JLL Capital Markets Exits
Before people mention go look at the previous postings, I have. I'm curious to hear about exits from both investment sales and the D/E placement teams. What are some exits that you have heard of? I understand that BX, Carlyle, and other large firms are impossible given they mostly do takeovers at the institutional level and are looking for traditional IB candidates. However, which firms at the asset level? I have done some Linkedin searches but haven't come up with much.
The market is LA, Chi, NYC
If you are on legit team at a place like JLL, I think you can move to most legit CRE buyside firms within reason. The BX/Carlyle type firms are not at all representative of the broader institutional commercial world, so I would go into it with the attitude that you can do whatever you want...
The thing to realize that who your clients are, determines your "easiest" exit path (i.e.... just get hired by a client!!!! your managers may even help you make this move, its in all best interest actually). So, are you good at analysis, understand assets/markets, capable of negotiating, etc... Then just network yourself when/where you want. This isn't that hard... EVERYONE knows who JLL is, you will be a serious candidate at most places all else equal.
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If you’re on Spies/Harmon in NYC you probably can make the move or on an Eastdil team.
Caveat... I've never worked for BX/SW/KKR or one of those type firms... so this info is what I understand from 'lore', friends who have/do work there, and general NYC wisdom on the subject (i.e. I could be really wrong)
I saw a quote from an interview with S. Schwartzman regarding getting an analyst job at BX (not specific to RE, just in general)... he said they had like 100 seats globally per year at most, and they have 1000s of qualified per seat, i.e. there is TONS of competition at all the "big name" firms in the private equity space. From what I've heard and confirmed with at least two BX people, they mostly hire analysts and associates from their respective summer programs. Getting one of those slots are hyper competitive and they only recruit at some very top universities in some programs (I think mostly grad, but that can vary firm to firm and even different year to year). I know that many that join these firms have 'prestige' I-banking, big law, and other hyper competitive fields (even medical, prob not for real estate seats though).
So... how hard?? Probably some of the most competitive jobs out there, especially if you want to work in the US (much easier to get a job at BX in an Asian office from what I understand), prob just as hard in UK. Better have top degree, top gpa, top internship exp. etc... (again that's the general word on the street about these jobs)
BUT... if you think about the PERE 100 list (not that great a list tbh, the IREI 150 is more meaningful.. but WSO likes the PERE list because its an anagram of REPE, their fav word...)... I can promise you MANY firms in the top 10, let alone the top 25 or 50 or 100 are no where close to that competitive or that hard to get a job (on relative basis to BX/SW/KKR types). The 'big names' just sit in a world of their own.. far from representative of institutional real estate.
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Interested as well. Are you an analyst?
I think KKR does investments at the asset level. Are you in investment sales or D/E placement?
Check the top 100 PERE list, that world should be your oyster, especially if you want to end up at one of those that is the same asset type you are going to be working on at JLL. Yeah, maybe, the BXs and others that are more traditional PE than RE are a big stretch, but every public REIT and PERE that just uses private capital should be a slam dunk.
It’s very hard to transition from brokerage to a mega fund such as BX/SW/KKR. These funds are even competitive for those from Ivys and IB backgrounds.
It is mainly difficult to make the transition from brokerage given how Property level focused you are in those roles. That’s not to say you don’t do asset level deals at the big shops, because they do a ton, but there is such a different mindset and work that needs to be accounted for at that high of an institutional level.
Former JLL cap markets analyst in a major market
left when I was an associate with 3 years experience, now at a MM private equity firm focusing on single asset acquisitions. I had offers from 2 similar MM PE firms, two developers. Couldn’t break into any of the Blackstones/KKR/Oaktrees of the world, they just want bankers.
Carlyle, Brookfield are two names that would entertain hiring people with a brokerage background (based on my conversations with them a few years ago)
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Low, you don't work there for the comp, you work there to get knowledge and experience UW deals.
Base starting off is ~65k, best year all in comp was ~$120k
Curious about comp as well. I know it’s market dependent and team dependent but it seems like comp is pretty competitive.
If you don't mind me asking- what is the comp like at JLL Capital Markets? How much can a first year analyst make? Some say 70k all in, others say 120k.
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