Tishman Speyer Analyst Interview help

Hey fellow monkeys,

I have an interview lined up with Tishman for their analyst program (after Undergrad). What do you think are "must know" topics that they will test me on?

Also how would you answer the dreaded "if i gave you 100Million $, what would you do with it" question?

I am very thankful for anything you guys can contribute and I promise a large debrief after the process is over.

Comments (29)

 
Oct 31, 2015 - 12:23pm

Are they expecting you to know how to model going into the job or is that part of training? May want to review model-based questions, as well as general real estate concepts.

I am guessing a large part of it will be character-based questions. Prepare to answer the typical job questions (strengths, weaknesses, etc.), why this company, why real estate, etc.

 
Best Response
Nov 23, 2015 - 8:40pm

Short debrief. Very friendly talk, first interview is mostly informational and some motivation. Mainly to see where you fit in in the company. (more relevant in offices where there is no rotation during the analyst programme).
2nd stage is 2 interviews and a modelling test. Last stage is an interview with the man himself.

 
  • Analyst 2 in RE - Comm
Feb 19, 2021 - 10:15am

Have worked with TS as an LP and their models are insanely complex and thorough. I call the analysts/associates just for them to walk me through it for a good 3 hours. 

 

Be very prepared on the modelling.

 
  • Investment Analyst in PE - Other
Feb 19, 2021 - 10:23am

false precision leads to unhappy investors, I'm not familiar with their models but would be curious where the need for complexity comes from in our rather simple and straightforward industry

 
  • Analyst 2 in RE - Comm
Feb 19, 2021 - 10:37am

I can't agree more with you on this. Unfortunately, this is becoming the norm as the industry becomes more and more institutionalized. 

To answer your questions:

1) On a development deal, every cost line item has it's own timeline on when it goes out. It can even be changed where a certain percentage goes out xx year. Again, this is for EVERY cost item

2) Model transitions from land residual > development > post-development (all those models work in harmony)

3) Sensitivities...shit load of them. This drills down to state taxes, costs, cap rates, rents, etc.

4) Unnecessarily complex waterfall model where they model out different structures so the LP's can have a clear vision on how to structure the LPA

5) Toggles for everything. I have to turn off automatically update functions on excel or else if I changed something it would take 3 minutes to update. 

 
  • Analyst 2 in RE - Comm
Feb 22, 2021 - 9:48am

You must be a loser in real life developermonkey

Now go update my models and sensitivities you monkey and make sure my project that complete 7 years from now is on track to your initial underwriting within 0.0001 bps. Yes, I do care because this is what makes me money...making sure my IRR is exactly what my original underwriting is when it completes. Also, make sure when cash calls come in that all the costs timing are updated by the day. I need you to verify with our cost consultants that you recommended. If they're off, you're done. 

 

You're a development manger. You're smart. Grind harder. You said your buddies work harder than you? Not acceptable. WORK HARDER. How are those lease reviews going? Are proposed rates in line with your underwriting? They better be. By the way, why the fuck did you underwrite the project to be complete by 2021 three years ago? Didn't you fucking forecast covid would push out our timelines? You should've atleast baked in some contingencies. 

 

Listen, I don't have time for this. WORK HARDER.

 

 

 
Feb 22, 2021 - 10:20am

Uh oh, looks like I hit a nerve with this sensitive guy.

 

Your #2 says it all: you're surprised one of the biggest developers in the country uses a, um, development pro forma. What a revelation. Your firm must be top notch..

 
  • Analyst 2 in RE - Comm
Feb 22, 2021 - 1:35pm

Looking at ur post history you're trying to break into investment banking. Somehow I kind of doubt you work at a top firm.

 
Feb 22, 2021 - 3:08pm

I considered it (but decided against it) because my brother made $750k last year as a VP at an EB in his early 30's. So yeah, that's tempting compared to the 10+ years I'll have to grind in order to get close to that.

Also, correct, I don't. I work at a regional developer. Such is life. I'm trying to move up the ladder.

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