Program in Real Estate Student Internships
One of the unique features of Cornell’s Program in Real Estate that differentiates it from other single year master in real estate programs is the opportunity for students to participate in an internship between their first and second years of the program. The internship gives students the ability to apply real estate fundamentals they have learned during their first year in a real world setting. Students have pursued a wide range of internships, both domestically and internationally, including, but not limited to: real estate investment banking, consulting and advisory services, development, and investment management. The internship is also the perfect opportunity for students who are changing careers and allows them to explore different areas of the real estate industry and gain valuable practical experience. Internships are secured through relationships the Program in Real Estate has with employers, student’s personal networks, and contacts students make during their first year in the program through conference attendance and networking functions.
Past student Internships:
Ricky Chao, Summer Associate, Citi Property Investors, Hong Kong, PRC &, Tokyo, Japan, Taiwan
CPI Capital Partners Asia Pacific, L.P. was formed for the purpose of carrying on the business of an investor in real estate and real estate related interests, broadly defined, in the Asia Pacific Region and to identify, research, and negotiate investment opportunities. The Fund is a Cayman Islands exempt limited partnership and was formed on November 23, 2005. The Manager of the Fund is Citigroup Property Investors Asia Limited. Both the General Partner and the Manager are affiliates of Citigroup. Three transaction teams include Greater China, India, and Japan & Taiwan.
Assignments:
• Negotiated a $500 million mixed-use project of over 1.5 million sq ft., including retail, hotel, cinema, terminal etc.
• Coordinated and conducted the due diligence in legal, physical, appraisal, deal structure, and financial underwriting, with Jones Lang LaSalle, PWC, and Lee and Li International Law Firm.
• Integrated third-party service providers, fund pipeline, and deal closing documents for Pan Asia market and Associate Training Program
“Rotating among Hong Kong, Japan, and Taiwan, my internship exposed me to a competitive investment environment and helped me to directly comprehend the Pan Asia market. Through these experiences I had a chance to apply my understanding of real estate and investment and finance education from the Program in Real Estate. It is a tremendous experience for me to utilize my skills and to improve inadequacies while working with a group of high caliber professionals in the field I am pursuing.”
Sarah Brown, Macquarie Capital Advisors, New York, NY
The property advisory group within Macquarie Capital “advises on and executes real estate-related acquisitions, disposals, mergers, takeovers and defenses, as well as, offers on-going strategic advice.”
Sarah worked with the property capital advisory team to perform due diligence, valuation/bid submissions for three different transactions ranging from $400 million to nearly $3 billion, including the acquisition of portfolios of hotel properties, industrial assets and residential projects around the United States.
“As part of my role, I analyzed the organizational structure, profit drivers and risks of the organizations and portfolios of properties,” says Sarah. “I also performed pertinent comparable set and market analysis. This internship provided an opportunity for me to apply my understanding of real estate and finance that I acquired through my first year in PRE. It was a valuable experience to work with those knowledgeable in the field and apply my education to live deals taking place in the market.”
Robyn Stokes, Urban American, West New York, NJ
Urban American is a real estate private equity firm that focuses on acquiring, renovating, and operating rent subsidized apartments predominantly in New York and New Jersey. The acquired properties are held in one of the company’s funds and generate positive cash flows from value added development, aggressive management, and the eventual sale of the assets.
Last summer, Robyn worked in the asset management group and worked on several projects. Two such projects included: a marketing and branding campaign for the five buildings the company had recently acquired in Manhattan valued at $940M. She worked with the team to create a new identity for each building that included collateral material, signage, photography, and website development. The second project involved a thorough analysis of the company’s lease concession program to determine the effectiveness of the initiative.
“Urban American is a great training ground,” states Robyn. “The company believes in ensuring that each intern walks away from the experience with a quality summer experience. The caliber of the work, as well as the level of autonomy that I was given to complete the work, was unparalleled. It is a great company with great people.”
Author: Timothy Yaeger, Cornell Program in Real Estate Student