Bridge 33 Capital
Anyone know anything about Bridge 33 Capital?
Have seen them hiring for multiple roles over the last few months. Would appreciate some information.
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Have quoted deals for them. Focus primarily on retail assets. My MD has a good relationship with one of the principals. Strong senior people. They raised a fund recently and are actively deploying but you won’t get much exposure outside of retail there.
Reputable shop in the retail space. Smart people and as someone mentioned, they recently raised a large fund. They're ready to buy assets in this current correction. Can't say that for most shops so you'll probably be very busy there for years to come...capital is the biggest need right now.
Best of luck!
Going anonymous for this but I did a stint there, assuming it’s B33 based in Seattle. Really great place and learned a lot. Only have the upmost respect for them. Founders are two friends who went to Chicago together then worked at MS and then did their MBAs at Stanford. They were built out by their former CIO from Pimco. People who have left have gone to big shops, family offices, and Stanford MBAs. Back when I was there, they had good WLB. I think work was around 8:30-6 but when deals get going you can work to midnight. Reason they’re hiring a lot is because they had a spin-off from some of their acquisition guys, so my assumption is they need to replace and get capital deployed. They focus on heavy value add open air retail, finding most of their value from increasing leasing rates and putting in anchor tenants. Great place to learn and would say if you get a chance to work there, take it. It feels like a hidden gem.
They rejected me…. Was very salty… but it does seem like an epic place to work.
How was the comp?
Familiar w/ group from a number of peers and peers of peers - pay is below market; probably 25-40% off the median, which is atrocious given that Seattle is a HCOL city. Hours are fine when there aren’t live deals going on, but have to be in the office M-F. Re: increased hiring - turnover is and has been high, esp when you consider the size of the company, so you can make inferences on what that might mean for pay, culture etc.
Benefitted from fundraising tailwinds and overall cap rate compression in retail - strategy makes sense since a lot of institutional money still can’t invest in value add retail, as the majority of the assets they target sit in non-primary markets. definitely savvier than the majority of retail buyers
in terms of how attractive the job js - it suffers from the same issues you see in smaller shops: (1) lack of brand recognition outside of retail RE, (2) below mkt pay, and (3) lack of transparency w.r.t title progression
pros are you’ll be more involved and have more responsibility since it’s a smaller team, but in terms of exit opps it’s not as good as what the initial poster suggested.
if the goal is maximizing near term comp and exit opps, i’d target the more established platforms. there’s always a way to pivot into these lesser known shops down the road if you have institutional exp
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