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blackjack21 goodL1fe:

DB CMBS and Lazard RE are both top. Do you want to work on the debt or equity side?

Basically this. Just a forewarning, people who go into CMBS/RMBS tend to get locked into that type of world since it's a pretty specific skill set. In CMBS you analyze from more from the perspective of a whole security and how it's structured, not really as much valuing individual RE. You gain more skills on the in-and-outs of structured products than RE in my opinion. Nothing is wrong with this and there's some very successful HF's that do this, but for REPE I'd say traditional RE would give you a better chance of this.

This isn't 100% true. Depends on what area of CMBS you would be working on at DB. If you are in debt origination, I would argue that would be more specific to REPE than any RE IB as you are doing property level analysis. I think blackjack is more referring to the capital markets and structure side of CMBS. So if you are on the origination side, you will be underwriting properties, getting intimately familiar with the market, asset class, and respective risks rather than doing m&a advisory of REITS (assuming this is what you would do at Lazard). The advisory wouldn't provide a asset level skill set, but would provide other valuable skills. Both positions (assuming CMBS origination) have strong exit opps to REPE from what I've seen.