Eastdil training vs other brokerages (CBRE, Newmark, etc) - Adam Spies/Doug Harmon
Seeing their recent deals at Cushman & Wakefield got me thinking what the difference is between Eastidil (where they were before) and other big shops in terms of training. From what I understand the people who start at Eastdil (out of school) are from top schools and work IB hours their first few years.
Does anyone have any insight into what sets them apart besides that from working there or knowing someone that does?
The Harmon/Spies team at C&W probably isn't much different than working at Eastdil (long hours, great training and exposure/exit opps, tougher to get hired). This isn't the standard at C&W as team culture and production varies a lot from market to market and team to team.
What about training? What is Eastdil training like to make their team so far ahead of the majority of brokers.
Their success isn't (strictly) a function of Eastdil training, but of who they met along the way and opportunities they had early in their career.
Working 80 hour weeks makes you pretty good at putting modes and memos together.
Adam Spies and Doug Harmon are the 2 best brokers in the business and were paid close to $100 MM a piece to come over from C&W. Working for them trumps any other brokerage experience by miles.
As always, the reputation of a specific group determines the quality of your experience as much as the name brand value of the firm. Certain hard hitting groups like Dustin and Jordan out of Newmark crush it. Eastdil is always a safe choice.
EDIT: Also knowing someone who works on the Harmon/Spies team...the juniors get paid far, far better than the average Eastdil guys.
Stolly is such a fucking weapon, god that guy is cool. This post is so accurate though, but you'll still get shit on for not believing ES rules all. There are so many teams I'd choose over anything at ES, especially post buyout. NP carries as much cache as ES - that's facts.
ES is great, but hitters want to eat what they kill. Harmon/Spies bonus was absurd, but they're making significantly more now free of salary+bonus.
Your experience is going to be totally team driven, and really the associate - VP makeup. A good team at Colliers is going to be a better internship than getting killed at CW and learning nothing.
How would the experience of working with Dustin and Jordan at Newmark be?
Arguably the best balance of experience and cache in capital markets. Have a senior analyst who came from them and tells me often how much cooler they are than me. There's also a bunch of hitters in that office outside of their team.
Like crap after you get verbally abused.
This should answer your question....
https://therealdeal.com/2020/02/27/employees-fleeing-toxic-team-at-newm…
you do not want to work for these two guys.
logisdics When you say NP are you referring to National Partners?
No way $100M each. Do you have an article or something bc that’s ridiculous. Maybe $10-30M each or somewhere there but no ones giving $200M for them to come. Anyone confirm this?
This is from a pretty reputable internal C&W source. It was paid out over 5 years or something I believe, and is not at all a ridiculous number considering the $ volume those guys do and the fact C&W brought them on right before going public.
Top shelf brokers in Atlanta are getting $10m a piece to switch shops... those dudes are probably getting to $100m for sure. For Cushman, it is about volume and branding for their platform.
Over 5 years I could see it.... I also thought it was up front
It'd definitely be upfront. It's a signing bonus type thing that the shop amortizes over the life of the deal. I'd also be willing to bet their splits are killer... could see them taking 70% of the fees and Cushman taking 30%. Can't understate how big of a hire that was for Cushman.
with their stature / relationships with the institutional community, why wouldn't they just set up shop themselves and keep the 30%? a la liontree or michael klein in the IB realm. i can't imagine C&W's brand name or back office admin functions being that valuable
I think a lot of folks underestimate how big of a pain in the dick running that back of the house stuff is, and weirdly some of the most high-profile brokers suck at running a team / company. They are also doing a few deals with brokers in other cities (i.e. high-rise deals with Given in SoFla). Cushman's platform isn't great, but they're getting paid well to make it better with limited downside; also, a lot of institutions won't do deals with brokers that aren't under a major flag (not saying that's wrong or right but just the way it is sometimes).
No dispo guy, especially on deals of their stature, is taking a risk on the brokerage shop. Dispo guys want sure things, and someone to blame - can't do that when taking risks on brokerage houses.
I thought $100MM was the total for the full team? Still crazy...
I find it hard to believe that when Eastdil pays first year Analysts $160k+ lol
At C&W you would probably be tied to fees, so a few % point each transactions, but it would add up to more than ES.
Interested to know what the juniors on that team are getting paid... got any figures?
the juniors pay eastdil for the privilege of adam spies's perfect tutelage
NP has the same cache Eastdil? Maybe from the perspective of a buyside owner trying to sell off a 400k SF box, but hard to argue that being the sole analyst on a $17 BN transaction isn't a significantly better training experience than being one of an army of analysts selling one-off assets.
I think this brings up an interesting question. Do you think it possible to network your way on to a Harmon/Spies, Stacom/Shannonhan, Stolly type of team as an analyst? Or is it best to get analyst experience elsewhere and try to switch to that team?
Let me know when you find the answer. Been trying that for 2 years now lol
I literally applied on CBREs site and got a call from Darcy’s group for an opening. Just apply to nyc positions at CBRE. Didn’t have the experience so only went one round.
Really? wow. Was it for her debt platform she is building out or Office investment sales?
yeah, i networked with/know multiple people on that team. some of the nicest people i've met (my only interaction with them was when I was looking for a job). they hire on an as-need basis and weren't looking at the time i was looking to start so i ended up getting a different job. but based on my experience i think if you were in the right place at the right time it could definitely be done. pretty long hours though, obviously.
Any advice? Have a informal intro call with a person on Darcy/Dustin type team? From what I understand Darcy's group is institutional investment sales aka capital markets. They run their analysts into the ground, but it's great experience.
Not sure if anyone else listened to NYPEN’s Capital Markets Webinar today with the Newmark team mainly Stolly and Jordy.
First time listening to them speak and holy hell, Jordy sounds like the biggest doushe. Literally like a frat bro. Dustin though sounds more normal and more sophisticated.
“Like dude, we totally killed it last year with over a billion in transactions, dude.”
Can you link this?
link? Do they usually release the webinar later?
Hey guys, may have an opportunity with one of these brokerage teams as an intern in the next 6 months in my second year of a masters program. This team is top few in a major market, they’re mostly doing deals in the South, Carolinas, Midwest for multi and not major markets like NYC/LA (still substantial deal flow of $4-5 billion+ a year). End goal is an owner/developer, how do they look on these deals in these tertiary and secondary markets but still deals up to $1 billion on a single transaction and they’ve closed many in the hundreds of millions per transaction. They’re doing many deals a month if not more than 1 a week. Curious how this would be with the way multi is going in those markets? Still great deal flow and I am an intern and it’s a great name.
Harmon & Spies > Gary Phillips & Silverman.
Team >>>> Broker brand name.
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