and hedge funds recruit out of RE IBD groups but even they focus on people coming from asset managers/brokers such as CBRichard Ellis or if you're cream of the crop at Morgan Stanley IBD). Within real estate IBD, You'll be doing a lot of corporate REIT level M&A transactions which while helpful in terms of understanding corporate finance, don't necessarily translate into asset level understanding.

The exit ops are probably the only part to focus on for your decision. Hours/pay/prestige etc at the junior level are pretty much all the same. Although this is just a summer analyst position and what you pick really doesn't matter all that much, here's my 2c since you asked.

 

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