Lots of people being fired or leaving Tishman Speyer/Hines NYC offices?
Have been hearing and seeing many people “leave” these firms - was wondering if those with more knowledge are aware if those moves are by choice or not.
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People are leaving Hines across the country. The incentive comp is changing.
Yikes, how so if you don’t mind? Promote or bonus change?
Similar thing with Mill Creek. These big corporations weren’t set up for long term stability. MBAs eventually ruin everything.
What is the structural change in incentive comp at Mill Creek?
Curious as I consider them a more straight forward merchant multi model vs a tishman/hines that plays in different product types, and does more “mega” projects
Buddy at Tishman said they rolled out some new AI model that puts together the investment memos and waterfalls. Apparently they rolled it out last year and told everyone in meetings it will make them more efficient and there would be no job loss. Fast forward, he said they heavily reduced the size of the incoming analyst class and now theyre running far fewer analysts for far more deals. Thats all I know. Not sure if its truly AI or if its some form of market related.
Hiring less is not the same as people leaving, though.
The analyst and AI info is incorrect
Lots of firms that didn't roll out AI are also shrinking incoming hiring classes (due to lack of activity - not AI). I'd hesitate to claim causality based on info provided.
Tishman has tons of issues across their portfolio. Sure they will stick around, but it’s not the same Tishman from years ago that many of us remember.
Yeah well this isn't surprising, right? You grow and grow and have a sustainable business, and then you hit a boom cycle or win a handful of big jobs simultaneously, and then staff up to reflect that and in the anticipation of that being the new normal. But it's unsustainable, so you either start chasing shitty deals or dial back your activity to that more sustainable pace. That means that the firm looks like it is shrinking or failing, which leads to some reputational issues and staff exiting for opportunities with more long term upside.
Sometimes it is simply better to say no to some stuff and keep your overhead manageable than to try and do all things and all times.
I haven’t been following Tishman lately, but the development projects I do know about in SF like the high rise condos in SOMA, yeah those don’t seem to be “in the money” new condo projects in this day and age. Between high costs, high financing costs, people’s desire for larger units, anti immigration (a lot of the condo buyers were from overseas), China’s barriers to money outflows, layoffs, it seem prudent that the shop is downsizing.
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