Hello monkeys-
I am contemplating a big career move and want to hear peoples' thoughts, for those willing to share.
Currently I am at a HFF/Eastdil/JLL in NYC working in both debt placement and investment sales (multi specifically for IS). An opportunity to go work for a particularly active IS team focused on Office product led by a very successful SMD in Chicago has risen, which I'll be interviewing for this week. The role in Chi is for my current company, so it would be an internal transfer.
I went to school in the midwest but am from NY. Truthfully, I miss a ton of things about that part of the country and am a big fan of Chicago. However, this would obviously be a big move with inherent risks (leaving the #1 CRE market voluntarily).
I still don't know exactly what I want to do long-term; however, I am certain that I don't want to be a producer. I have a lot to learn (specifically about asset classes outside of MF; I.E. office) but have gotten mixed reviews on whether this would be the right move regardless.
Any input on: Chicago, moving out of NYC, specializing in office (for at least a year or two, that is) would be greatly appreciated.
TL/DR: 26 y/o currently working in capital markets in NYC (and have lived in NY for my whole life besides attending undergrad in the midwest). Considering making an internal move to our Chicago office to work on office investment sales for a particularly active team. Any and all comments are welcome!
EDIT: I'd be remiss to not mention that our Chicago office did significantly more in fees than NY in 2018- a testament to the strength of the role.
What’s the typical deal size for each group? I’d think $500 million office buildings is better exposure than$25 million MF deals. But even then I’d say it’s personal preference. NYC vs. Chicago and MF vs. office.
Deal size is comparable pound for pound... I'd say average on the multi team is around $65-$70 million and the typical office deqlas are 2 or 3x that.
But yes, obviously comes down to personal preference
Chicago has been having a stagnant population for like 20 years. I honestly don't see a bright future in that city
here's a population growth chart
https://www.google.com/search?ei=l-JEXLnrBMja0gKnwq6YDA&q=chicago+popul…
Is your current MF team institutional? From your previous posts it didn't seem to be, but I may be wrong. I personally would make the jump if this SMD is as successful as you make him out to be. You have a year+ of MF under your belt, and working with the office team would give a better general experience as well as the ability to work on bigger deals while you figure out which asset class you like. The contacts and your ability to network while working for this SMD are also a factor, especially if you know you don't want to stay on the path to being a producer. My 2 cents
Thanks for the advice. The multi team is institutional and we work on big deals in NYC, but I'd still say the other team is a bit more prolific. Regardless, tough decision.
Gotcha, sounds like there are still slightly more pros to the office team. A tough decision either way - good luck
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