Others have posted similar discussions about the merits/drawbacks of working at a capital partner versus an operator/developer, and I too am having a similar internal struggle.
I currently have an Analyst offer from Hines (big city/metro area) at a higher salary and bonus than my current job, but I am also interviewing for positions at BlackRock and Morgan Stanley, and just struggling to make a decision. I am not currently in an acquisitions role (in an advisory role for institutional real estate investors) but looking to break into acquisitions and do a bit of development too.
My initial thoughts are that both roles will allow for strong exposure to numerous deals, with a tilt to office at Hines (and a slight geographic limitation versus the other two). The larger companies don't however offer the development/boots on the ground/brick and mortar exposure that Hines does. If your long term goal was to jump to say a Blackstone or other private equity real estate shop down the road, would you take an offer at Hines or one from BlackRock? And lastly, is it worth it to wait for other offers, or is "a bird in the hand worth two in the bush" in this case?
Curious to get your feedback and opinions.
It depends what you are interested in. Everyone thinks they want to work at BX for John Gray...until they don't. I have friends there, and they earn every cent of their generous comp. It's a sweat shop.
Usually the way these things work is that you start at a capital partner then move to a general partner. You could do it the other way, but this is the most common. BlackRock is on the upswing but in my opinion it is kind of meh. Especially their US operations. Morgan Stanley has a pretty cool platform but see if you get an offer first.
With that said, I would take an investment role at Hines everyday of the week and twice on Sunday. However, that is where my interests are. I like working at the asset level. The senior guys at Hines also make truckloads of cash.
RealEstateNerd, I assure you, you can definitely go from Hines to REPE. I know a fellow alum in my city who did just that. He made it to fund manager at age 32. I have definitely seen this pattern elsewhere, such as someone who went from Trammell Crow to REPE.
Agree w DBCooper on all points. BlackRock over Hines? No way in hell. If it's BlackRock vs Hines, then do not let the bird in hand expire. And above all, just forget about REPE for 2 seconds and do what excites you and interests you right now on a daily basis.
Out of curiosity what do you do? I am a longtime lurker and always find your posts insightful.
FYI: I had a friend at BlackRock who hated it and moved to a smaller owner/operator/developer and is much happier.
I totally agree with this and know two people that went directly from Hines to top REPE shops. 1 from analyst one from director.
I also started with a stint at a developer and moved to REPE, though I had an interim step at a boutique repe shop before i moved to a leading player.
BlackRock is strong in Asia (MGPA) but I'm not familiar with their US operations and Europe is not very impressive. If you really do like nuts and bolts Hines is the place to be. I've work with them across continents and they're the best. And yes, they do move to BX on occasion, if you still believe that's where you want to be. MS is also a good option, but don't count on the offer until it hits. Also, the name still holds weight but a lot less... Hines is likely your best option. Is it a development role of "fund analyst" they DO move people between the two at those levels from my experience, but better to start on investments/funds then as development analyst.
Thanks for the info, very helpful. The role at Hines is unique in that it's both an acquisition and development analyst position, which is one of the reasons I'm drawn to it since it offers an extra level of experience (development) that the others don't. Also, as some of you have mentioned (as well as others in other posts), I feel it can't hurt to have true 'brick and mortar' experience early on in one's real estate career, especially at a shop like Hines.
How many years out of undergrad are you and what type of advisory role are you working in now? Your right, the majority of larger players have the acquisitions and development groups separated b/c they often find themselves competing against each other in markets where exposure is needed.
Your interests don't seem to align with your goals; you enjoy brick and mortar, but want to work at a mega-fund? Larger funds aren’t fixated on stick and bricks, they are more quantitative focused and you would be underwriting portfolio transactions and running return sensitivity analysis based on different scenarios.
At the end of the day you could lateral into Blackstone from any of these groups if you play your cards right, but the work experience you would gain at MS or BlackRock would align better.
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