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...
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.
Any debt/equity broker that refers to himself as an investment banker is a 100% certified douche.
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