This summer, our reviews editors had the incredible opportunity to work with great companies in a variety of regions. Below are some key highlights from each experience.
Dalia Idris, BXP Company, Seattle, Washington
It is difficult in this short retrospective essay to summarise the insightful and enlightening experiences I gained over 10 weeks as a summer associate at Boston Properties (BXP). While working in the Seattle regional office, I challenged myself in ways that fostered both my technical real estate knowledge and interpersonal growth. For example, I accomplished numerous learning objectives, including (1) sourcing and underwriting live deals, (2) asset repositioning milestones, and (3) life sciences feasibility/capital markets research. I owe this rewarding experience to BXP's comprehensive summer associate program, supportive colleagues, and the guidance of my supervisor, Kelly Lovesin, Regional Director, Seattle.
It is interesting to see that BXP has remained resilient despite COVID-19's significant impact on the city, and especially the office asset market. The company's strategy of providing best-in-class asset management services while focusing on acquisitions/developments in growth markets and cities with high barriers to entry has proven advantageous. Not only that, but the company's comprehensive knowledge of the office asset class allows it to spot opportunities in market gaps and unmet consumer demand. Overall, I believe that BXP's adaptive strategy, evolving operations, and strong leadership are the key factors that have allowed the office REIT to remain resilient throughout the pandemic. I expect Boston Properties to remain resilient in the coming years and come out of these challenging times stronger than ever.
Rossy Chiller, Silverstein Properties, New York City, New York
During my summer break, I worked as a Summer Associate in Asset Management at Silverstein Properties in WTC 7 in New York. Although I spent nine years in New York, I had never explored Lower Manhattan and really understood how the area had developed over the years. My primary duties included performing net effective rent analysis for potential office tenants based on market leasing assumptions and milestones. I worked on monthly cash flow reports, rent rolls, stacking plans, and lease reports for office and residential assets. It was a valuable experience to understand the life cycle of assets from different perspectives and the features deployed to maximize revenue. Throughout the summer, I worked closely with the team on various projects for Silverstein Properties, from the office-to-residential conversion of 55 Broad St with Metroloft to the Innovation QNS project in Astoria. Additionally, the intern group had weekly mentorship meetings with company executives Marty Burger, Dino Fusco, David Marks, Lisa Bevacqua, and Brian Collins. These meetings provided great insight into the future of the company, the New York real estate market, and professional development.
I had the opportunity to participate in exciting events such as the Tribeca Film Festival simulation event at 120 Broadway and go on site visits to upcoming projects such as 4 Hudson Square. Two major highlights of my internship were successfully completing an office underwriting evaluation using ARGUS and meeting Larry Silverstein on my first day, which was a blessing and very motivating.
Connor Mattoon, Lincoln Avenue Capital (LAC), Santa Monica, California
Over the summer, I worked as a Development Intern at Lincoln Avenue Capital (LAC). LAC is focused on developing and preserving affordable housing across the United States and is headquartered in Santa Monica, California. Jeremy and Eli Bronfman founded the firm in 2016 and have rapidly acquired and developed affordable housing assets, growing into one of the largest affordable housing developers in the U.S. My role at LAC was a combination of underwriting potential acquisitions and managing the business execution of ongoing live transactions.
Additionally, while I was at LAC this summer, the team was in the process of selling an asset in the Los Angeles area. I toured the property with members of the development team and worked with the broker to determine the best route to take potential buyers through the property to highlight the strengths of the interior units and community amenities. During my final week of my internship at LAC, I presented on a potential acquisition at an investment committee meeting. This meeting included recommendations on the market, financial model, and the best business plan for the acquisition. I will continue to work part-time at LAC during the academic year and look forward to continuing to work at LAC after I graduate.
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 on two teams over the summer was invaluable to my Cornell experience. It allowed me to try out multiple roles before choosing a field to pursue a full-time career in after graduation. On the Investment team, I assisted with underwriting potential industrial transactions received from brokers as well as writing investment committee memoranda. Near the end of the summer, I had the opportunity to join a team presenting to the firm's Investment Committee after helping prepare a presentation showcasing the results of underwriting and market analysis related to a potential multifamily investment. I also assisted with the Development team in executing ongoing projects by performing rights and grant research, budgeting, and financial modeling. Additionally, after communicating my interest in real estate sustainability, I began the process of upgrading the firm's industrial portfolio to Net Zero Carbon Ready.
Not only did I gain relevant work experience and greatly increase my knowledge of the real estate industry, but I also participated in a variety of fun team social events, from attending a ULI networking event to competing in the NAIOP beach volleyball tournament to trying out axe throwing. Overall, the summer was a great experience and I am so grateful for the guidance and support from the team at Fengate.
Frederick Madigan, E.P. Madigan & Son, San Francisco, California
Last summer, I worked for a family-owned real estate development company in the San Francisco Bay Area. Over the summer, I continued working on a commercial transit-oriented development outside of San Francisco. It was an interesting experience to work with the city and understand their goals for the city's central business district. There was also the state's recent legislation changing local zoning codes to increase density and housing, and it was an interesting experience to see how that impacted our project. Other duties included leasing commercial space and providing tenants with necessary improvements for new tenants. I also provided property management services for several apartment complexes.