Secondary Advisory vs REPE?

Hello everyone,

I've been going through the Junior year recruiting process for real estate and am wondering what your take is on my situation. I am currently a rising Junior at a target school (Harvard, Wharton) and have a internship lined up at a top 5 REPE firm (think Blackstone, Starwood etc) that I am very excited about.

At the same time, I have been very fortunate to receive an offer from PJT's Park Hill Secondary advisory group for Junior Summer 2019. This opportunity is also incredibly exciting to me, particularly because of the exposure analysts get to clients and the nature of the work.

I am wondering if anyone has any take on the pros and cons of either? I have to respond to the offer before the end of summer so I won't know where I stand at the REPE firm in terms of an offer for Junior year.

Thanks so much!!!

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Comments (9)

May 19, 2018 - 11:41am

went to a similar target and same firms OCR'ed at my school. have had a lot of peers SA at Park Hill and not get the FT return offer, where the Blackstone/Starwood SA's almost always got converted to FT. Park Hill seemed to like to go back out and recruit for FT as seen thru OCR as well. not sure if that matters to you but could be interesting to consider. dont know your end goal or what the role is at REPE shop so can't speak to pros and cons from your perspective.

May 19, 2018 - 4:56pm

Thanks so much! That's interesting. I was under the impression the REPE shop would be more "competitive" in terms of FT offers and that Park Hill would slot you into FT fairly easily assuming you did good work.

In terms of my longer term plans, I am doing Acquisitions for the REPE group and not entirely sure where I see myself 10 to 15 years out. I think a lot of my goal right now is to find my place in the industry and see where there is a good fit and then go from there.

May 21, 2018 - 4:24pm

100% agree here... Whether on the brokerage side or the principal side, the closer you are to the deal sourcing/revenue generation, the better generally speaking.

"Who am I? I'm the guy that does his job. You must be the other guy."
May 19, 2018 - 11:11pm

absolutely a better option to take buyside at a top repe, that's almost always the end goal.
In terms of options, I would rank 1. REPE at top 20 firms 2 BB RE IB 3. Secondary advisory like Park Hill. Definitely more doors opened and more interesting work at the REPE

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May 20, 2018 - 10:44pm

Interesting. Ok. Off the top of your head can you think fo other REPE shops that recruit out of undergrad? I know BX, Starwood, Rockwood, and Brookfield or an my radar but unsure about others. I have also checked through some of the Top 50 lists an will be reaching out to people on there...

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May 21, 2018 - 1:42pm

Blackstone
Brookfield Asset Management
Starwood Capital Group
Tishman Speyer
Hines
Oaktree Capital Management
Westbrook Partners
Rockpoint Group
PGIM Real Estate
Fortress
Ares Management
LaSalle
Colony
Angelo Gordon
Morgan Stanley Real Estate Investors
Invesco

May 21, 2018 - 1:43pm

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