Development comp per level
Curious to know what total comp looks like in a HCOL city in the US. Looking at the post-MBA/post-MSRED level onwards. So Associate, VP, Director levels at some of the “top” shops: Hines/TCC/Related/etc.
Is there a difference in pay (at the Associate level or above) when it comes to MBA vs MSRED?
Thanks!
I'm on the west coast at a mid-sized industrial developer, and we hired an associate post mba grad that had some experience in brokerage prior, this was a few months back. He was comped 130k with a 30% target bonus.
Spoke with a merchant builder on the west coast. Here’s what they laid out:
Associate: $130k to $150k+, 10% to 20% bonus
VP: $190k to $210k+, 15% to 25% bonus
MD: not sure about salary or bonus. This is when promote/equity participation begins
Entry points at my firm:
Undergrad: Analyst
Masters/pre-MBA experienced hire: Associate
Post-MBA/more experienced hire: Senior Associate
Then it goes VP->SVP->Principal (start getting significant carry/promote here)->MD->Sr. MD
Above senior MD is executive level
I am an associate (experienced hire). First 12 months comp is ~120-125k (includes signing, EOY bonus amount for 2022 was in offer letter). No clue past that but I think senior associates can get close to 300k in a good year
This is for a Hines/TCC/Related/Etc
Can anyone give me a data point on comp for the level above me (post-MBA equiv)?
Thanks for this! Any idea what Sr. Associate comp is like in a typical year?
Would love to know better myself lol… but I think 225-275k would capture the majority.
Texas Merchant Builder
Associate Base: 80-90k Bonus 10-40k dependent on deal origination
VP Base: 120-140k Bonus 80-160k Dependent on deal origination, carry comes out to about 50k-75k per exit if the deal hits pro-forma.
I posted another discuss thread about this but here is the current cel survey which gives a pretty broad overview of positions and levels. What this lacks is level setting against, HCOL markets vs. low
https://celassociates.com/cel2022compensationsurveyresults.pdf
I'm a development Senior Associate at Greystar, my post-MBA salary is $160k with 30% bonus. I'm expecting ~3% COL bumps til I hit Director, the next level up. At that point you get the option for either carry or cash bonuses at various milestones, and this is project-by-project, so my understanding is you can mix and match if you want. I'd assume base is $200k+ at that level, bonus is probably between 30-50%.
Interesting that they allow you to pick cash or carry. Do they make the value of the carry more driven by the extra risk you’re taking?
I wish I knew the numbers, I just know the schematics. In my interview I just wanted to make sure there was some sort of participation/upside at the next level if I decided to stay that long.
Do you know what TCC and Hines pay for the same level?
No clue sorry.
Also an associate at gs. making signficantly less than this.
Are you senior or regular associate? And what region?
same. not sure how the comp scales as you make director+, but at the analyst/associate level it felt like my peers were outearning.
How many years of experience pre-MBA, and what market/region?
3 years pre-MBA, T1 city.
Thanks for sharing. Did you go to an M7?
T20
Hines NYC quoted me 150k + 30% bonus for a Dev Associate role when I interviewed for it, no carry until Director, and at a certain level (can't remember details) bonus goes away and most of comp comes through carry
Sweet. How many years of development experience did you have at the time? Was this a post-MBA role?
Like 4ish years in development, out of undergrad. No MBA
I was quoted for a similar role at Hines $140K + 30%.
It’s my understanding that Hines pays carry deal by deal which is nice.
TCC post-mba (or MSRE) is a Senior Associate role. $150k base, ~25% bonus, some minimal profit sharing.
25% bonus sounds lower than I’d have thought. Is that just for the first year (stub?) or is that the recurring target? Would have assumed they’d be >200 all-in for first full calendar year
Yes looks shitty sounds shitty is shitty. But alas this is real estate and very few compared to other industries make good money.
25% does seem low. Any color on the next level (VP) comp?
Could I DM you?
Director level/head of local region at a REIT in 100% development role. I am at $400-425k all in (salary, bonus, stock) and looking to push. HCOL West Coast.
How many YOE in Development do you have?
Could you share your background? MBA/MSRE and your experience before that?
Technical background out of UG (engineering) 5-6 years then real estate for almost 8 years now. No other education other than UG.
What is comp like at TCC for Senior Associate (i.e. post MBA) and VP levels? Have read/heard they pay the most out of the megadevs, but curious what numbers that actually translates to.
For post-mba: The only real number on target base + bonus I have seen is ~145k way back in 07/08, and then some glassdoor figures for ~175k from 5-6 years ago (less sure on the truth of those numbers). Not sure how that translates to today (hair over 200k inflation adjusted, plus whatever the profit sharing amounts to, if anything)
For VP: Glassdoor and one or two other sources point to a 300-400k range back in the 2010s, but also taking that with a grain of salt. A post from earlier this year said senior associates can top out near 300k, so have to assume VP's can get well above that in a good year
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