Every year a list of the largest real estate private equity firms is published. However I have yet to find a list of the best real estate development firms. I'm specifically referring to firms that have great analyst platforms where you'll learn the most, get exposure to a diverse multitude of deals, and network with the brightest (Hines, Trammel Crow,...). It would be great if someone can create a top 10 and elaborate on the why.
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It's going to be really hard to do this list just because of the number of firms and that "having an analyst program" is neither a constant nor always a desired aspect of a development firm. Some great firms that quickly come to mind (in no way inclusive):
Hines Related Trammell Crow Tishman Speyer Boston Properties Highwoods Cousins Crescent Communities Avalon Bay JBG Post Properties Childress Klein Jay Paul Company Duke Realty Brookfield Vornado Edens
To this point, a lot of the most prolific developers aren't really developers at all--they are REITs. Also, individual cities will have dominant development players in certain classes of real estate, but these developers could be totally unknown nationwide.
This is a great list for a start, I will look deeper into each and determine what best fits what i am looking for, but Thank You very much.
Skanska is kicking ass and taking names in a number of ways. Toll Brothers is always a constant
Skanska? They are a big GC. Do they have a real estate arm?
They do. They recently sold their seaport building: http://www.bizjournals.com/boston/real_estate/2016/04/this-seaport-offi…
It's my understanding that they started as a GC but have expanded tremendously as of late. Their infrastructure unit is enormous and has very few competitors.
Jamestown is huge
While I'm not a subject matter expert, I have consistently heard good stuff about Hillwood (Ross Perot Jr's firm) and Mill Creek, which was started by ex TCR people.
These are great lists of top developers, but they don't address the fact that very few have analyst level programs.
The lowest level at many (most?) development shops is associate/manager/director and require, on average, 5-7 years of CRE experience to break in. Many developers hire former brokers (leasing, sales, or capital) as they have a solid understanding of deal structure and new business development. Unless you're going 100% spec (multifam/senior/hotel, or the one-off office/industrial [not incredibly common right now]), the vast majority of new development occurs through direct relationships with businesses that have already identified the need to expand or through tenant rep brokers that have those relationships. Another reason brokerage experience is helpful.
What about breaking in through the CRE debt side?
My experience having worked as an analyst at one of these "top" shops is that you can get in as an analyst at a few through networking. They mostly take kids with similar profiles to banking that want to work in real estate instead. Most college students or juniors lack the technical skills to be useful enough however and of course have very little knowledge of real estate. That said it is possible to get into a top shop doing something like Asset Management and transition or push your way through the door into development/acquisitions if you can demonstrate hunger, technical skills and decent real estate knowledge. Though it isn't easy.
So I'm going to start my MBA in a couple months and Ive done a year in real estate on the mortgage lending side and a 4 month investment banking internship. I would like to transition to real estate development. Should I be looking to intern at a reit over the summer or straight to development? I heard you learn some things at reits that might be more helpful than development initially.
Is the best option trying to go to an Associate program? ( like Tishman Speyer MBA rotational program?)
You could intern with a developer or a REIT that develops. Your experience will be similar and both are great options.
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