Anyone have any info on what exactly it is they do? Being as how they are "the investment banking division of CBRE", is it basically REIT I-banking? Where do they rank in terms of market presence/deal flow? Comp? Any insight is greatly appreciated.
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It's similar to what bankers do (advising on capital raising / selling or buying real property) but mostly focused on assets or portfolios of assets rather than the parent companies. In other words, you'd expect to be working on things like lining up the financing for the next Trump skyscraper rather than lining up financing for Trump's company or taking Trump's company public.
In other words, no, you will not be doing REIT IB, but you may be working with a REIT via the underlying properties that the REIT owns.
Great, thanks for that. So what exactly is the difference between that and the Capital Markets/Investment Sales that CBRE does?
Sorry - I was actually speaking generally about the investment banking arms of large RE firms like JLL, CBRE, etc. I don't know how CBRE specifically divides up their work.
I think its the same type of structure each major brokerage.
You have Investment Sales (sometimes called Capital Markets) and you have REIB (mislabeled because, like CHItizen says, you won't be capital raising for EOP itself but for 1 of the assets that EOP owns).
Investment Sales: Selling income producing properties throughout each and every asset class
REIM/Capital Advisors: REIB for individual assets owned by RE companies. You would be creating pitch books for debt and equity raising for an asset--NOT a pitch book for the asset in its entirety like Investment Sales would do.
Feel free to add or challenge what I've said. This my perspective from working at 1 of the major brokerages in Investment Sales.
That being said, I'm not familiar with CBRE's structure first hand. They could be doing something slightly different with their group titles.
Thanks for the info. Anyone else have any insight?
Wait a sec. I haven't read every word int his thread, but it looks like people are saying it's not banking. http://www.cbrecap.com/EN/expertise-experience/Pages/Expertise-Experien… "CBRE Capital Advisors" does in fact perform legit investment banking services. Yes, they perform plenty of asset-level stuff it looks like, but valuation of common stock is not something a real estate broker does, it's what an investment banker does. Period.
Or where they are listed as "advisor to Atlanticblue on the sale of their 51% interest in a publicly traded company." That, again, is true investmetn banking work.
Propsie is right. CBRE I guess does do legitimate REIB. Most firms brokerage firms don't, however. Good to know.
How selective is it to get in? Do they take MBA's only or undergrads and MSF people?
Again I'm not 100% familiar with this group in particular. In my experiences within Capital Markets you have to know the hiring manager somehow (or be referred). He has to believe that you understand the business (especially terminologies) and that you'll be easy to work with. You have to network.
That being said, you can most definitely land a position like that without an MBA or MSF. Especially if you're from a top tier UG.
Any insight on culture/comp/hours? Not sure if they're pulling 100+ hour weeks like the BB's, but again I don't know
It's a good time to join the industry if you're interested, but it behooves you to try to just go out and meet someone. I work at CBRE Capital Markets, and I would say network is the most valuable thing to have.
With that said, the industry is going through significant growth so the requirements for MBA for underwriting/production is not as strict as it was, but you will still likely need a strong recommendation to get a foot in the door.
But some stuff my Multifamily DSF team works on is mostly Fannie, Freddie, FHA (small amount) and CMBS (origination and sales). I work mostly on the debt side so I can't really speak to equity. The hours are pretty variable, for the most part we work 40 hours a week, but you still need to be flexible based on the clients and your VP's schedule. So you could be up early/out late/in on weekends, but you can cut out early on other days if you do.
Comps are entirely based on the producers you are associated with (on origination), and feel fairly confident you can find out if they are good if you can find them on a Google search.
If you are still curious, feel free to message me.
IB or Capital Markets at CB pretty much means raising capital, equity or debt, for single assets and portfolios. They may advise corporate acquisitions but that would be the odd thing and they may have transitioned into M&A stuff. Nothing wrong with those previous roles. You can make tons of money doing it, probably more than nearly any other real estate role other than owning/developing a lot of your own stuff.
What most people on WSO are looking for is the CB Investors division or whatever they're calling themselves today (looked it up, CBRE Global Investors). They're the PE and separate account division that actually has (some) discretion over investment funds. They have discretionary PE 2/20 funds and they invest on behalf of big LP's (think calpers) in separate and co-mingled accounts. Good stuff but very small. I worked there a long time ago.
Edit: small meaning a small part of CB overall.
Again, people are confusing capital mkts (cbre) w "cbre capital advisors," which actually does do valuation of common stock of public companies. There is even an employee above from cbre who does not seem to realize this.
But having said that, cbre capital advisors is still VERY small. I wouldn't be surprised if there were less than 5 people there and 1 analyst.
My bad in differentiating between capital markets (equity and debt brokers) and Advisors. Like I said, I worked at CB Investors a long time ago (at the time the parent was CB Richard Ellis, not CBRE and it had only recently changed from Coldwell Banker Commercial-grey hair here... :) and at the time I don't think we had CB Advisors.
And like prospie said, I can't imagine Advisors is a very large group or something you could realistically try to get into without knowing a top guy, not because of the all encompassing prestige factor, but just because I'd bet it's very small.
And hey, don't feel bad about the gray hair. I remember working for a debt broker and asking one of his older colleagues, "Wow, the CB in CBRE stands for Coldwell Banker?!" as he just shook his head in sad disappointment and my lack of historical understanding
^ yes. CBRE Capital Advisors is a different animal. They do true REIB. The capital markets division does the debt/equity/investment sales on a property level. Totally different.
Is the pay similar for at the analyst level for CBRE Capital Advisors and CBRE Capital Markets?
bump. interested.
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