Other than BBs, what are the best real estate Investment Banking groups
I'm senior at a semi target school currently working as an intern for a small REPE. This could lead to a full time offer but they are a really small fund and I think I would like to take a shot at REIB.
Other than BBs, I've heard that JLL, CBRE, and Eastdil are a great places for REIB, **but I also want to know of other top groups at different companies other than those. **
I can't seem to find good league tables anywhere for it and I'd appreciate the help.
Thanks!
if you've already discovered that JLL is great for REIB you might as well throw Sperry Van Ness and Marcus & Millichap onto that list
Newmark, C&W, HFF.
It's so dependent.. you can be at the best shop in the world and if you're put on a bad team learn nothing. Also dependent on office location. CHI can be very different from NY can be very different from LA etc...
Interesting, would you suggest that Newmark, C&W, and HFF give good exit opps into solid REPE given that I work with a solid team?
Also, I like the situation you mentioned about being put on a bad team even if you're at a great shop. What would you do in that sort of situation? stay in the firm or leave to another?
Do some research on the teams in the market you’re looking at. A lot of local business journals will publish a ranking of top capital markets teams/power brokers each year. I think it would also be fair to ask about deal volume in interviews. If you’re in a primary market, the top shops should all have decent volume.
You’ll want to differentiate between IB and capital markets. For example, JLL’s capital markets guys refer to themselves as IB but they are primary raising capital at the asset level - debt and equity placements. CBRE separates it- their IB team facilitates entity level M&A deals, takes REITs and institutions public, and provides corporate advisory, like a traditional IB does. CBRE capital markets guys do what JLL’s “IB” guys do.
I’ve seen people argue on here about which has better exit ops (IB vs capital markets) but I doubt you’ll have a problem recruiting for REPE out of either. Both are useful.
everywhere you mentioned could... Working for Kevin Shannon at NKF in LA would be huge, working for Spies/Harmon at C&W in NY would be huge, everyone knows them. But working for a random dude doing one-off deals probably won't help. If you end up working for random dude, you can stay at the company if you have a solid team you want to work for and feel like you can move over, if you can't leverage your experience and go work somewhere else, you could come out even or it might set you back a year but that's the way it goes.
Blackstone is considered a REPE correct?
OK.... there have been a lot of other threads on this but it's really important to reiterate.... If you work in CBRE capital markets (mortgage/debt placement), for example, you are not in REIB. If you work on an institutional investment sales team (asset level brokerage/advisory) at CBRE, that is sitll not REIB. If you work in their Capital Advisors group, that is REIB. Look at what the team does in their description on the site and that will clue you in to what they actually do.
Top ranked RE M&A advisors in 2017 (ranked by total 2017 volume)
1 - Bank of America $35,600mm 2 - Goldman Sachs $31,000mm 3 - Barclays $30,800mm 4 - Morgan Stanley $28,900mm 5 - J.P. Morgan $28,500mm 6 - UBS $24,825mm 7 - Credit Suisse $19,100mm 7 - Deutsche Bank $19,100mm 7 - Evercore $19,100mm 8 - Citigroup $16,265mm 9 - Wells Fargo $4,700mm 10 - BMO Capital $4,350mm 11 - HFF $2,025mm 12 - Allen & Co. $1,440mm 13 - CBRE $1,000mm 14 - Robert A. Stanger & Co. $825mm
Depends on what you want, my contacts who are at the likes of Blackstone, Starwood, Oaktree, Lonestar, Varde, Cerberus, Bain, Apollo, Avenue, Marathon, Castle Lake calibre shops don't come from these brokerage type shops. In fact a lot of the guys didn't come from REIB most from Levfin M&A ect. at BBs. The biggest savage I know works at one of the above and is poised to be the next main man and is form levin background. However worth noting that more often than not these aren't the richest guys, it the guys I know who have unassuming mediocre backgrounds and ended up doing there own thing that have fuck you money. Would take Eastdil though over any of those as they look at assets form the perspective if a REPE fund and build out models as opposed to your standard CBRE guy who'll give you your NOI/NIY, which is a valuable skill when trying to jump over to the equity side.
Thanks for the perspective! This was definitely helpful.
My experience at my small REPE is in asset management which has definitely helped me dig deeper into operations/strategy and I was curious to get your in put on how well I would be set up for recruiting for REIB full time? My GPA is a 3.84 and I go to a semi target for BB Banks.
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