This summer, our review editors had a great opportunity to work with exceptional companies in a variety of places. Below are some important highlights from each experience.
Dahlia Idris, a BXP company in Seattle, Washington
This short, reflective essay makes it difficult to summarise the ten weeks worth of insightful and enlightening experiences as a summer associate at Boston Properties (BXP). While working in an office in the Seattle area, I challenged myself in ways that promoted both technical real estate knowledge and interpersonal growth. We have achieved many learning goals, such as (1) live trading sourcing and underwriting, (2) milestone assets relocation, and (3) life science feasibility/capital market research. The rewarding experience stems from the guidance of BXP's comprehensive summer associate program, supportive colleagues and my supervisor and Seattle area head Kelly Lovesin.
It was fascinating to know that BXP remains resilient despite having a major impact on Covid-19 cities, particularly the office asset market. The company's strategy of focusing on high barriers to acquisition/development and entry cities in growing markets while providing best-in-class asset management services has been shown to be advantageous. Not only that, but the comprehensive knowledge of the company's Office Asset classes allows us to find opportunities for market gaps and unmet consumer demand. Overall, I think BXP's adaptation strategy, evolving operations and strong leadership are key factors in office REIT resilience due to the pandemic. I expect Boston facilities to remain resilient for the next few years and become stronger than ever from these ordeal times.
Rossy Chiller, Silverstein Properties, New York City, New York
I worked as an asset management summer associate at Silverstein Properties, New York at WTC 7. After nine years in New York, I hadn't yet explored Lower Manhattan to truly understand how the neighborhood has evolved over the years. My primary responsibility included performing net effective rent analysis for potential office tenants based on market lease assumptions and targeted take-up terms. I worked on monthly cash flow reports, rental rolls, stacking plans, and office and residential assets lease reports. It was worth understanding the lifecycle of an asset from various perspectives and the features deployed in maximizing returns. Throughout the summer, I worked closely with the various engagement teams by Silverstein Properties. This is Astoria's Innovation QNS project, from offices to residential conversions of 55 BroadST and Metroloft. Additionally, the intern group held weekly coaching meetings with company executives Marty Berger, Dino Fusco, David Marks, Lisa Bebakua and Brian Collins. These meetings provided great insight into the future of the company, the NYC real estate market, and professional development.
I had the opportunity to take part in exciting events such as the Tribeca Film Festival Simulation Event held at 120 Broadway, and went to visit the site for upcoming projects such as 4 Hudson Square. Two main highlights of my internship were using Argus to successfully execute an office underwriting assessment and meeting Larry Silverstein on the first day.
Conor Mattoon, Lincoln Avenue Capital (LAC), Santa Monica, California
Over the summer I worked as a development intern at Lincoln Avenue Capital (LAC). LAC focuses on developing and preserving affordable housing across the United States, and is headquartered in Santa Monica, California. Jeremy and Eli Bronfman founded the company in 2016, rapidly acquiring and developing affordable housing assets to become one of the biggest affordable housing developers in LAC.
Plus, during my Luck era this summer, the team was in the process of selling assets in the Los Angeles area. We joined members of the development team, toured the real estate and worked with brokers to determine the best route to bring potential buyers through the real estate to highlight the assets of interior units and community amenities. The final week of my internship at LAC presented a potential acquisition during the Investment Committee meeting. This includes suggestions on the market, financial models, and business plans that are best suited to your acquisition. I will continue to work part-time at LAC throughout the school year. I look forward to continuing to work at LAC upon graduation.
Sasha Paikin, Fengate Asset Management, Toronto, Canada
Over the summer I worked on the investment and development team at Fengate Asset Management in Toronto, Ontario. Gaining experience with two teams over the summer was invaluable to my Cornell experience. I was able to try out multiple roles before choosing a field to pursue a full-time career after graduation. The investment team took on potential industrial transactions received from brokers and helped prepare the Investment Committee memorandum. Near the end of summer, I had the opportunity to join the team presenting to the company's investment committee after helping prepare a presentation showing findings from underwriting and market analysis related to potential multi-family investments. He also helped the development team execute ongoing projects by conducting qualification and grant research, budgeting and financial modelling. Furthermore, after communicating my interest in sustainability in real estate, I began the process of upgrading the company's industrial portfolio to zero carbon ready.
In addition to gaining relevant work experience and a significant advance in learning about the real estate industry, I also participated in exciting team social events, from participating in ULI networking events to playing at the Naiop Beach Volleyball Tournament, to trying out AX throws. Overall, this summer has been a great experience and I am extremely grateful for all the guidance and support of the team at Fengate!
Frederick Madigan, Eps Madigan & Sons, San Francisco, California
This summer I was working for a family real estate development company in the San Francisco Bay Area. Over the summer I continued working on commercial transport-oriented developments in the suburbs of San Francisco. It was interesting to work with the city to understand the goals of the city's central business district. There were also recent state laws to change local zoning codes to increase density and housing. Other responsibilities include leasing commercial space and providing tenants with the improvements they need for new tenants. He also provided property management services to several apartment complexes.
