I am interested in hearing opinions of everyone on whether or not these large shops, like Hines, Related, Brookfield, Tishman, Rockefeller, Crescent, Mill Creek, Ect. have roles that you are involved in acquisitions and development? I am at a medium size family office pulling about 90k all in after bonus and get exposure to acquisition and development. Any insight on how these shops comp their associates?
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Typically base plus 20-30% guaranteed bonus, and potentially special bonuses after completig projects, and equity in deal. For associates at H/T/R, you’d be looking at $110-120k base with the bonus noted above.
What on earth is H/T/R? 15 years in the industry and first I’ve heard this
Hines/Tishman/Related
I worked for one of the larger shops doing acquisitions/development (Hines/SL Green/TCR/Brookfield). Entry-level comp was $100K + 30%-40% bonus, pretty similar to colleagues in similar roles. No carry until VP level. Brand/exposure was great, but hours were long and culture was pretty brutal (par for the course for development in New York).
how many years of experience would one of those shops expect for an analyst/associate position? would 1-2 years at a smaller dev shop make sense for a transition to hines/tcr?
Most people had at least 2-3 years of direct experience. Almost all investment sales at JLL/Eastdil, investment banking (majority real estate coverage), or lateral from another large development firm.
Just looked at SL Green's portfolio of NYC office. Holy fuck.
Right. Bad holy fuck aint it. Who’s buying SLG betting on NYC recovery?!
What type of comp should you expect coming out of a real estate focused MBA program with brokerage experience?
Worth noting that most firms like the ones referenced will set pay ranges based on market. So places like NYC, LA, SF, Boston, etc. will pay more than Texas, Southeast, or other smaller/cheaper markets. Meaning associate pay can literally vary within firm, market by market.
This is a good point. As someone who has done both one caveat I'd make is that while you may make more in NY/SF on an absolute basis, on a relative COL basis you'll typically be ahead in TX/ATL/Chicago even with the haircut (usually it's not much more than 10%). So definitely pros and cons to each.
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Large Multifamily developers (Greystar, Alliance, Mill Creek, etc.) typically pay $85-95k base plus 20% bonus for analysts jumping up to $110-120 plus 30%+ bonus for associates.
Hines pays similar at the associate level - at least in the Southern LCOL living markets, can’t comment on NYC comp
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