Perform Properties role - thoughts?
Hey y'all, I got pinged about a Perform Properties asset management role and wanted to know what you all think of the platform. I know it's relatively new as a merger of ShopCore, ROIC, and EQ Office and is focused on office/retail. It's also a Blackstone portco.
I wanted to know what you all thought about the reputation/exit opps, culture, and any insights into their RE team specifically. Also curious what people think about Blackstone RE portco's generally and if it's a realistic possibility to jump over to Blackstone given how much they interact. Finally, what's the company like post-merger?
Based on the most helpful WSO content, here’s what you need to know:
Perform Properties Overview:
Perform Properties, as a merger of ShopCore, ROIC, and EQ Office, is a relatively new platform under Blackstone's portfolio. Its focus on office and retail aligns with Blackstone's broader real estate strategy, which often emphasizes value-add and opportunistic investments.
Reputation and Exit Opportunities:
Blackstone portfolio companies (portcos) generally carry strong reputations in the real estate world. Working at a Blackstone portco like Perform Properties can be a solid credential on your resume, especially if you're aiming for roles in private equity real estate (REPE) or other institutional real estate firms. However, direct transitions to Blackstone itself are rare and highly competitive, as Blackstone tends to recruit from top-tier talent pools, including Ivy League MBAs or individuals with significant experience at leading firms.
Culture and Team Insights:
While specific insights into Perform Properties' culture post-merger aren't detailed in the WSO threads, Blackstone portcos are typically known for being fast-paced and performance-driven. The merger of three entities (ShopCore, ROIC, EQ Office) might bring some integration challenges, but it also offers a diverse asset base and potential for growth. The culture will likely reflect Blackstone's high standards, with a focus on results and efficiency.
Post-Merger Dynamics:
Post-merger, the company is likely in a phase of aligning strategies and operations across the three merged entities. This could mean opportunities to work on integration projects, streamline processes, and contribute to shaping the platform's future direction. However, it might also come with some growing pains as teams and systems are consolidated.
Blackstone RE Portcos:
Blackstone's real estate portfolio companies are generally well-regarded for their scale, resources, and strategic approach. They often provide exposure to institutional-grade assets and sophisticated investment strategies. While working at a portco offers proximity to Blackstone, transitioning to Blackstone itself would require exceptional performance and networking.
In summary, a role at Perform Properties could be a strong stepping stone in your real estate career, especially if you're interested in office and retail assets. It offers the chance to work within a Blackstone ecosystem, which is highly respected in the industry. However, if your ultimate goal is to join Blackstone directly, you'll need to excel in your role and leverage networking opportunities effectively.
Sources: Does Prestige in Commercial Real Estate Development Exist? Google/Blackstone/McKinsey equivalents?, Real Estate Asset/Portfolio Management Tips and Tools, Q&A - Infrastructure PE & IBD, 5 Things that Determine Your Success as a Commercial Real Estate Broker, Real Estate Asset/Portfolio Management Tips and Tools
“…and if it’s a realistic possibility to jump over to Blackstone given how much they interact.”
Anything is possible, but I would absolutely not go into this job or this process with this mentality.
Agreed. Being a BX PortCo right now does not mean that it stays that way. BX is a PE firm after all, and they do eventually exit investments.
Seconding this. You are not going to go to Blackstone main team from a portco. Their main equity acq team is more about buying platforms at this point so it’s more M&A than real estate imo.
bump
A former colleague works there and she likes it. Before office only and both office/retail so good exposure. It can be sweaty but heard good things about people, pay and culture
A former colleague works there and she likes it. Before office only and both office/retail so good exposure. It can be sweaty but heard good things about people, pay and culture
Friend did acquisitions there until a few months post merger. Was on the EQ office side. Brutal hours. Unfortunately they lost mid and top level acquisition folks so it rolled down hill. When traveling, was still expected to get his 8-10 hour work day in plus do the items he was traveling for. I don’t know how hours in asset management are, but I imagine hard.
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