Once upon a time the bulge-bracket banks were over subscribed at campus recruiting events as soon to be minted undergrads and MBA's lined-up for an opportunity to launch their career as an investment banker. Before the great recession, bankers were idolized and epitomized for their power, financial prowess, big-ticket deal-making skills, and big payday's. Alas the tide has turned. Today bankers are trashed by the White House and Congress, campus recruiting lines are skimpy, JQ Public despises them, bonus checks are getting thinner to non-existent, and financial "clawbacks" are becoming more common. We can all agree that bankers are not the most lovable professionals out there, but they are as critical to the free market economy as the banking system itself, and if they went out on strike, the capital markets would grind to a halt. My sense is that this bonus cycle is the trough for bankers, and come next season, there will be renewed recruiting and a corresponding uptick in compensation.
Tony LoPinto is the Global Sector Leader of Korn/Ferry International's Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.
Associate - Investments (Pre-MBA)
(LOS ANGELES) The associate (pre-MBA) is an integral part of the investments deal team, responsible for handling the majority of the financial modeling, research, and underwriting of an investment. Duties include analyzing and underwriting potential acquisition and development opportunities to include cash flow modeling, property valuations, investment analyses (IRRs, sensitivity tables, etc.), and joint venture structuring; supporting deal team by independently performing market research of investment districts and other market data by utilizing CIM resources, such as relationships with external experts, to inform decision making; and supporting the transaction due diligence and closing processes.
Portfolio Manager - Multifamily Transactions
(CHARLOTTE, NC) Duties include managing post-closing borrower transactions requests, including: repairing agreement extensions and modifications, property management changes, easement, commercial leases, condominium overlays, late charge waivers, assumptions, rental achievement extensions, and substitutions. Three to five years of direct agency experience required.
BIOMED REALTY TRUST
Director Risk Management
(SAN DIEGO) The director of risk management will be responsible for developing and administering the insurance and risk management programs for the company. Duties include but are not limited to: procuring and overseeing the company's insurance policies, including analyzing the types of policies obtained and scope of coverage; analyzing and negotiating premiums and terms and conditions; maintaining strong relationships with existing insurance carriers and developing relationships with new insurance markets; staying abreast of market trends and industry practices; developing property-specific valuations and premium allocations; reviewing policies for accuracy and completeness of coverage; and ensuring compliance with ongoing policy requirements.
(SAN DIEGO) Investment analyst will be responsible for providing support to regional offices through underwriting, due diligence, servicing, closing and various support functions; preparing preliminary and final investment reports in compliance with company guidelines and investor requirements; preparing an appraisal report utilizing the three approaches to value and develops a final valuation estimate; and coordinating due diligence and inspection properties, reviewing building plans, calculating building sizes, ordering and analyzing credit reports and other pertinent underwriting criteria.
UBS GLOBAL ASSET MANAGEMENT
Global Real Estate Summer Analyst/Associate
(HARTFORD, CT) The real estate intern will support the Hartford based portfolio management, research and/or asset management teams. Duties include reviewing property reporting packages and evaluating variances and trends; assisting in the due diligence of potential acquisitions including expense analysis, lease review, and underwriting assumptions and modeling review; assisting in writing and pulling data for reply to various ad-hoc client questions and requests; assisting in the production of reports as well as participation in special projects; and reviewing and updating presentation pages for Marketing purposes.
Portfolio Management Analyst
(BEACHWOOD, OH) The portfolio management analyst will build extensive working knowledge of assets at an operational and financial level. Responsibilities include analyzing, underwriting a significant portion of the operating portfolio; touring select markets and meeting extensively with leasing, property management, and property accounting departments on asset diligence; producing key takeaways and strategic investment recommendations on all properties reviewed; portfolio management; providing periodic updates on Portfolio Management progress to senior management; and providing ad hoc analytical support for the senior vice president of corporate operations and chief of staff.
(IRVINE, CA) The analyst will be responsible for analyzing the acquisition, entitlement, construction, capitalization, and stabilization of ground-up mixed use multifamily development. The analyst will support negotiation decisions, support the development directors, and conduct market research. The position will also be responsible for analyzing due diligence materials and preparing investment memorandum. This position interfaces heavily with the acquisitions lead, development directors, construction managers, real estate owners, local market brokers and top Greystar executives.
COHEN & STEERS CAPITAL MANAGEMENT
Research Associate - US REITS
(NEW YORK CITY) The research associate will work closely with portfolio managers and analysts within the real estate securities team to produce company, sector and portfolio level reports and analysis. The ideal candidate will have concrete analytical capabilities, strong quantitative abilities and superior writing and communication skills. The ability to perform well both independently and within a team environment is a must.
To locate a job, visit GlobeSt.com's Career Center
MARCUS & MILLICHAP
(CALABASAS, CA) Marcus & Millichap Real Estate Investment Services has promoted eight western-based agents to vice president investments. They are: Jon Hendrickson, Denver, retail and net lease; Steve Gebing, Phoenix, multifamily; Mark Ruble, Phoenix, retail and net lease; Chris Child, Salt Lake City, multifamily; and Marc Cunningham, Seattle, multifamily.
KBS LEGACY PARTNERS APARTMENT REIT
(NEWPORT BEACH, CA) KBS Legacy Partners Apartment REIT, a non-traded REIT co-sponsored by KBS Capital Advisors LLC (KBS-CA) and Legacy Partners Residential, Inc. (LPRI), has appointed W. Dean Henry as chief executive officer. Henry has been executive vice president of KBS Legacy Partners Apartment REIT since its inception in August 2009.
TISHMAN CONSTRUCTION CORP.
(NEW YORK CITY) AECOM Technology Corporation announced today that it has promoted Daniel P. McQuade to chief executive of Tishman Construction Corporation, an AECOM company, and the firm's construction services practice. previously served as regional president of New England and the West, where he was responsible for each region's overall activities, operations, personnel and new business generation.
CBL & ASSOCIATES PROPERTIES
(CHATTANOOGA, TN) Farzana Mitchell was named chief financial officer. She joined CBL in September 2000 as senior vice president – finance and was promoted to executive vice president – finance in January 2010. Katie Reinsmidt has been promoted to the new position of senior vice president – investor relations and corporate investments. Reinsmidt joined CBL in 2004 as director of investor relations and was promoted to director – corporate communications and investor relations in 2008 and to vice president – corporate communications and investor relations in 2010.
(LOS ANGELES) DTZ, a global property services firm, announced a new organizational structure for its global corporate services in the Americas. Nick Boldero leads the West region, Jerry Younce leads the East region, Martin Woodrow oversees the Central region, Jessica Beers and Alex Diaz will operate nationwide as part of the business development team and Quentin Knight will coordinate the group's marketing, legal, technology and other efforts.
(NEW YORK CITY) CBRE, Inc. announced that Elaine Kleinberg has joined the company as a managing director in Manhattan office brokerage. Previously, she was general counsel for Newmark Grubb Knight Frank where she developed and managed the firm's national legal department for nearly two decades.
BLANCA COMMERCIAL REAL ESTATE
(MIAMI) Miami-based commercial real estate brokerage and advisory firm Blanca Commercial Real Estate is growing its team of professionals with the addition Juan Ruiz, as executive vice president. Prior to joining Blanca Commercial Real Estate, he served as director of Codina Realty Services.
(MIAMI) Brian Connell has joined Pensam Capital as President of Pensam Funding, the firm's lending business. In that role, Brian will lead Pensam Funding and manage its origination, underwriting, servicing and capital markets activities. Prior to joining Pensam, Brian was an executive at the Federated Companies, a national real estate investment group focusing on the acquisition, development, construction and management of multifamily apartment communities.