JPM Real Estate Banking
Does anyone have any experience with this group?
I have an interview coming up, and I'm wondering what I can expect.
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Would be interested as well.
Are you interviewing for JP Asset Management or JP IB?
I assume you are talking about the real estate group within investment banking?
If so, I am somewhat familiar. They were not a historical leader in the space, but seem to have taken more market share in recent years. Real estate is a very capital markets-driven industry since REITs can't retain earnings and must raise new debt or equity to grow. So REITs tend to lean on big balance sheet banks with lending and capital markets capabilities (particulary BofA, and Citi to a lesser extent). JPM took advantage of the downturn when BofA and Citi had to cut exposures and started lending aggressively, which curried favor with some of the REIT world.
In 2011, they advised AMB in its takeover of--pardon me, "merger of equals with"--Prologis, Nationwide Health Properties in its sale to Ventas, and HCR Manorcare in its sale to HCP. They were recently lead bookrunner on Retail Properties of America's (formerly Inland Western) IPO.
To build on the above post, they have been gaining share in London/Europe as well. They have worked on a few high profile deals like Minerva plc and Mint hotels.
They also have a the ability to underwrite large bridge loans for acquistions which is always helpful in picking up advisory work.
JPM RE Culture (Originally Posted: 02/06/2013)
Anyone have any insight into culture at JPM's real estate group from an analyst's perspective? Searching previous posts didn't answer the question to a useful degree.
Thanks
Not familiar with the prestige of the group, but know that there is a huge Cornell representation there.
One of the largest, most well-regarded RE groups out there...right up there with Eastil Secured etc.
Eastdil and JPM RE hardly even operate in the same space. Look at their websites. A lot of these firms that call themselves "real estate investment bankers" are essentially brokers.
http://www.jpmorgan.com/pages/jpmorgan/investbk/solutions/banking/exper… http://www.eastdilsecured.com/_about/overview.htm
Thanks, any idea how the range on the spectrum of deal flow / work load?
I met with four of their bankers last month, the staffer for the group is a really cool guy and the culture seems great. they said they dont pitch and the deal flow is great. Smaller group (40), but seemed like a great group to work in.
Guy I know said it's really chilled out.
Ive worked quite a bit with that group across the seniority spectrum. Ive found the senior guys to be highly competent, well-connected, and fairly outgoing although I would say at least a few are pompous relative to the guys I know at other banks in same positions. Seems like a collegial environment but be prepared to get crushed as an analyst. Used to get emails from those guys at all hours of the night and they always looked like they hadnt slept in days. For what its worth, I think I would have enjoyed working in that group. Good luck to you
JPM Real Estate IB Group (Originally Posted: 03/24/2014)
Anyone know much about this group? Culture, prestige, exit ops etc...
From what I know- very strong culture group (very collegiate, laid back) but not the most prestigious or the best exits. Don't know a ton more than this (know 1 guy in the group and this is the general impression I've gotten from him).
If you are talking SF office, I agree with above - very laid back, nice guys. Prestige and exit opps are low though. You won't get much advisory experience to speak to in PE interviews - almost all underwriting, especially in the RE group.
Source: I interviewed there and know 2 guys in the group fairly well. I actually didn't get an offer though haha
alright thanks guys
I didn't know they even did RE on West Coast- was speaking to NYC office.
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