Tishman Speyer (REPE) analyst progran

Hi guys,

I've been lurking for a while, and decided to post in order to gather some info about a program that attracts me. Anyone has information about TS graduate program ?
- how do you get in ? (they just mention to ask your Uni career service...)
- what kind of tasks are you given in each division ?
- number of rotations over the 2 years ?
- What does "ECM" division stands for in a REPE firm ?
- salaries ?
- exit ops

http://tishmanspeyer.com/work/Analyst.aspx

If you're working in that company, feedback is welcome, even if you did not go through the analyst program.

Im a EuroMonkey, looking for a position in London/Paris/Luxembourg :)
Im currently in a top BS in Europe.

Thanks.

Comments (20)

 
Jul 17, 2011 - 7:46pm

realkey:

- how do you get in ? (they just mention to ask your Uni career service...)
- what kind of tasks are you given in each division ?
- number of rotations over the 2 years ?
- What does "ECM" division stands for in a REPE firm ?
- salaries ?
- exit ops

.


- you'd get in the same way you'd get into a job with a BB, most likely. Just like the BBs, Tishman had an on-campus recruiting program at my school
- I don't know what they mean by ECM, but probably structuring JVs/partnerships from a more passive equity partner perspective. I would say acquisitions, but that is already listed there.
- Don't know about comp, should be at least ok. See other RE threads to get an idea for what you'd be getting into with a job like this. Tishman is definitely a respected global player, though.
 
Jul 18, 2011 - 7:33am

Thank you Propsie for your quick reply.

  1. The thing is that website is a bit weird, they dont really have a standard summer/grad program dedicated page, but a rather generic "update your profile" page. I also wonder when to apply. They say itw are held in October-November, so August would be fine no?
  2. I did not see TS on my campus but all the BB came, so it should be fine. Maybe I should try to contact an HR person working in the company ? Or somebody more operational ?
  3. Ok i'll do my due diligence on the other topics.

According the the PERE30 they are one of the big names...
Any other feedback appreciated (I also saw a post about JLL analyst program).

 
Jul 19, 2011 - 4:18pm

I was hoping someone else would jump in because I don't know the idiosyncracies of recruiting grads in the UK.

If you were in the US, my answer would be to find an alum/family friend/etc at Tishman or else you are screwed. What you're asking is more of a general recruiting question and is not necessarily limited to Tishman.

 
Jul 29, 2014 - 1:34pm

ECM = Equity Capital Markets

I'd say the RE group in IBD at a BB bank is fairly comparable in experience to the analyst program at a top developer. The developer will give you better exit opps within RE, where as the BB will give you better exit opps if you want to move into general PE or VC.

 
Jul 29, 2014 - 1:38pm

Guys, Tishman is not that hot. They were involved (with BlackRock) in the biggest real estate bust in the history of the business (Stuy Town and Peter Cooper Village).

I've seen the partnership agreements, legal docs, DD and UW (which hinged on their ability to drive up rents in a rent-controlled project...dumb) for that deal - the impression that I got was that they are not even remotely sophisticated (assuming that that one deal is a representation of how they invest).

Seriously, guys.

Man made money, money never made the man
  • 1
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Jul 29, 2014 - 1:39pm

Just my subjective opinion is that Tishman Speyer doesn't seem like they're crushing it. A simple example is something in the wsj paper today:

"It built the huge Peter Cooper Village and Stuyvesant Town apartment complex in New York for returning World War II veterans and in 2006 sold it in what turned out to be a top-of-the-market $5.4 billion deal.

That transaction later came back to haunt the buyers, a group led by Tishman Speyer Properties, which defaulted on $4.4 billion in debt on the property in 2010."

 
Jul 29, 2014 - 1:40pm

I don't contest that they've had their issues lately, but isn't that less pertinent to someone joining in the analyst ranks? Assuming they've retained a lot of their top talent you would still probably get a quality learning experience. After all, it's only a 2 year program.

 
Jul 29, 2014 - 1:41pm

theBEEGEES:
I don't contest that they've had their issues lately, but isn't that less pertinent to someone joining in the analyst ranks? Assuming they've retained a lot of their top talent you would still probably get a quality learning experience. After all, it's only a 2 year program.

I would agree with this. GIC was also invested in the Sturyvesant fiasco, does that mean that I wouldn't want a cushy job there? There are much worse things than having such a name on your resume.
 
Jul 29, 2014 - 1:42pm

could anyone comment on the value of an analyst program at a firm like TS compared to an analyst role in the capital markets/investment sales group at CBRE, JLL, Cushman?

 
Jul 29, 2014 - 1:44pm

chrisjr:
could anyone comment on the value of an analyst program at a firm like TS compared to an analyst role in the capital markets/investment sales group at CBRE, JLL, Cushman?

I'd say for many positions in RE PE the Tishman experience is better, but it (could) depend on the firm- I'm not sure and I'm in China so that should be noted. I'll tell you that at my firm, we'd be far more likely to hire middle/junior level people from Tishman, Related, etc. (other top developers) as opposed to someone from a brokerage mentioned above (I came from one of these U.S. developers myself). We'd also give preference to people at Vanke, etc. (top Chinese developers) as opposed to brokers. People who really understand the nuts and bolts (and corresponding model inputs/ranges) of the development process and are still polished/financially sophisticated enough to grasp some of the the more "private equity-ish" side of the business are somewhat rare, from my experience. Also, if you're working on opportunistic deals, it's likely you'll be working directly with developers and your experience in their field will help you build relationships and gain their respect... which is important in a competitive capital market when you've got lots of players trying to get into new deals (like in China, for example). Developers will be much more likely to give you joint control over aspects of the development if you prove to them in negotiations/discussions that you've also done this before and can add value beyond access to capital.

 
Jul 29, 2014 - 1:45pm

Personal opinion: I think I would take a junior level role doing property sales at Eastdil over Tishman (close call). I would take a role at Tishman over property sales at CBRE/CW/JLL (not as close).

Agree with RE Cap Mkts that Stuy Town was a terrible deal, but a lot of people did terrible deals in 06-07 and are going to come out just fine in the next cycle. Conversely, a lot of people did terrible deals in the same period, were burned horribly, and will never recover and raise money ever again. Tishman is going to survive.

You obviously want to use track record and performance as one criterion by which to judge your prospective employers (and it's an important one), but at the same time you'd have a very narrow set of prospects if "never did an awful deal" is a litmus test question. Tishman wouldn't be my first choice, but I think you could do far worse.

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