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Wondering if anyone here knows what the deal flow is like right now in big Real Estate groups like Fried Frank, Kirkland and STB?

Are they absolutely dead or moving at some pace? Seems like maybe PE-focused clients generate more work than strictly more of the public REIT M&A?

just trying to gauge how things are looking rn for these big groups.

I'm at one of the three you mentioned, and August was incredibly busy. September has slowed down a bit.

Anonymous User wrote: ↑

Tue Sep 19, 2023 11:52 pm

I'm at one of the three you mentioned, and August was incredibly busy. September has slowed down a bit.

Thanks. Is the slow down more steady or like, real slow? Guess I'm just wondering if joining one of these groups, I'd be worried as a junior about having too little work rn.

Fewer real estate assets are changing hands this year versus last year, for the obvious reasons related to borrowing costs and declining values in office and CRE.

Distressed RE investing is showing signs of life in the last few months.

There is not much real estate refinancing work for obvious reasons, but workouts are feverish - extending loan maturities, seeking covenant relief, shopping for alternative financing/private credit. Most of these activities are not serviced by RE groups, however (they are typically handled by restructuring practices).

Private REIT formation activity was at all-time highs in 2021 and 2022. It is depressed right now on a YOY basis, but not dead.

I'm being told by clients that next year will be very, very busy, since there is still so much capital that is "waiting on the sidelines".

Anonymous User wrote: ↑

Mon Sep 18, 2023 9:24 am

Wondering if anyone here knows what the deal flow is like right now in big Real Estate groups like Fried Frank, Kirkland and STB?

Are they absolutely dead or moving at some pace? Seems like maybe PE-focused clients generate more work than strictly more of the public REIT M&A?

just trying to gauge how things are looking rn for these big groups.

At a V40 in NYC. New deals are few and far between right now. Decent amount of workout stuff going on, but I don't think things are going to pick up in a meaningful way until 2024.

wondering same. hows STB doing specifically?