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Sorry, I can't compare random groupings of name brand companies.
This is WSO. I can only rank them.
Plz fix.
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YMMV but I find that people tend to gravitate towards the firm that actually gives them a job offer
The real difference is that BX/Starwood types are true finance oriented REPE firms, more of a real 'high finance' shop. Not to say they don't understand real estate but they are not full operators, they invest in and with operators. They do fully manage assets, but they quite often have partners, especially for development.
Hines/Related/Tishman are true real estate firms, vertically integrated from development to property management and in some cases (like Hines) also have full capital markets/investment management businesses.
Thank you for this answer - appreciate it. This is what I was looking to understand better.
would you say that bx more so focuses on portfolio level acquisitions, whereas a shop like Hines may focus on single core assets?
Hines doesn’t have an acquisitions group, their developers do acquisitions too.
A lot of the funds, particularly in Europe have acquisitions teams that aren’t development teams.
Hm. You sure? An MD at Hines told me this specifically. Maybe it depends on the office.
FWIW, another correction to another post: someone said directors get carry but at Hines it starts at VP level.
Reading between the lines, you are sort of asking whether you want to go into real estate development or real estate private equity. All of those firms are at the top of their game, but Blackstone probably isn't going to buy Hudson Yards from Related anytime soon. So I guess, you would have to consider questions like do you want to build something from the ground up (underwriting a development deal has tons of factors and you are going through several years of no income) or distressed/turnaround analysis (also with many factors but producing cash flow)? There are certain acq groups where there might be overlap, say if Blackstone/STWD wanted to do an opportunity zone fund, they might pair up with a developer in a JV fund. As others have mentioned, its also a divide between the high-finance part of real estate (portfolios/reits) and more of the granular real estate (developer could be underwriting a deal for years).
If these generate any questions in your mind - let me know and I can get more specific.
very helpful answer - thank you! I guess it more so comes down to preference. This gave me a good starting point to further the discussion with myself regarding where in the real estate spectrum I want to be.
would you say long term theres a difference in terms of compensation? Also, on the other hand assuming that breaking off on your own is much easier in development than pe .... or atleast doing some development projects on the side is easier?
Knowing people who have worked at both Blackstone and Hines; there is a considerable difference early on in compensation between BX and Hines. Just to clarify, my knowledge is from individuals in the BX REPE acquisition team and from Hines' transaction team (acquisition/development).
Blackstone pays in line with REPE firms for analyst and associates and pay all in about 120k -350k. Whilst Hines pays for their development/acquisition whilst doing relatively similar work, 90k- 200k all in. The hours at BX are very long normal and only get worse during live deals. Hines work/life balance seems better - the people who I know work there have been there a while.
Later on, (Principal/Director level) it becomes very hard to compare compensation because its very deal/fund performance dependant. At BX, they start getting carry at this level, whilst at Hines Directors can co-invest on deals/funds
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