Mod note: Click here to see all of our q&a's and interviews So the deal I have been working on won't close by the end of the year. This means I'm going to have a few slow weeks heading into the holidays and will need something to do. I've been getting a lot of PMs about Real Estate lately and thought it would be good to get a good Q&A going on RE. Ask anything you want about RE or RE finance and I'll do my best to answer. International Pymp, Mr1234, VT4ever and the other RE focused monkeys can also chime in to help. Thanks, RE_Banker
07 Aug 2013
Incoming Senior at Target Non-Ivy looking to enter REIB. What are some groups that should be on my radar, whether it be RE groups at BBs or more boutique firms. Relatedly, if my end goal is REPE, is REIB the most logical first step or should I be looking into AM at a bank or REPE firm. Any information would be greatly appreciated! Thanks
21 Jul 2017
Could anyone describe the process of a REIB interview? Whether from personal experience or flat out knowledge. I have my initial phone call this week with a VP at a global asset management firm in their investment banking division, focusing on real estate. I have never interviewed at a bank before, let alone a REIB position, so I am completely lost. Anything I should expect for this call with the VP? Do you think it would be the typical resume walk-through or would you think he would ask me some technicals right off the bat? I know it's early in the process, but I am trying to gain as much
26 Mar 2019
Interested in getting more information on PJT Park Hill. What's the culture like? Exits? How competitive is it to get in (compared to MM REPE, MF REPE, BofA/Citi/GS REIB). Interview difficulty as compared to other boutiques? What profiles/backgrounds are they looking for? When do apps open (assuming I haven't missed them)? Give it to me straight. I'm a prestige whore. -some sophomore with exaggerated self worth
11 Mar 2021
Trying to get an idea of where the various REIB groups are located. Please feel free to add/correct... - Goldman Sachs: New York - JP Morgan: New York - Morgan Stanley: New York - Citi: New York - Bank of America: New York
18 Dec 2014
Been thinking this for awhile. Say you are like me and a second year analyst at a lender/debt fund, and of course have a buyside goal (acquisitions / asset management). Would you go into REIB if you couldn't get into REPE? What opportunities does REIB offer that a debt/equity shop or debt fund can't offer? Would it make sense to go from d/e or debt fund --> REIB --> REPE? Is that even possible or worth it? I'm getting concerned that there are / soon to be many qualified applicants for limited CRE roles in the future and it's getting harder to stand out. The path to buyside isn't what it used
18 Apr 2020
Wondering what MSRE/MBA programs have the best exit opps in the REIB/REPE spaces. And when I say REIB/REPE I am more curious to hear about placement into larger firms that crank out deals (on the REIB side)/have lots of capital to deploy (on the REPE side) than smaller boutiques. Obviously M7 MBA programs will have strong exit opps (for the most part) but I am more curious about other programs that are not talked about as often - for example, one I have heard great things about is UNC's MBA Program. If anyone has anecdotes, please feel free to post or PM me if you do not want to share publicly
03 Apr 2018
Hello fellow primates, Have just been invited to interview for an Eastdil Analyst position in the London office and I am seeking the standard comp/hours/exit opps info for this branch. I understand they are new to the UK so there might not be many of you out there with direct/indirect experience, however examples from US offices would be extremely helpful. Bit of background: New entrants to the UK RE market however they have repeatedly worked on landmark deals (Broadgate Stake Sale), im assuming based on their strong relationship with BX etc from their US dealings. Michael Cochran and James
24 Nov 2016
Hey RE forum, I'm wondering if anyone has insights on CBRE Capital Advisors. I'm a college senior and asking because I have a final round interview in two weeks for an IB Analyst position. I know it's the IB arm of CBRE, but was wondering if anyone here could share more info about their work, reputation, culture, hours, comp, and so on. More specifically, on their website the "Core Services" section makes them seem like a pretty standard REIB coverage group, but the "Sector Expertise and Experience" page includes a lot of deals that seem more like investment sales. (The website, for reference
06 Mar 2018
All, I've been lurking WSO for many years now and now am looking for advice in breaking into REIB. I've been working in portfolio management at a top life insurance company. Portfolio I cover, entails a variety of fixed income product to REPEs, PE, and Hedge Funds. The work mainly do is asset allocation, cash management and duration management. I've been here for 2.5 years and felt my next move would be into Real Estate. (I'm currently invested in 2 investment properties). I've already purchased some books and will be signing up for a BIWS RE course to perfect my modeling around RE. • With my
26 Jun 2017
Basically I've just made up my mind that I want to break into the Real Estate business upon graduating undergrad, and hopefully moving into Real Estate PE down the line. The issue is I'm a rising senior and don't have any experience directly related to RE. Stats: -Rising senior at non-target school in Boston (BU/Northeastern) -Dual concentration in Finance & Accounting. 3.5 GPA -Leadership positions in finance clubs etc. Internships: Trade Support at big AM firm in Boston Interest Rate Derivative Sales-trading at a MM in NYC Financial Leadership Development Program at a F10 (Current internship, not done until July 13)
15 May 2012
I'm wondering what analysts get paid at the "real estate investment banking" groups at major brokerages. The capital markets, IS, structured finance/debt/equity groups or whatever the groups call themselves. I've searched the forums/the salary sections and glassdoor, but there isn't much info or I'm finding numbers that seem low to me (60k). Are these positions comparable to real estate banking groups at banks? What are bonuses like? I see that it could depend on the team... Then what's a typical range? I apologize for posting this... since I know it has been many times, but this has barely/if
10 Sep 2015
What firms have real estate groups in Los Angeles? I know Barclays does but do any other firms that don't only specialize in real estate have groups in LA?
06 Oct 2014
Hi, first time poster here. Does anyone know any real estate IB groups in the DC area? I'm moving to DC soon and want to know where I can start networking. Much appreciated.
24 Jan 2015
Hi all, I have been a long time reader of the site but have never posted before. I recently received offers for REIB groups at a number of the BB banks; and am having a tough time choosing which one because I did not summer in any of the groups (Went the global volunteer route last summer). I would prefer not to name the specific banks because some of them only had 1 or 2 spots across IB and it would be very clear who I am. For the sake of this you can assume all of the major RE banks. (MS, GS, BAML, JPM, DB) I have used the search button but the info seemed pretty dated. I was wondering which banks have the stronger groups in terms of deal flow and analyst experience?
03 Oct 2013
Does anyone have any good information or insight on this group as far as reputation, culture, etc.? I'm curious to learn more and there isn't much information on the site.
02 Dec 2014
Hello! Thanks to the advice of WSO, I began networking and got myself an internship in the CRE department of a regional LifeCo company that invests in commercial mortgages. My question is how do I leverage this position or make the most of it? From my interviews it seems that they deal with mostly smaller borrowers (they talked a lot about guarantor's for the loan), but it seems all over the country, and all over the place but yet very few people I've talked to recognize their name. For example, they told me about their refinance of a large water park that is the only one in a 90+ mile radius
16 May 2018
Hi everyone- Recently discovered WSO and thought it would be a good place to ask this question. So I have two potential opportunities that I would like to get some feedback on. The first is a Market Analyst job at Cushman & Wakefield. The second is an Asset Management Analyst job at Boston Capital. Boston Capital has a $15 billion multifamily housing portfolio, most of it is affordable housing. My ideal scenario would be to work for a couple more years, then get an MBA. After that I would like to get into REPE, REIB, or REIT. In your opinion, which is the more favorable opportunity? Is my plan, which is to work for one of these firms > MBA> REPE/REIB/REIT plausible? Thanks for any feedback.
25 Apr 2014
I am at a M7 program and finished my summer associate position in real estate coverage at a BB universal bank (think BAML, JPM, Citi) with a return offer. The question now is, take the offer and signing bonus, or say no and recruit for REPE if that is the ultimate goal? BIG decision considering the costs of an MBA.
08 Sep 2017
Question: how do top capital markets teams stack up against the BB investment banking firms (or even the boutiques) in dollars sold? (aka a $1 billion dollar class a building sold by a capital markets team equals a $1 billion dollar software company sold by an investment banking team) The problem with this comparison is how regional it is. I know an investment sales team that does $11B in sales, but they do all the sales in the same state (and really the same submarket). How does this stack up against IB'ing teams (even though they are national/international)? Fees are worse for CRE but I'd
28 Sep 2015
Carlton Group is a boutique real estate investment bank. I was doing some due diligence on the company and it seems like a firm a tier below Eastdil or HFF. What really caught my eye though was the enormous number of anonymous posts on TheRealDeal.com shitpanning the company and its CEO Howard Michaels. Anyone know the scoop on this company and its leadership?
09 Jun 2011
For those of you in the industry -- which players focus more on buying companies versus those that focus on assets? REPE is obviously different from traditional PE in that some of these funds directly own assets instead of companies that own assets. I guess I'm trying to gauge which REPEs value more banking experience versus those that value more brick-and-stick real estate experience. I know Blackstone does corporates (Equity Office, Hilton, etc) as well as portfolios (Duke's suburban office portfolio, single family homes).. Any takes on other names? Thank you so much!
15 Nov 2014
Hey, I was wondering if anyone has any experience with NorthMarq Capital. I cannot find much in terms of culture, experience, comp, exit ops, etc for an analyst or associate there. They claim to be a REIB, but it looks more like a mortgage lender? Any information that you guys might have would be greatly appreciated. Thanks
10 Jul 2013
Hello, Hoping to get some advice on my next career move here. I am 27 years old and have been working at a boutique real estate brokerage in Toronto since I graduated. My business has pretty much strictly been land deals, and although this has been a decent experience at first, I've developed a interest in the investment side of real estate. Therefore, I am interested in knowing if anyone can provide some advice on the prospects of a broker making the jump. My main area of interest is private equity real estate or hedge fund real estate, but working for a REIT would be alright as well. In
11 Mar 2016
Right now I have an internship with a large brokerage shop (think CBRE, Eastdil, JLL) in their "investment bank". I was curious if I received an offer after the summer and decided to join the brokerage FT would I be setting myself up to possibly be able to get in at a BB or MM REIB firm at the Associate Level? I know the transactions I would be doing in the investment banking group at the brokerage shop would be much different than ones done in REIB at a BB but I think it would be beneficial to get experience at both the asset level and then work on more of a portfolio level with REITs at a true Investment Bank.
30 Apr 2013
What are some of the top real estate groups in BB or boutique IB specialized in real estate in Asia? I talked to some people at Natixis and Citi in HK, they don't have RE sectors at all, totally different from the U.S. Can anyone share some insights?
05 Mar 2020
Applying for an REIB analyst position tomorrow. I need help on how to spin something in my resume. The question about my background I'm probably most uneasy about is "you did a valuation internship and then a boutique banking internship. Then you worked for a year and a half in Asset Management, and now you want to go back to banking. Why didn't you just go into banking out of college?"
18 Dec 2012
Hi All, I was wondering if anyone knows of any larger REIB firms where they have a focus on financing residential (mixed use is fine too) deals? I imagine most would have a focus on commercial deals. Thanks in advance for your help!
04 Jun 2017
I am a recent grad with a finance background and have an interview coming up for a smaller company competing with the likes of Situs. The position is for a CMBS Analyst underwriting on agency and non-agency (Fannie and Freddie) loans internally within the company (mostly concentrated on the Multi-family Fannie and Freddie Mac side). I wanted to find out more about what kind of compensation structure I can expect (more in depth than Glassdoor, if anyone has insight into bonuses would be awesome), career paths following this position and any other general info on the industry such as, hours
11 Jan 2017
As a post MBA associate do you get to pick what group you join at the BBs? For example I'm only interested in investment banking if I can get into a real estate group. Thoughts?
21 Sep 2012