Tishman Speyer/Brookfield Comp
Would refer to the WSO database but numbers are outdated. Would anyone able to offer comp ranges for an associate at Tishman or Brookfield? Assume this is for NYC in their Acquisitions and/or Development Team.
Prob 110-120k base, around 30% bonus
Seems low tbh, even with the brand name discount.
Heard around 90k base for development analyst at one of these shops. Assume analyst (and probably associate) bonus would be in line with what’s mentioned above - 30%. It is frustrating but I’m doubling down and putting in the time and effort that I need to in order to get good at development and reach the point where the big bucks are. Seems to be a lean vertical of real estate that is difficult to get into and has a steep learning curve. It appears that you need to overcome these factors to hit the real payouts.
I have friends (VP level) who work at these top development shops and this is the BS they feed to get labor on the cheap. It's the same BS they got fed when they took these development jobs 5-10 years ago.
Most of you here will never hit the "start your own shop" and get a "life changing" carry. Real estate is very much an old boys network at the higher levels (at least on the development side). "Doing your own thing" can only happen if your family is rich and is willing to bank roll you. The day of developers starting from 0 to Hines/Related/Tishman/Irvine company are over. Those guys made their money when this industry was in its infancy. Land was cheap. The founders of Hines/Related/Tishman/Irvine couldn't make their fortune in real estate today, they would be forced to do something in its infancy like crypto (ala Vitalik Buterin (etherum), Sam Bankman-Fried (ftx)).
The rest of you, myself included, will pull in a respectable W2.
Agree with what you are saying, but I think many development folks on here who reference "doing their own thing" aren't trying to be the next Hines or Tishman. Rather, I think these people are trying to do much smaller deals, usually in the $25-50 million dollar range in terms of total capitalization (IF NOT SMALLER). People who want to do their own thing are probably looking at the lower middle market. They're not trying to develop One Vanderbilt. as such, places like Tishman are not the best of places to work if you want to venture on your own. But, working at a smaller developer that does projects that are simpler in literally every sense allows for one to build a skill set that is both more relevant and transferable. It was NEVER easy to do your own thing. Despite the lack of institutionalization 25 years ago, building Hines up to where it is today is still an unprecedented achievement. If you want to "do your own thing", examine where the market is and how things have shifted and work accordingly. Maybe building the next Hines is no longer feasible. BUT developing 5-20 unit buildings and maybe scaling up to 50 unit developments is MORE LIKELY. As an example, look at the self storage development industry. many players in this space who seem to have done quite well are small shops you have never heard and no, they did not work at Hines. go where the markets are less efficient. have a clear vision and be realistic in your aspirations and you should do well. In other words, maybe don't go to those "top development shops" as it seems to be evident that may not be the best route. Don't let "top developer" or other prestige related bs cloud your vision and path.
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Why is that not possible??
I genuinely believe, all else equal, if you work 7-10 years and open your own firm with 4 to 5 founding members, each contributing $200k, you will have $1 mil GP capital to start with.
Then the first strategy should be to start out with acquisitions of stabilized properties to build cash flow, net worth, balance sheet, and scale the portfolio prior to expanding to development.
This aged like milk
What are the hours?
Yeah pay is doodoo and remember nobody outside of real estate knows prestige. Most peoples eyes glaze over when you say real estate. They’re like oh this guy sells condos lol. So you really gotta love the role you do.
These roles won't help you go out on your own since they are mega projects, but some people like that vs cradle to grave. To each their own. Just be honest with yourself if you like a 8-12 year project vs 2-3 years for development.
Greystar is a better firm imo, more deal flow
I know they have ventured into industrial recently, but they’re really just known for multifamily. Some people, like myself, want to get experience across all the asset classes.
If you are at Tishman or Brookfield most likely just going to be working on office development
I’ll add a slight counterpoint here. While a 20-50 unit project might be very different from a mega development; working at one of the huge huge huge development firms could assist in raising capital for the small deal down the road. People like to see a name brand. It’s might not matter, but it could**** help. I know a few founders of firms who have told me point blank that without their mega firm name on their resume, raising capital would have been much more difficult.
The first deal you do on your own at the "20-50" unit project level will be funded at the friends and family level. No serious money is chasing 20 unit apartment development deals in bum fuck nowhere. Having a brand name on the small deal only matters if your friends and family care about it. But then again, most friends and family don't know what a mega developer is.
Eh, more often than not when you break off on your own it's funded by country club money or via a fortuitous relationship (e.g. the principals you used to work for, relationship at a family office, colleague at a fund, extended family money). You're rarely targeting a seed fund and putting out a book, and in the event that you are, your track record in your niche is going to more important than being VP at some name brand or whatever.
Brookfield must pay more thank $160 all-in for associates in real estate investments? Development might be another story, but they're number two in largest PERE 100. Anyone else have other figures for their re pe group (also source if you're comfortable dropping it)?
On this forum i've seem Brookfield REPE is comparable to BX comp. Lol I'd be pissed if I was doing the complex actual real estate work Brookfield's development folks do and making $100K less than REPE colleagues.
I am Analyst level at a top 5 developer. I am making ~120k or so all-in for MCOL (haven’t had my first full calendar year yet so maybe I am underselling, I just know what my comp is for 2022 since it’s guaranteed). I think our Associate/post-MBA pay is somewhere in the 225-250k range all-in. Have heard indications of ~140-150 + 40-50% for that level, increasing every year afterwards with VP’s being in the 350-450 range. Zero idea for SVP outside of some very old numbers online indicating 500+, would assume that’s it’s a little higher in a good year with profit share or carry.
I have some insight into partner/principal/etc comp and best I can tell a principal will be pulling in low single digit millions per year on average, with an MD maybe being in the 5-10 range most years assuming decent deal flow. In a good year I was told MD’s clear 8 figures.
Definitely feel a tad underpaid but given my firms structure I know I will never get pushed out or expected to leave unless I underperform. We have more partners than pre-MBA analysts at my firm based on the company directory
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