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Dang and I’d rather live in Newport Beach as well lol.
I only know about Related’s NY office but they are notorious for low pay at the junior level. I hear pay is good once you move up the ranks, though.
If I was to guess, the Greystar role is targeting post-MBA’s (a typical background at Greystar at this position), whereas the Related job might not be.
Just as a datapoint for Senior Associate / post-MBA Salary at Trammell Crow since the posting is still live.
Base Salary 130k-150k (Depends on CoL) + Target Bonus of 30% for total target comp of 170k-195k excluding discretionary promote/profit sharing
Think Hines is something like 120-140 + 30%, but without the potential for upside that TCC has. Think Tishman is a bit above TCC on base/bonus, but without potential for upside. No clue on Related/Hillwood/Extell/etc but my understanding is lower
Curious about ballpark profit sharing figures for fresh MBAs
There is no ballpark that comes down from national as far as I know. It's not standardized like MBB. It could be $0 or it could be $750k and depends on both your own performance and then even more so the performance of your specific team (as that decides how much there is to go around). I would say if you join a team that is profitable on a yearly basis, and perform well, it will add another 50-100k most years, and then I have heard firsthand about a decent number of great years pushing 150-200k+ on top of fixed comp. Secondhand I have heard about outlier years even higher where profit share pushed TC north of 500k (Seems like it needs to be absolute home run years, but it does happen).
Obviously I don't have a centralized position where I can speak authoritatively, but I've spoken to enough associates/VPs across the firm in other offices where I think the above should be fairly accurate.
I've heard these groups (Hines, TCC, Tishman, etc.) typically have fairly low salaries/bonus comp, even up to the Senior VP level with most cash payment coming from participation in fees. Can anyone back this up?
I work for an institutional dev and can attest. Brand-name discount is a real thing.
Hines and similar shops pay most of their compensation via promote. Base and bonus for senior associates will be 180-215ish. At director you get promote. That starts where most of your comp comes from
There was a very good thread about TCC here about a month ago. Apparently the pay is pretty good.
Edit: Here it is https://www.wallstreetoasis.com/forum/real-estate/trammell-crow-company…;
Barrier of entry is higher than other institutional devs, probably. I heard they mainly hire top-tier MBAs.
I think it's mostly because they can, especially at a lower level. Most would want Related on their resume, I would think.
It's Related's Affordable group - that's why it pays less. C'mon, do a tiny bit of reading:
https://www.linkedin.com/jobs/view/3984827431/
"The Development Associate will be responsible for supporting the affordable housing development team in all aspects of project development including: entitlements, design, financial analysis and modeling, deal memo preparation, due diligence, legal oversight, budgeting, and construction. This position is a key support position that will provide the candidate significant professional growth and exposure to all aspects of affordable housing development. This position will be based in Los Angeles and Irvine, California."
Isn't this their core business unit
No - market rate housing development is their core business unit.
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