Jacob Maliel, Vice President /Transaction Manager within Bank of America’s Corporate Workplace (MBA '08)
What is your current job, including title and responsibilities?
I am a Vice President / Transaction Manager within Bank of America’s Corporate Workplace. Our group is responsible for the end-to-end development and management of the Bank’s corporate real-estate (banking centers, administrative buildings and data centers). I’m responsible for transacting on the 9 million square feet of administrative real-estate within New England, most of which is legacy Fleet and MBNA.
What major projects have you been working on in your career? Results?
Occupancy expense is the Bank’s second largest expense (after payroll), so there’s always a focus on optimizing the Bank’s footprint in all of its markets. I’m working on a few significant initiatives specific to New England which are looking to ensure that our footprint is meeting the needs of the various lines of business in the most cost-effective manner possible. Reducing occupancy expense will be a major focus in 2009.
Have you felt the impact of the global recession in your job?
No company, least of all Bank of America with its extensive international reach, is immune to the current economic struggles facing the global community. That said, the current environment poses growth opportunities for those with capital as evidenced by the Bank’s recent acquisitions of Countrywide and Merrill Lynch. The integration of the real-estate associated with these two companies will be cumbersome in the short-term but should provide significant economies-of-scale going forward.
How do you think the Graaskamp Center has helped your success?
The greatest contribution the Center made to my professional development was that it provided me access: It provided me access to some of the top Real Estate faculty in the country. It provided me access to international markets via the trips to France, China, and Japan. It provided me access to guest speakers and special events which helped develop my understanding of the development process and real estate finance. And lastly, the Center provided me access to alumni, which was one of the main factors in how I became interested in my current job at Bank of America.
Knowing what you know now, what advice do you have for your fellow Graaskamp students?
Obviously, the current environment has made this one of the most challenging job markets in memory and will require you to work harder to get a job than graduates of recent years. That being said, right now you have the ability to learn from and ask questions of true academics and sit in on lectures that few others can attend. You have the opportunity to gather insights in real-time from people who have devoted their lives to studying the very issues that are profoundly impacting the world on a daily basis. Take full advantage of the cover that being in an academic setting provides and use this time to reflect not only on the world in which we live but also on how want to make your mark.
Shawana McGee, Associate, BlackRock (MBA '07)
What is your current job, including title and responsibilities?
Associate. As the analyst for one of BlackRock’s Flagship REIT Funds, my key focus is the analysis of portfolio and property performance and evaluation of risk/return attributes.
What major projects have you been working on in your career?
- Enhanced cash flow projection model
- Enhanced an existing cash flow model to include operational and leverage forecasts, assess possible funding requirements and consider the likely financial consequences of alternative strategies. This tool has allowed the Portfolio Management team to minimize planning errors and anticipate liquidity problems
- Launching a new REIT fund
- Involved with portfolio construction and allocation strategies. Still in progress.
Have you felt the impact of the global recession in your job?
Yes. After experiencing a few "right sizing" rounds, I realize the importance of having the right mix of experience, education, exceptional past performance, credentials, and a strong internal network. With that in mind, this is an excellent time for a career development. I have worked with senior leadership to identify additional training that they feel will add value to the firm during these difficult times. Not only will my career development benefit the firm, it will also help me to remain competitive and highly marketable.
What future goals do you have?
- Short-term (less than 1 yr): Pass the level 1 CFA exam
- Mid-term (3-5 yrs): Pass the all three levels of the CFA exam
- Long-term (5+ yrs) 1:Achieve senior executive status in portfolio management with BlackRock
- Long-term (5+ yrs) 2: launch a real estate advisory firm
How do you think the Graaskamp Center has helped your success?
My education provided a solid understanding of real estate fundamentals and market mechanics that helped to flatten the learning curve.
Knowing what you know now, what advice do you have for your fellow Graaskamp students?
- Enroll in/take advantage of financial modeling courses and develop a solid understanding of how to research, underwrite and present equity and d ebt acquisition deals
- Learn as much as possible about joint venture structures and waterfall models
- Learn how to use a Hp12c calculator
- Take advantage of portfolio management courses
- Do not discount the importance of good verbal and written communication skills.
Michael Scotti, Financial Leader, European Asset Management Group, GLL Real Estate Partners (MBA '08)
What is your current job, including title and responsibilities?
I am currently an employee at GLL Real Estate Partners. I am the financial leader for all of Europe for the Asset Management Group. GLL has made intentional efforts to not get caught up in titles, but effectively I'm the Financial Lead for Western, Central, and Eastern Europe for the Asset Management Group. I am responsible for controlling and knowing all of the financial information for the ~50 properties that we have across Europe.
What major projects have you been working on in your career? Results?
In the short time that I've been here (5 months), I had accountability for Argus Modeling for Europe, Financial Responsibilities for the Budapest, Hungary market and have recently been made the financial lead of Asset Management for all of Europe. The resulting financial figures coming from our European portfolio have been the most reliable figures GLL Real Estate Partners has had in its short existence since I have become involved. Hopes are that the transparency and accuracy of figures will continue to improve in coming months.
Have you felt the impact of the global recession in your job?
Despite the fact that there is a global recession at hand, there have not been exceptional challenges that have arisen for GLL. The recession has actually created a great buying opportunity for European investors and Property Holding Companies like GLL as the Euro is still relatively strong (compared to the US Dollar) and property prices are decreasing. Furthermore, the crisis stresses the necessity to have financial transparency that provides investors enough confidence to continue making wise investments.
What future goals do you have?
I have hopes to return to the United States at some point to work for an asset management company that has international accountabilities to leverage the experiences that I have had in Europe. I also have aspirations to be a leader and coach within every company that I work. I also believe that life can throw many curveballs which cannot always be planned for.
How do you think the Graaskamp Center has helped your success?
The Graaskamp Center as provided an incredibly invaluable experience to me. Not only has it taught me the most important fundamentals of real estate, it has also put me within arms reach of some of the most respectable, intelligent, and successful real estate professionals in the world. The Center has provided global learning interactions that exceeded my expectations many fold. The Graaskamp Center, most importantly, is lead by the most knowledgeable, well known, and respected professors and faculty members in the country.
Knowing what you know now, what advice do you have for your fellow Graaskamp students?
I advise fellow Graaskamp students to do three things. 1- Study hard. The more you know, the better equipped you'll be to perform well and succeed in the future. 2- Network. Get to know some of the industry professionals, taking more time to listen, and ask questions to continue learning. 3- Build your character. Always do the right thing and respect everyone that you interact with, regardless of who they are, what their job is, or where they're from. Being smart, and being well known, isn't a good thing if you're known for not having integrity.