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REAL ESTAT EMPL

VAULT GUIDE TO THE TOP
REAL ESTATE EMPLOYERS
2005 Vault Inc.
REAL ESTAT EMPL

VAULT GUIDE TO THE TOP
REAL ESTATE EMPLOYERS
EDITED BY LAURIE PASIUK AND THE STAFF OF VAULT
2005 Vault Inc.
Copyright 2005 by Vault Inc. All rights reserved. All information in this book is subject to change without notice. Vault makes no claims as to the accuracy and reliability of the information contained within and disclaims all warranties. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose, without the express written permission of Vault Inc. Vault, the Vault logo, and the most trusted name in career informationTM are trademarks of Vault Inc. For information about permission to reproduce selections from this book, contact Vault Inc., 150 W. 22nd St., 5th Floor, New York, NY 10011, (212) 366-4212. Library of Congress CIP Data is available. ISBN 1-58131-388-8 Printed in the United States of America
ACKNOWLEDGMENTS
We are extremely grateful to Vaults entire staff for all their help in the editorial, production and marketing processes. Vault also would like to acknowledge the support of our investors, clients, employees, family and friends. Thank you!
Table of Contents
INTRODUCTION EMPLOYER PROFILES 1 9
AMB Property Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 Apartment Investment and Management Company . . . . . . . . . . . . . . . . . .13 Archstone-Smith . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 AvalonBay Communities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 Beazer Homes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22 Boston Capital Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25 Boston Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28 Brookfield Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30 CarrAmerica . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34 Catellus Development Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37 CB Richard Ellis Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39 CBL & Associates Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42 Centex Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45 Century 21 Real Estate LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50 CNL Hotels & Resorts, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .52 Crescent Real Estate Equities Company . . . . . . . . . . . . . . . . . . . . . . . . . . .55 Day & Zimmermann Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .58 Developers Diversified Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61 Duke Realty Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .64 Equity Office Properties Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .68 Equity Residential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71 FelCor Lodging Trust Incorporated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74 Forest City Enterprises, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .77
General Growth Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .81 Heitman LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85 Hilton Hotels Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .88 Hines Interests L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .92 Hospitality Properties Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .95 Host Marriott Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .97 Hovnanian Enterprises, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100 HRPT Properties Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .103
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Vault Guide to the Top Real Estate Employers Table of Contents
Jones Lang LaSalle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .105 KB Home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .109 Kimco Realty Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .112 Lend Lease Corporation Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .115 McCormick Group, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .119 MeriStar Hospitality Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .122 Metrolist Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .125 The Mills Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .127 Parkway Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .131 Plum Creek Timber Company, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .133 ProLogis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136 Public Storage, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .139 Rayonier Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .142 RE/MAX International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .145 RREEF America L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .148 Tishman Speyer Properties, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .150 Trammell Crow Residential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .153 Trizec Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .155 URS Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .158 USG Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .161 Vornado Realty Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .165 Walton Street Capital L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .169
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Introduction
History of the Real Estate Industry in the United States
Real estate is tangible. Its a piece of land and any building or structures on it, as well as the air above and the ground below. Everyone comes into direct contact with real estate. The places we live, work, go to school, vacation, shop and exercise, are all assets to be bought, sold and rented. And its always been an important element of the economy. Real estate has always been big business in the United States. Shortly after the signing of the Constitution, the federal government began transferring one billion acres of land to private owners through land sales and land grants. In the 1830s, for example, the government sold 20 million acres at roughly $1.25 per acre. This sounds like a bargain to us today, but at the time the vast majority of citizens couldnt afford that price. Consequently, a grassroots group called the Free Soil Movement formed and lobbied the government for an alternate method of distributing land. The Homestead Act of 1862 was Congress answer to the appeal. Settlers who did not already own what was considered a judicious amount of land were given title to 160 acres for each adult in the family. There was no cash exchange. Instead, the understanding was that the settlers would live on and improve the land for a period of at least five years. This program was very successful and similar federal land distribution programs followed until the later part of the nineteenth century. In total, the U.S. government distributed more than 300 million acres of public property to private landowners through the Homestead Act, creating the basis for the real estate market.
For the first time in the history of the young country, there was a system in place by which one landowner could transfer property rights to another through sale, lease or trade. This led to a tremendous amount of speculation. Some investors accumulated a tremendous amount of wealth, while others lost everything. At the end of the 19th century, America was transitioning from an agricultural society to a manufacturing economy. Citizens flocked to urban areas to work at the burgeoning factories. For example, as the Midwests industrial center,
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Vault Guide to the Top Real Estate Employers Introduction
Chicago reached a population of one million people more rapidly than any other city in history. Settled in the 1830s, the city grew from less than 1,000 inhabitants to become the fifth largest city in the world by 1900. The values of urban properties skyrocketed. By 1920, 50 percent of Americas population lived in cities. This urban density created opportunities for real estate development as housing, office buildings, industrial facilities, hotels and retail centers were constructed to meet the demands of city dwellers. Skyrocketing property values and associated costs began pushing people and businesses outside the city, just as advances in transportation made living outside the city easier. Suburbs, communities just outside urban centers, began to spread. Developers made these planned communities attractive by building along the transportation routes so people could easily commute to their jobs in the cities. Technological advances influenced the building boom of the 1920s. Communities were wired for electricity, new machines such as elevators helped meet additional demand for space and allowed the construction of ever-taller buildings. Planned communities began taking shape in the suburbs, while skyscrapers changed the way the cities looked. One hundred buildings higher than 25 stories were constructed in this decade, most of them in New York City, with Chicago a distant second. The Great Depression crippled most industries including real estate. Values dipped below debt levels, causing a collapse. The federal government put the domestic financial markets through a major overhaul and was shrewd enough to include real estate financing as part of the New Deal programs. The Federal Housing Administration (FHA) was created in 1930 to provide mortgage insurance, lowering the risk on real estate loans and making lending more palatable for savings and loans, and banks. The government also created the Federal Home Loan Bank System (FHLB) to supervise and regulate local banks. In 1938, the Federal National Mortgage Association (FNMA or Fannie Mae) was created to provide a secondary mortgage market as well as to lure investment capital in the mortgage market, and continues to play a very important role in supplying capital to the mortgage market today. These New Deal programs ultimately made the real estate finance market more sophisticated and secure. America and the real estate industry slowly climbed out of the Depression only to fall headlong into World War II. Development was put on hold during
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the war, but once the GIs returned from overseas another era of prosperity began. A tremendous amount of demand for housing emerged virtually overnight. By 1946, new housing construction quadrupled to over 500,000 homes. In the postwar period, a white picket fence and peaceful green lawn proved very appealing. Two-thirds of the 15 million homes built in the 1950s were in the suburbs. The decade was also a period of expansion for the highways, which provided access to more areas by car and truck. This enabled all types of real estate (e.g., hotels, industrial and retail centers) to be located further outside the city. Hotel chains like Holiday Inn started popping up along roadways across the country. The suburban shopping mall also became popular in this era. As the suburbs grew, the cities slumped. By 1960, many urban centers hadnt seen new office building development in 30 years. The decay of Americas urban areas didnt go unnoticed. Community activism and political pressure led to the creation of a cabinet position in 1965 focused on improving urban housing what today is known as the Department of Housing and Urban Development (HUD). The central business districts of Americas urban centers saw a number of new buildings (both commercial and retail) constructed during the last three decades of the twentieth century, spurred by growth in the service industry, increased access to financing and municipal incentives. Today, the real estate industry is considered one of the most dynamic and healthy sectors in the American economy people may divest their stocks, but they always need a place to live, work and shop. (To read more about the history of real estate, read Real Estate Development by Miles, Berns and Weiss.)
Industry Trends
As of 2003, the real estate business employed close to five million people. Opportunities abound for candidates to earn staggering income levels. Those who work in this sector often enjoy greater flexibility in job responsibilities than in other industries. There can be drawbacks, though, in the form of low paying entry-level positions, competitive co-workers and long hours when starting out.
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Furthermore, once youre established, relocation can be detrimental to your career, as this industry is often geography-specific. The real estate sector is largely dependent on the economy; small shifts can impact trends significantly. For example, the technology industry boom certainly helped the real estate industry in the 1990s. There was more demand for spaceboth commercial and residentialand asset values skyrocketed. The subsequent technology bust had a dramatic effect on some parts of the sector. Commercial firms that focused on office and retail development projects now find the market glutted with available space. The residential real estate market is also affected by economic swings. Unemployment and interest rates impact both consumer confidence and buying power. Although the U.S. economy was mired in recession for the first several years of the 21st century, the residential real estate market was one of the few bright spots. In 2002, home sales shot up 8 percent and housing starts grew by 7 percent. There are many reasons for the current residential housing boom. The aging United States population and the influx of immigrants has increased the demand for households. The rockiness of the stock market makes investing in real estate look very appealing. The Federal Reserve is playing a big part as well. Lower mortgage rates and minimal inflations meant that in 2003, a buyer could get a 30-year home mortgage at a 5 percent rate. The drop in mortgage rates meant that homeowners could refinance, freeing up more cash for them and in the process making real estate look like an even more attractive investment. The wealth isnt spread equally. Residential real estate values continue to soar on the coasts. During the real estate boom that began after the end of the 1991 recession, homes and apartments in the Boston-to-Washington corridor and California have doubled, tripled or quadrupled in value. Even in fast-growing areas in other parts of the country, such as Las Vegas, gains have been more modest because there is more land on which to build houses and apartments. The remarkable gains in the residential real estate market have provoked fears among some economists and homeowners that the real estate market is a bubble about to burst. The prices of homes, especially on the West and East Coasts, have outpaced the ability of many prospective first-time buyers to purchase a place to live. A jump in mortgage rates would stop the current trend of refinancing in its tracks and make it more difficult for many
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homeowners to make mortgage payments. A revival in the economy could cause investors to stop investing in real estate and start investing in stocks again. (Such a revival would, on the other hand, help the commercial and industrial real estate markets.) In the meantime, however, the residential real estate market continues to be an engine of the economy and of the real estate job market.
Residential Real Estate Brokers

Residential real estate agents help buyers and sellers in the process of selling or renting residential property. Some agents work with buyers, helping them find places to live and negotiating with sellers. Other agents work with the sellers. Agents rarely represent both buyers and sellers since this is perceived as a conflict of interest. For property rentals, almost all agents represent property owners. There are close to 500,000 real estate brokers and agents in the United States. Agents are usually independent sales professionals who contract their services to sponsoring real estate brokers in exchange for a commission-sharing agreement. The commission on a home sale varies by market but is roughly five to six percent of the sale price. This commission is split four ways among the sellers agent, buyers agent and the sponsoring brokers with whom each agent is associated. Many agents work solely on commission and dont get much in the way of benefits. Agents are expected to cover most of the overhead necessary to perform their jobs. In order to sell real estate services, you must be a licensed professional in the state where you do business. To become a realtor, all states require that you pass a written exam focused on real estate law and transactions and be affiliated with a broker. Most states require you to be at least 18 years old and a high school graduate, and to have completed a minimum number of classroom hours. Some states waive the classroom requirements for active attorneys or offer correspondence course credit options in lieu of the classroom hour requirement. The license fee depends on the state, but expect to pay around $100 for the exam and $400 for the classes. Although there are different organizations through which you can receive your classroom instruction, the state government issues and oversees licenses. If you visit the National Association of Realtors web site at www.realtor.org,
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you can find information about residential real estate as well as licensing requirements for each state and locations of authorized real estate classes. This industry attracts all types of personalities. Theres a potpourri of career switchers, from lawyers to housewives, who end up in residential real estate. If you like being your own boss and interacting with people, being a realtor can be very rewarding.
Tenant Representation
A tenant representation agent, commonly known as a tenant rep, represents companies and other corporate clients looking to lease or buy either a portion of a property or an entire real estate asset. A large part of this job involves business development. Since tenant reps are often responsible for building their own book of business, prospecting for new clients is a big part of the job. Like residential agents, tenant reps are left to their own devices to find prospects. Although theres some direction from the broker and senior tenant reps in the office, for the most part youre cold-calling tenants or companies. First, you need to give the person on the other end of the phone a compelling reason to meet with you, then you must pitch the business. Its a tough sell. Tenant representation is very competitive, even cutthroat. Youre not only competing against outside reps but those inside your office. In fact, some tenant rep brokers think the competition inside is worse than outside the shops. Often there are disputes about who is entitled to chase what business. Ultimately, the senior brokers tend to win. Deal protocol is important to consider when youre selecting brokers because often disputes are common among tenant reps. When the time comes for one of his or her clients to buy, sell or lease, the tenant rep finds a list of choices in the market, then handles the accompanying negotiations. Tenant reps usually work in teams to spread the work. Often the team is composed of one senior and one junior broker. The junior broker will make the cold calls and set up meetings with prospective clients. At the meetings the senior broker will take the lead and try to win the business. Once the process begins, the junior broker will do the legwork for market alternatives and examine options with the senior broker. All possible alternatives are presented to the client for review. The senior broker generally handles the lease or sale negotiations. This mutually beneficial system gives
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the senior broker a cold caller and provides a training platform for the junior broker. Junior brokers should expect to work at least 50 to 60 hours per week; senior brokers hours fluctuate based on deal flow. Once junior brokers have surpassed certain earning requirements, theyre promoted to senior brokers. They still make cold calls to get leads, though not nearly as often as junior brokers. The company relies on its senior brokers to win business and handle transactions from start to finish. Sometimes senior brokers help create and execute management policy and even have equity at smaller firms.
Property Management
Real estate owners commonly employ professional property managers either directly or through third-party management firms. Property managers are charged with the day-to-day management of real estate assets. They ensure that tenants are satisfied, the building is in good condition, rent is paid and that rents reflect market conditions. Property management provides a general introduction to real estate. As a property manager youll learn how to efficiently operate a real estate asset in this capacity. Property managers deal with issues relating to leasing, construction, tenant relations and market analysis. A good manager can save an owner a great deal of money by operating the asset efficiently and keeping the tenants happy. The property manager plays a crucial role in expense control; the owner relies on him to manage any and all operating expenses at the building. For instance, if there is construction work at the building, the property manager supervises the project, keeps close tabs on the progress and makes sure it doesnt go over budget. Property management also requires good interpersonal and analytical skills because tenants sometimes can be difficult and expect things to be resolved immediately. While leasing agents do much of the lease negotiations, property managers are involved in the process as well. A salespersons license is therefore required for the position.
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EMPLOYER PROFILES
AMB Property Corporation

Pier 1, Bay 1 San Francisco, CA 94111 Phone: (415) 394-9000 Fax: (415) 394-9001 www.amb.com
THE STATS
Employer Type: Public Company Stock Symbol: AMB Stock Exchange: NYSE Chairman & CEO: Hamid R. Moghadam 2005 Employees: 294 2004 Revenue ($mil.): $665.7
LOCATIONS
San Francisco, CA (HQ) Boston, MA Chicago, IL East Rutherford, NJ Los Angeles, CA Menlo Park, CA Amsterdam Shanghai Singapore Tokyo
KEY COMPETITORS
CenterPoint Properties Duke Realty ProLogis
EMPLOYMENT CONTACT
www.amb.com/about_us/employment _opportunities.asp E-mail: Jobs@amb.com
DEPARTMENTS
Capital Partners Corporate Communications Customer Development Development Financial Management and Reporting Human Resources Information Systems Legal Operations Transactions
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Vault Guide to the Top Real Estate Employers AMB Property Corporation
THE SCOOP
Creative REIT
AMB Property Corporation, a real estate investment trust (REIT), is engaged in the development, acquisition, ownership and management of industrial properties in North America, Europe and Asia. The companys properties are designed for the efficient movement of goods in the worlds busiest distribution markets generally markets tied to global trade. AMBs portfolio features High Throughput Distribution facilities industrial properties built to speed its customers goods to market in locations near airports, seaports and major transportation routes. AMB owns and has under development more than 1,100 industrial properties totaling 118 million square feet in 40 major metropolitan areas. AMBs corporate philosophy is summed up by the phrase I CREATE, encompassing the companys corporate values of integrity, customers, results, excellence, accountability, teamwork and entrepreneurship.
Its all in the name

The company was founded in San Francisco in 1983 by Doug Abbey and Hamid Moghadam. A year later, they were joined by Bob Burke and used the initials of their last names to create the firms moniker. Initially a private company, AMB focused on providing investment management and advisory services to pension funds, foundations and endowments, specializing in both industrial and retail properties. As the company grew, it opened an office in Boston and went public in 1997the first REIT to consolidate a group of separately managed portfolios into a single, publicly traded company. Shortly thereafter, AMB sharpened its focus to industrial properties, offering its customers facilities in infill, supply-constrained locations. AMBs redevelopment of its coprporate headquarters, an abandoned sugar warehouse, created a commercially viable landmark and workspace that won six major design awards, including a Top 10 Green Project Award in 2002 from the American Institute of Architects.
World view
Since 2001, AMB has expanded its portfolio to major trading global hubs, establishing its European headquarters in Amsterdam that year and an Asian market presence in 2002. AMBs global reach evolved rapidly including built-to-suit activity in Mexico City for multinational companies, and airport- and seaport-centric
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Vault Guide to the Top Real Estate Employers AMB Property Corporation
developments in Tokyo, Singapore, Frankfurt, Madrid, Paris and Toronto. As of 2005, AMBs portfolio serves more than 2,700 customers including the worlds leaders in air cargo and freight forwarding. FedEx, Deutsche Post, Expeditors International, La Post, Worldwide Flight Services and UPS are just some of the companies that rely on AMBs distribution facilities to move their freight through the global supply chain. In March 2005, AMB joined with fellow REIT Kimco Realty to purchase full control of G. Accion, a Mexican realtor, for $44.6 million. That June, AMB established the AMB Japan Fund I, L.P., an investment fund for distribution facilities near high volume airports, highway systems and seaports in Japans major metropolitan areas. For the second quarter reported July 2005, AMB had invested $222 million in 3.9 million square feet of distribution facilities. In fiscal 2005, investors provided capital for two new AMB funds, focused on building and buying industrial property in Mexico and Japan: AMB-SGP Mexico and AMB Japan Fund I have investment capacity of nearly $3 billion. AMB plans to launch a European fund by the end of 2005 and has targeted entry into new markets, including London, Milan and Hamburg.
GETTING HIRED
The way in
All job openings can be viewed on the companys web site at www.amb.com/about_us/employment_opportunities.asp. Cover letters and resumes or CVs should be submitted to Jobs@amb.com. Include the title of the job for which you are applying in the subject line of the e-mail. AMB only accepts applications for current open positions.
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Apartment Investment and Management Company

4582 S. Ulster Street Pkwy. Ste. 1100 Denver, CO 80237 Phone: (303) 757-8101 Fax: (303) 759-3226 www.aimco.com
THE STATS
Employer Type: Public Company Stock Symbol: AIV Stock Exchange: NYSE Chairman & CEO: Terry Considine 2004 Employees: 6,800 2004 Revenue ($mil.): $1,548.6
LOCATION
Denver, CO (HQ)
KEY COMPETITORS
Archstone-Smith Trust Equity Residential Lend Lease
EMPLOYMENT CONTACT
www.aimco.com/Career
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Vault Guide to the Top Real Estate Employers Apartment Investment and Management Company
THE SCOOP
Apartment life
Apartment Investment and Management Company (AIMCO) ranks as the No. 1 owner and operator of apartment communities nationwide, tending to 1,475 communities with 260,000 units and approximately one million residents through 25 regional operating centers. AIMCO operates as a REIT, and covers the acquisition, ownership, management and redevelopment of apartment communities in 47 states, the District of Columbia and Puerto Rico. AIMCOs 590-property conventional apartment portfolio is, according to Hoovers, made up of mature properties in highdemand areas. Overall, AIMCOs assets total roughly $10 billion, with more than $13 billion in assets under management. The companys main headquarters are in Denver, Colorado.
Birthday boost
To celebrate its 10th anniversary, AIMCO established a community involvement program called AIMCO Cares, which grants employees with 10 hours of companypaid time for volunteer purposes, including work for causes like Habitat for Humanity, the American Red Cross and Meals on Wheels. The company says the program reflects a partnership with communities across the country and provides an opportunity for employees to give back to the communities in which they live. AIMCO esitmates that the employees will provide 75,000 hours of service worth more than $1 million if each donates 10 hours to the program.
Money, money, money

In November 2004, due to increased net gains, AIMCOs net income skyrocketed 400 percent compared to the year prior. By February 2005, the companys net income had increased to $72.3 million from $37.2 million in the previous year, as total revenue went up from $352.7 million to $384.4 million. In the quarter posted May 2005, net income slipped $2 million, and CEO Terry Considine said of his company, We have plenty of work ahead but believe we have a good plan and considerable momentum. Recent purchases include the Palazzo East apartments in Los Angeles for $199 million, a New York City real estate portfolio comprised of pre-war apartment buildings and retail stores for $27.65 million, and an apartment building on the University of Pennsylvania campus.
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Vault Guide to the Top Real Estate Employers Apartment Investment and Management Company
GETTING HIRED
Taking AIM
AIMCO lists its nationwide position openings on its career web site, www.aimco.com/career/openings.asp.
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Archstone-Smith
9200 E. Panorama Circle, Ste. 400 Englewood, CO 80112 Phone: (303) 708-5959 Fax: (303) 708-5999 www.archstonesmith.com
THE STATS
Employer Type: Public Company Stock Symbol: ASN Stock Exchange: NYSE Chairman & CEO: R. Scott Sellers 2004 Employees: 2,640 2004 Revenue ($mil.): $919.4
LOCATION
Englewood, CO (HQ)
KEY COMPETITORS
AIMCO Equity Residential United Dominion Realty
EMPLOYMENT CONTACT
www.archstonesmith.com/careers/ index.htm
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Vault Guide to the Top Real Estate Employers Archstone-Smith
THE SCOOP
In Archstone-Smith we trust
Archstone-Smith is one of the nations largest REITs and a member of the S&P 500. It invests in and operates a one-of-a-kind portfolio of high-rise and garden-style apartment communities. Core markets include Washington, D.C., Southern California, San Francisco, New York City, Boston, Southeast Florida, Chicago and Seattle.
Two brands
Archstone-Smith operates its apartment communities under two brands: Archstone and Charles E. Smith, which provide residents with great apartments and great service, all backed by unconditional service guarantees. Archstone-Smith is known among its industry for customer service and innovation. The company has established a pattern of innovation by investing in industry-changing technology that has become standard in the industry. Examples include SafeRent, a real-time credit checking approval system for potential apartment residents; Lease Rent Options, a sophisticated revenue management software system; MRI, web-based real estate management software that automates administrative tasks; Online Lease, through which customers complete a lease online; and myArchstone.com and mySmithAdvantage.com, exclusive web sites allowing residents to pay their rent online, as well as submit and track service requests and other tasks.
The buying game

Archstone-Smith focuses on establishing a dominant ownership position in the most desirable neighborhoods in markets with limited competition, expensive singlefamily home prices and strong job growth. 2005 acquisitions include a 266-unit community in Manhattans Chelsea neighborhood; a 222-unit community in Manhattans Clinton neighborhood; a 416-unit community in North Orange County, Calif.; a 336-unit apartment community in Agoura Hills, Calif.; a 231-unit apartment community in Arlington, Va.; a 347-unit apartment in Pasadena, Calif.; two Marina del Rey, Calif. apartment buildings; and a July 2005 transaction for 28 apartment communities from Oakwood Worldwide worth $1.1 billion. Archstone-Smith also announced plans in June 2005 to build a 627-unit high-rise property on New York Citys West Side, including apartments, theaters, and retail and restaurant space in
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Vault Guide to the Top Real Estate Employers Archstone-Smith
accordance with the U.S. Green Building Councils Leadership in Energy and Environmental Design program.
Accessibility granted
In June 2005, Archstone-Smith enterted into a full and final settlement of litigation with three national disability organizations. It agreed to capital improvements in a number of its communities in order to make them fully compliant with the Fair Housing Act (FHA) and Americans with Disabilities Act (ADA). Archstone-Smith also agreed to pay damages totaling $1.4 million, which include legal fees and costs incurred by the plaintiffs. The remediation measures include improving access to thermostats and electrical outlets, improving maneuverability in kitchens and bathrooms, and adjustments to doorway thresholds. As part of the settlement, the three disability organizations all recognized that Archstone-Smith had no intention of building any of its communities in a manner inconsistent with the FHA or ADA. Archstone-Smith says it is seeking recovery of a substantial portion of the expenses and capital expenditures related to this settlement from third-parties upon whom the company relied for assurances of building design and construction compliance.
GETTING HIRED
Real estate lowdown

The Archstone-Smith career web site, www.archstonesmith.com/careers/index.htm, offers a registration feature that allows job seekers to apply for positions online. Job searches are available by location and by title. Further employment inquiries should be directed by e-mail to careers@archstonesmith.com.
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AvalonBay Communities, Inc.

2900 Eisenhower Ave., Ste. 300 Alexandria, VA 22314 Phone: (703) 329-6300 Fax: (703) 329-1459 www.avalonbay.com
THE STATS
Employer Type: Public Company Stock Symbol: AVB Stock Exchange: NYSE Chairman & CEO: Bryce Blair 2004 Employees: 1,702 2004 Revenue ($mil.): $649.7
LOCATIONS
Alexandria, VA (HQ) Boston, MA Chicago, IL New Canaan, CT New York, NY Newport Beach, CA San Jose, CA Seattle, WA Woodbridge, NJ
KEY COMPETITORS
AIMCO Archstone-Smith Trust Gables Residential Trust
EMPLOYMENT CONTACT
jobs-avalonbay.icims.com/avalonbay_ jobs/jobs/candidate/intro.jsp;jsessioni d=2030e4fde547$01$A8$D
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Vault Guide to the Top Real Estate Employers AvalonBay Communities, Inc.
THE SCOOP
Down by the bay

AvalonBay Communities, Inc. is in the business of developing, redeveloping, acquiring and managing luxury apartment communities in the high-barrier-to-entry markets of the United States (located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California). Overall, AvalonBay owns 150 apartment complexes with 43,071 units in 10 states and Washington, D.C., with key markets in Boston and San Jose, Calif. The company also holds future development rights in 49 communities.
Decade of ups and downs

AvalonBay was initially established as Avalon Properties Inc. in August 1993 to expand the multi-family apartment community acquisition, construction, development, and management operations of the Trammel Crow Residential MidAtlantic and Northeast Groups. Within three months, the company completed its initial public offering; within six months, it possessed a portfolio of 14 communities with 3,461 units in Northern California. In June 1998, Avalon Properties merged with Bay Apartment Communities to create AvalonBay Communities. Though operating growth blossomed at the turn of the century, the economic recession dampened AvalonBay shares by the end of 2002. A year later, just in time for its 10th anniversary, AvalonBay engineered a turnaround, generating a total shareholder return of 30 percent, thus outperforming the S&P 500 and the apartment sector. Also in 2003, AvalonBay lent a helping hand to the Bergen County, N.J. chapter of Habitat for Humanity, joining the developers Spirit of Caring Fund to offset the costs associated with construction of new homes for local families in need.
REIT of the Year

By December 2004, shareholder return generated for the year was 65 percent, the highest in the companys history. Total revenue for the year increased by 4.5 percent to $661 million. AvalonBay was named Multifamily Executives Builder of the Year and Green Street Advisors 2004 REIT of the Year. Bryce Blair called the awards recognition not only of AvalonBay being a great builder of physical communities, but also of our success in building a talented organization.
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Vault Guide to the Top Real Estate Employers AvalonBay Communities, Inc.
Projecting growth
For the first quarter of 2005, earnings per share increased from $0.32 to $0.92, a 187.5 percent gain as the company posted its first year-over-year rental rate growth for the first time in three years. Among the companys recent projects are apartment towers along the East River in Long Island City, N.Y.; apartment complexes in Stamford, Conn.; a luxury apartment tower in New Rochelle, N.Y.; a $49.3 million development in Lawrenceville, N.J.; a 204-unit apartment complex in Chestnut Hill, Ma.; and the renovation of a former mental institution in Danvers, Mass. into 497 high-end apartments and condos. One town AvalonBay will not be breaking ground in, though, is Shelton, Conn. The community vetoed an application from the REIT to build a 302-unit development in May 2005 after its Inland Wetlands Commission ruled that AvalonBay failed to provide information the commission had requested regarding wetland issues.
GETTING HIRED
Online
All openings can be viewed on the company web site and entries can be submitted online.
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Beazer Homes
1000 Abernathy Rd. Ste. 1200 Atlanta, GA 30328 Phone: (770) 829-3700 Fax: (770) 481-2808 www.beazer.com
THE STATS
Employer Type: Public Company Stock Symbol: AVB Stock Exchange: NYSE Chairman & CEO: Bryce Blair 2004 Employees: 1,702 2004 Revenue ($mil.): $649.7
LOCATION
Atlanta, GA (HQ)
KEY COMPETITORS
AIMCO Archstone-Smith Trust Gables Residential Trust
EMPLOYMENT CONTACT
www.beazer.com/corpinfo/careers.asp
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Vault Guide to the Top Real Estate Employers Beazer Homes
THE SCOOP
House beautiful
At an average price of about $250,000, Beazer builds single-family homes primarily for entry-level and first-time move-up buyers. The company operates in 20 states, mainly in high-growth regions. Its Beazer Mortgage subsidiary generates mortgages for its homebuyers, and Homebuilders Title Services provides title insurance services in Florida, Texas and Virginia. Company-operated design centers offer homebuyers limited customization features such as appliances, cabinetry, flooring, fixtures and wallcoverings. Like most large homebuilders, Beazer subcontracts to build its homes. On average, Beazer builds 17,000 houses a year. In January 2002, Beazer picked up Indianapolis, Ind.-based Crossmann Communities for $493.4 million in cash and stock, expanding business in the Midwest and Southeast.
Constructing dreams
Beazer lent a helping hand to the hit show Extreme Makeover: Home Edition in January 2005, helping to demolish a sewage-infused house and build a 5,000 squarefoot customized house in its place in only five and a half days. An estimated 1,800 Beazer employees, partners and volunteers took part in the construction marathon, one of the shows largest crews ever. Marilyn Gardner, Beazers vice president of sales and marketing, called the television show a perfect match for Beazers philosophy of considering a customers experience in building a house, and for the brands theme Someday Starts Today. Beazer Homes is also the first national sponsor of HomeAid America, a nonprofit national program providing housing for temporarily homeless individuals. Beazer recently assisted HomeAid chapters at sites in Dallas, Sacramento, Northern Virginia and Las Vegas.
Playing in the big leagues

In the first quarter for 2005, Beazers profit jumped 47 percent on new home orders and increased revenue. Net income rang in at $69.7 million on $911.8 million in revenue, compared with $47.2 million and $810.1 million in income and revenue, respectively, in the first quarter of 2004. In the second quarter, though, the company took a $40 million charge due to a class-action settlement related to a suit over moisture damage and mold problems against subsidiary Trinity Homes LLC. While the charge forced year-over-year income to slip into the red on a loss of $84.3
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Vault Guide to the Top Real Estate Employers Beazer Homes USA
million, revenue rose 11.4 percent to $976.2 million. CEO Ian J. McCarthy praised his company as robust with profitable growth. Beazer entered the Fortune 500 in April 2005 for the first time on the strength of its fiscal year 2004 revenue, which topped $3.9 billion. Third quarter earnings more than doubled to $112.7 million, or $2.50 a share, beating analyst estimates of $2.05 a share, while setting an all-time record for quarterly net income.
GETTING HIRED
Doing business with Beazer

The Beazer career web site, www.beazer.com/corpinfo/careers.asp, allows job seekers to search jobs, and submit a resume online.
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Boston Capital Corporation

1 Boston Place Boston, MA 02108-4406 Phone: (617) 624-8900 Fax: (617) 624-8999 www.bostoncapital.com
THE STATS
Employer Type: Private Company President & CEO: Jack Manning 2004 Employees: 200 2004 Revenue ($mil.): $650 (equity raised)
LOCATION
Boston, MA (HQ)
KEY COMPETITORS
American Communities Property Trust AIMCO Intergroup
EMPLOYMENT CONTACT
www.bostoncapital.com/aboutCareers. html
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Vault Guide to the Top Real Estate Employers Boston Capital Corporation
THE SCOOP
Bedroom dreams
Boston Capital is one of the largest apartment owners in the U.S., packaging federal tax credits into public investment funds in exchange for developing low income housing. However, the privately held company comes from modest origins. Jack Manning and Herb Collins founded Boston Capital in 1974 in a spare bedroom with the dream of creating a real estate development business that would combine social and financial responsibility. More than three decades after its founding, Boston Capital today ranks as one of the nations leading real estate financing and investment firms, providing multifamily and commercial holdings in 48 states, Puerto Rico and the U.S. Virgin Islands, and offering a range of services including tax credit investments, equity and debt for affordable and market rate multifamily housing and self-storage properties. Boston Capital Services, a NASD-registered broker/dealer affiliate, helps raises equity through a network of roughly 500 NASD-licensed financial advisors.
Funding affordable housing

In the 1980s, Boston Capitals message was heard loud and clear. Manning and Collins helped shape the Congress-backed Low Income Housing Tax Credit Program begun in 1986, which encouraged institutional and individual investors to invest in affordable housing while reducing their tax liability. A year later, Boston Capital launched its publicly traded flagship, Boston Capital Tax Credit Fund, and, in 1992, introduced its first Boston Capital Corporate Tax Credit Fund. Since the early 1990s, the two funds have combined to raise more than $5 billion in equity from over 80,000 investors for the construction and rehabilitation of 2,600 properties to support affordable multifamily housing.
GETTING HIRED
Boston (job) market

Jobs at Boston Capital typically fall into one of four main categories: asset management, finance and accounting, real estate, and sales and marketing. The
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Vault Guide to the Top Real Estate Employers Boston Capital Corporation
companys career web site, https://www.bostoncapital.com/aboutCareers.html, lists available openings, and offers individual job descriptions and application procedures.
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Boston Properties, Inc.

111 Huntington Avenue Boston, MA 02199-7610 Phone: (617) 236-3300 Fax: (617) 536-5087 www.bostonproperties.com
THE STATS
Employer Type: Public Company Stock Symbol: BXP Stock Exchange: NYSE Chairman: Mortimer B. Zuckerman CEO: Edward H. Linde 2004 Employees: 667 2004 Revenue ($mil.): $1,412.0
LOCATION
Boston, MA (HQ)
KEY COMPETITORS
Equity Office Properties Trump Vornado Realty Trust
EMPLOYMENT CONTACT
www.bostoncapital.com/aboutCareers .html
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Vault Guide to the Top Real Estate Employers Boston Properties, Inc.
THE SCOOP
Boston builders
Boston Properties, Inc. is an umbrella partnership real estate investment trust (UPREIT) that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of Class A office, industrial and hotel properties through Boston Properties LP. The Company is one of the largest owners, acquirers and developers of Class-A office properties in the U.S., concentrated in five core markets: Boston, Washington, D.C., midtown Manhattan, San Francisco, and Princeton, N.J. each of which is home to a full-service regional office. Founded by Mort Zuckerman and Edward H. Linde (current chairman and CEO, respectively) in 1970, Boston Property's primary focus is office space; however, its property portfolio also includes hotels and industrial buildings. Today, the firm, which went public in 1997, manages roughly 120 buildings totaling 45 million square feet. Major tenants include the U.S. government, Citibank, and Ernst & Young, while famed buildings include San Francisco's Embarcadero Center, Boston's Prudential Center, and New York's Times Square Tower.
Future developments
For the future, Boston Properties' expansion plans center on development - the company controls sites on which it can develop 10.6 million square feet as market conditions permit. It has also found success with its strategy of holding high-quality assets in prime locations. For the most recent quarter ended June 2005, funds from operations came in at $121.3 million, up from $116.9 million the year prior. In 2004 and 2005, the company was selected as the #1 Real Estate Company in Fortune magazine's list of America's Most Admired Companies.
GETTING HIRED
They'll contact you

Job seekers looking for employment with Boston Properties are advised to fill out the online form on the company's career site, www.bostonproperties.com/site/careers/ apply.aspx. Applicants will be contacted if an opportunity matching their skills and experience becomes available.
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Brookfield Properties
200 Vesey Street, 11th Floor Three World Financial Center New York, NY 10281-1021 Phone: (212) 417-7000 Fax: (212) 417-7196 www.brookfieldproperties.com
THE STATS
Employer Type: Public Company Stock Symbol: BPO Stock Exchange: NYSE, TSX Co-Chairman: Gordon E. Arnell Co-Chairman: John E. Zuccotti CEO: Richard B. (Ric) Clark 2004 Employees: 1,400 2004 Revenue ($mil.): $1,442.0
LOCATIONS
New York, NY (HQ) Boston, MA Denver, CO Minneapolis, MN Washington, DC Calgary Toronto
KEY COMPETITORS
Boston Properties Equity Office Properties Vornado
EMPLOYMENT CONTACT
www.brookfieldproperties.com/careers. htm
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Vault Guide to the Top Real Estate Employers Brookfield Properties
THE SCOOP
Property control
Brookfield Properties owns and manages 46 office buildings in the U.S. and Canada, including Manhattans World Financial Center and BCE Place in downtown Toronto. Its portfolio is made up of large, modern, technically advanced office assets located in the central business districts of major gateway cities. Big-name tenants include Merrill Lynch, CIBC, PricewaterhouseCoopers and J.P. Morgan Chase; famous properties include New York Citys Winter Garden and Torontos Allen Lambert Galleria.
Hockey starters
Originally known as the Canadian Arena Corporation, one of the companys first major developments was the Montreal Forum purchased in 1924, home of the Montreal Canadiens hockey team (former Canadiens general manager Sam Pollock still sits on the board). Though the company expanded into commercial and residential real estate during the 1960s, its primary source of earnings remained its ownership of the Forum and the Canadiens until 1976, when it acquired controlling interest in Trizec Corporation, at the time one of Canadas largest public real estate companies. Over the next decade, Brookfield (then known as Carena Properties) used the steadily increasing value of commercial property to provide a financial base for plans to expand on residential and home building activities. In 1990, the company acquired a 100 percent interest in a portfolio of properties in Toronto, Denver and Minneapolis from BCE Inc., and, six years later, picked up a 46 percent interest in World Financial Properties (later renamed Brookfield Financial Properties), including three of the four towers in Manhattans World Financial Center (today, Brookfields interest stands at 99.4 percent). In 1997, Brookfield acquired BPO Properties, formerly Gentra, which owned major Canadian commercial properties. The company also picked up four major office properties in Boston, Calgary and Toronto in 1997. Brookfield built a 1.6-million-square-foot portfolio in Washington, D.C. in 2003 and 2004.
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Rebuilding lower Manhattan

As the largest commercial property owner of lower Manhattan, the September 11th terrorist attacks on the World Trade Center hit Brookfield particularly hard; nearly one-third of Brookfields total operating income generated in the year before the attacks came from its ownership of the World Financial Center building. The company suffered $300 million in damages as a result of the attacks, and, a year later, 35 percent of its downtown office space remained unoccupied. Despite such dismal circumstances, CEO Ric Clark was unshaken. In September 2002, Clark claimed his company had more confidence in the future of lower Manhattan than anybody, and even picked up a 51 percent interest in the fourth WFC tower. Today, the World Financial Center is 94 percent occupied.
Wins and losses

Throughout the years, Brookfield has made strides in the real estate market through a strategy of acquiring well-located office properties and selling lesser-quality and non-core assets, reducing ownership in joint ventures and real estate affiliates. In 2003, the company successfully spun off its U.S.-based home buildings business from its commercial operations, and entered the Washington D.C. market a year later with three purchases. Among Brookfields latest developments are the completion of a 35-story building on Madison Avenue and the redevelopment of Liberty Plaza Park, both in New York City. Brookfield controls six million square feet of development sites in New York, Toronto and Calgary. As of October 2005, Brookfield is about to acquire the O&Y portfolio in Canada, consisting of 24 office properties totaling 9.3 million square feet, including First Canadian Place, Canadas tallest building.
Environmentally sound business practices

Brookfield has also developed a reputation as an owner of some of the most technologically advanced buildings in North America, with initiatives such as automated HVAC (heat, ventilation, air conditioning) systems to reduce energy consumption; tinted windows, UV film and blinds on perimeter windows to reduce solar load and energy usage; low-energy lighting systems; waste recycling; and Energy-Star compliant appliances and equipment.
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GETTING HIRED
Wide range of opportunities

Brookfield Properties web site, www.brookfieldproperties.com/job_listings.htm, lists available positions at each of its regional offices worldwide. Jobs at Brookfield range from mechanical engineers to building managers on up to executives, and are organized by both job function and location.
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CarrAmerica
1850 K St. NW Washington, DC 20006 Phone: (202) 729-1700 Fax: (202) 729-1150 www.carramerica.com
THE STATS
Employer Type: Public Company Stock Symbol: CRE Stock Exchange: NYSE Chairman & CEO: Thomas A. Carr 2004 Employees: 690 2004 Revenue ($mil.): $529.4
LOCATIONS
Washington, DC (HQ) Austin, TX Chicago, IL Costa Mesa, CA Dallas, TX Denver, CO Los Angeles, CA Redmond, WA Salt Lake City, UT San Diego, CA San Mateo, CA
KEY COMPETITORS
Equity Office Properties Shorenstein Trizec Properties
EMPLOYMENT CONTACT
www.carramerica.com/wmspage.cfm ?parm1=57
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Vault Guide to the Top Real Estate Employers CarrAmerica
THE SCOOP
Office space
CarrAmerica operates as an umbrella partnership real estate investment trust (UPREIT), investing in, developing, and managing commercial real estate. The company owns controlling interest in 250 office buildings throughout the U.S., and holds minority stake in roughly 40 other properties. CarrAmerica also provides property management, facilities management and leasing services. Prime markets include Austin, Chicago, Dallas, Denver, Los Angeles, Orange County, Portland, Salt Lake City, San Diego, San Francisco Bay Area, Seattle and metropolitan Washington, D.C.
Family business
The company stakes its roots in Solomon Carrs immigration to Washington, D.C. in 1885 from Leicester, England. Carr, a successful home builder, passed on his passion for real estate onto son Arthur, who managed office buildings in Washington and Texas. In 1955, Oliver Carr Jr., grandson of Arthur, founded his own home building company, as well as a management and development company. By the 1990s, the Oliver Carr Company had become the leading office property owner and manager provider in the Capitol District, managing 9.2 million square feet of property in 1993, including Metropolitan Square, Presidential Plaza, MCI headquarters and the AARP headquarters. The same year, the company changed its name to Carr Realty Corporation, and began trading on the NYSE, increasing in size through acquisitions in the surrounding Virginia and Maryland areas, marking the companys first foray into the suburban office market.
California, here we come

Using $250 million from the Security Capital U.S. granted in February 1996, the company was able fund acquisitions and development in the suburban market, and thus changed its name to CarrAmerica Realty Corporation to reflect its widening focus. The development of CarrAmerica Development and CarrAmerica Urban Development followed shortly after. Currently, CarrAmerica works in 12 markets as one of the leading office workplace companies. New developments and purchases in recent months include 20 percent ownership of a one million-square-foot office project in Addison, Texas; a 12-story, 282-squareVisit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
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Vault Guide to the Top Real Estate Employers CarrAmerica
foot office building in Santa Clara, Calif.; five buildings totaling 331,950 square feet in San Jose, Calif.; a $131 million high-rise in Rosslyn, Va.; and the Commercial National Bank building in Washington, D.C. In addition, the company sold majority stake in one of its largest San Francisco properties, the CarrAmerica Corporate Center, in April 2005, and plans to use the proceeds to make more investments in the area. Currently, CarrAmerica owns or has stake in 88 buildings in the Bay area totaling 6.5 million square feet.
GETTING HIRED
Carr-eers
The CarrAmerica job site, www.carramerica.com/carrsite/index.htm?8, allows prospective employees to search by job type and location. Resumes should be addressed to the Human Resources Department at: CarrAmerica Realty Corporation Attention: HR/Recruiting 1850 K Street, N.W. Washington, D.C. 20006 Fax: 1-888-439-0689 E-mail: carramerica@saztecjobs.com
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Catellus Development Corporation

201 Mission St., 2nd Fl. San Francisco, CA 94105 Phone: (415) 974-4500 Fax: (415) 974-4550 www.catellus.com
THE STATS
Employer Type: Public Company Stock Symbol: CDX Stock Exchange: NYSE Chairman & CEO: Nelson C. Rising 2004 Employees: 219 2004 Revenue ($mil.): $814.5
LOCATIONS
San Francisco, CA (HQ) Austin, TX Carteret, NJ Dallas, TX Lakewood, CO Los Angeles, CA Newport Beach, CA Norwalk, CA Oakland, CA Torrance, CA Woodridge, IL
KEY COMPETITORS
Irvine Company Majestic Realty Shorenstein
EMPLOYMENT CONTACT
www.catellus.com/Contact_Us/ employment_opportunities.html
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Vault Guide to the Top Real Estate Employers Catellus Development Corporation
THE SCOOP
California livin
Catellus Development Corporation is one of the nations premier diversified real estate development companies. Formed in 1984 as the real estate arm of the Santa Fe Pacific Railroad and spun off in 1990, the company began operating as a real estate investment trust at the start of January 2004. Today, the company specializes in developing, managing and investing in a broad range of product types including industrial, office, residential, retail and major urban development projects. It owns a portfolio of rental properties totaling 40.5 million square feet and one of the largest supplies of developable land in the western United States. Roughly 90 percent of its rental portfolio and nearly 70 percent of its rental property is in California, though recent deals in 2004 allowed Catellus to enter markets in northern New Jersey and in Atlanta, Ga. Other major Catellus markets include Chicago, Dallas and Denver.
Selling out
During 2004, Catellus spent a good portion of the year selling off its non-core assets to boost its bottom line, including undeveloped land in the Mission Bay neighborhood of San Francisco as well as undeveloped property in San Diego. In June 2005, the company announced plans to be acquired by rival ProLogis for $4.9 billion in cash and stock (including $1.3 billion in debt and transaction costs) by the close of 2005. The deal will create the nations largest REIT focused on warehouse and distribution properties once completed.
GETTING HIRED
Catellus careers
The Catellus web site requests all resumes be sent as attachments to humanresources@catellus.com.
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CB Richard Ellis Group, Inc.

100 North Sepulveda Boulevard Suite 1050 El Segundo, CA 90245 Phone: (310) 606-4700 Fax: (310) 606-4701 www.cbre.com
THE STATS
Employer Type: Public Company Stock Symbol: CBG Stock Exchange: NYSE Chairman: Richard C. Blum CEO: W. Brett White 2004 Employees: 17,000 * 2004 Revenue ($mil.): $2,365.1
LOCATIONS
El Segundo, CA (HQ) 300 offices in 50 countries * * includes affiliate and partner company statistics
KEY COMPETITORS
Cushman & Wakefield Jones Lang LaSalle Trammell Crow Company
EMPLOYMENT CONTACT
CB Richard Ellis 100 North Sepulveda Boulevard Suite 1050 El Segundo, CA 90245 Attention: Jack Van Berkel, Sr. VP of HR
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Vault Guide to the Top Real Estate Employers CB Richard Ellis Group, Inc.
THE SCOOP
No. 1 in the world

CB Richard Ellis Group is the parent company of CB Richard Ellis Services Inc., the worlds largest real estate services company, with 17,000 employees in more than 300 offices across 50 countries. (All of this information includes affiliate and partner company statistics.) CBRE, as it is commonly known, offers brokerage services, corporate services, research, consulting, project management, valuation and advisory. With the acquisition of Insignia Financial, CBRE became the worlds largest commercial property manager, supervising 989 million square feet. On the whole in 2004, the company posted a revenue of $2.4 billion on 41,600 completed sale and lease assignments. In June 2004, CBRE completed a $135-million initial public stock offering, trading under the symbol CBG. In June 2005, Brett White, CBREs president, took over CEO duties from Ray Wirta. White is a long-time CBRE veteran, with over two decades of experience at the company. For the first six months of 2005, the company reported an earnings per share of $0.85 per share, compared with a loss of $0.22 the year prior, on revenue of $1.2 billion (a 22 percent increase on 2004s revenue for the same period). For the full year, CBRE raised its guidance to the range of $2.40 to $2.50 per share.
Greater heights
In June 2005, CBRE and its subsidiary, L.J. Melody & Co., formed a finance company, CBRE Realty Finance Inc., to concentrate on originating, purchasing, investing in, financing and supervising a diversified portfolio of commercial real estate-related loans and securities. Ray Wirta will serve as chairman of the board in the new company. The next month, the company announced plans to expand its loan servicing business to Europe, targeting the fast-growing European commercial mortgage-backed securities (CMBS) market. The firms worldly pursuits have paid off: in June 2005, CBRE was named the most recognizable commercial real estate firm among real estate professionals in a survey conducted by The Lipsey Co., a commercial real estate consulting firm. Its also the first real estate services company to be listed on the Fortune 1000.
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Vault Guide to the Top Real Estate Employers CB Richard Ellis Group, Inc.
GETTING HIRED
Breaking the glass ceiling

Applicants can visit the firms web site at www.cbre.com for more information about the company. Women interested in working at CBRE will find themselves in good company. A breakfast for female employees organized by senior vice president Lisa Konizeczka at the CBRE annual conference in 2001 led to the creation of the Womens Network, now 250 members and growing. The networks main tasks these days are to establish company-wide initiatives for the recruitment, retention and advancement of women. For its efforts in recruiting female employees, CBRE won the Organization of the Year award in October 2004, presented by the Commercial Real Estate Women Network.
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CBL & Associates Properties

2030 Hamilton Place Blvd. Ste. 500 Chattanooga, TN 37421-6000 Phone: (423) 855-0001 Fax: (423) 490-8390 www.cblproperties.com
THE STATS
Employer Type: Public Company Stock Symbol: CBL Stock Exchange: NYSE Chairman & CEO: Charles B. Lebovitz 2004 Employees: 1,359 2004 Revenue ($mil.): $802.1
LOCATIONS
Chattanooga, TN (HQ) Waltham, MA
KEY COMPETITORS
General Growth Properties New Plan Excel Realty Trust Simon Property Group
EMPLOYMENT CONTACT
www.cblproperties.com/cbl.nsf/jobs? readform
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Vault Guide to the Top Real Estate Employers CBL & Associates Properties
THE SCOOP
Shopping savvy
CBL & Associates Properties is a real estate investment trust with a passion for fashion: the company owns, develops, manages and finances shopping malls and other retail properties. Its main markets are the Southeast and the Midwest, with 124 properties (including over 70 malls) nationwide. Main tenants include The Limited, The Gap and Foot Locker. CBL is the fourth-largest mall REIT in the U.S., and the largest owner and manager of shopping centers in the Southeast.
Independent to public
CBL got its start in 1961, after Moses Lebovitz, Charles Lebovitz and Jay Solomon founded Independent Enterprises to develop commercial and shopping center real estate. At the start of the 1970s, Independent merged with Arlen Realty & Development Corporation, a New York-based firm featuring a large portfolio of East Coast shopping centers. Charles Lebovitz became president of Arlens shopping center division and, with four associates, formed CBL & Associates a year later to develop malls and community centers. In 1979, the firm opened its first property in Del Rio, Texas. CBL expanded east in 1988 with the opening of a regional office in Boston. By 1993, the firm had established itself as an official REIT, trading on the NYSE as CBL. In 2001, CBL acquired 23 properties from The Jacobs Group the single largest acquisition in company history.
Coast to coast
Major developments recently include the opening of the Coastal Grand-Myrtle Beach mall in Myrtle Beach, S.C., and the opening of the first West Coast mall, the Imperial Valley Mall in El Centro, Calif. On the whole in the fiscal year 2004, CBL posted an FFO of $310.4 million compared with $271.6 million the year prior, representing an increase of 14.3 percent. A December 2004 offering of 7 million depositary shares raised net proceeds of $169.5 million, used to pay down outstanding balances on the companys lines of credit. CEO Lebovitz blamed the downturn on a large number of retailer bankruptcies and expects strong momentum in 2005.
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Vault Guide to the Top Real Estate Employers CBL & Associates Properties
GETTING HIRED
Boarding the Chattanooga choo choo...

CBL accepts resumes at the following address: CBL & Associates Properties, Inc. Human Resources CBL Center, Suite 500 2030 Hamilton Place Blvd. Chattanooga, TN 37421-6000 Fax: (423) 893-4260 E-mail: cbl_jobs@cblproperties.com In addition, the company posts job openings as they become available on its career web site, cblproperties.com/cbl.nsf/jobs?readform.
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Centex Corporation
2728 North Harwood Street Dallas, TX 75201-1516 Phone: (214) 981-5000 Fax: (214) 981-6859 www.centex.com
THE STATS
Employer Type: Public Company Stock Symbol: CTX Stock Exchange: NYSE Chairman & CEO: Timothy R. (Tim) Eller 2005 Employees: 17,134 2005 Revenue ($mil.): $12,859.7
LOCATIONS
Dallas, TX (HQ) 1,500 offices worldwide.
KEY COMPETITORS
D.R. Horton Lennar Pulte Homes
EMPLOYMENT CONTACT
www.centexcareers.com
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Vault Guide to the Top Real Estate Employers Centex Corporation
THE SCOOP
Home bodies
Thanks to its strategy of focusing on homebuilding and world businesses, Centex Corporation has become one of the largest homebuilders in the country, trailing rivals D.R. Horton, Pulte Homes and Lennar by mere units. The companys name derives from its location its headquarters are in Dallas, deep in the heart of CENtral TEXas, although it also has a construction office in Plantation, FL. Centexs subsidiaries sell the house and arrange the mortgages for homes in more than 90 markets throughout the U.S. In addition, Centex HomeTeam Services, a subsidiary, provides pest-control and security-monitoring services. As of August 2005, Centex operates in more than 600 neighborhoods in the U.S., while the number of houses in the fiscal year 2005 topped 33,000. Fortune magazine also ranked Centex No. 1 in its industry on its 2005 list of Americas Most Admired Companies. A Fortune 250 company, Centex employs over 18,000 workers in more than 1,500 offices. Most impressive of all is its financial track record: since going public in 1969, it has never reported a quarterly or annual loss or a major write-off.
Expansion
Centex was founded by two Dallas homebuilders who capitalized on the postwar housing boom of the 1950s. During the decades that followed, the company augmented its home and commercial construction operations with a home-financing business that is now among the nations largest non-bank mortgage originators. The companys national presence and size have insulated it from the regional housing slumps that affect smaller homebuilders. In the late 1990s, Centex expanded by acquiring smaller construction outfits, including the 1998 purchases of Wayne Homes and Calton Homes Inc. as part of a push to move further into the Northeast. In 2003, the company picked up Jones Co., a builder of entry-level and luxury single-family houses, for an undisclosed amount. Next up was a string of spin-offs, including Centexs manufactured homes unit, Cavco Industries, in 2003, as well as its construction arm, Eagle Materials Inc. (formerly Centex Construction Group), in 2004.
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Another record-breaking year

On the whole for the 2005, revenue topped record levels for the ninth consecutive fiscal year, increasing 24 percent to $12.86 billion, while domestic homebuilding operating earnings increased 43 percent to $1.38 billion, the first time the companys net earnings eclipsed the $1 billion mark. CEO Tim Eller said he expects the U.S. homebuilding industry to remain favorable into 2006, and plans to focus on neighborhood growth. Prospects for the new year look good: in the first quarter of 2006, Centex recorded the highest year-end backlog of home sales in company history, and increased profit by 32 percent, up to $233.7 million on revenue of $3.22 billion.
Helping hands
At the start of 2005, Centex donated a house valued at roughly $500,000 to a family in need for an episode of Extreme Makeover: Home Edition. HomeAid America, a national nonprofit that works with the television series, chose to work with Centex on the project because of the companys reputation for building excellence and its longstanding commitment to charitable organizations and causes. In the past decade, Centex has contributed the equivalent of over 200 homes to local communities.
Tree huggers unite!

About the only thing bothering Centex in this booming housing market are the protests of tree-lovers everywhere. In response to complaints by the Rainforest Action Network, Centex has stopped using wood from endangered and ancient forests in its homes, so ancient wood is no longer an option on the list of available upgrades in a Centex home center; at these showrooms customers can browse through a bevy of other options for their new houses. More recently, in July 2005, the companys Centex Homes subsidiary pledged an initial $1 million to establish the Centex Homes Land Legacy Fund, which will provide money for land and water preservations projects nationwide, as administered by The Conservation Fund, an organization that promotes protection of wildlife habitats.
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GETTING HIRED
Building a career
With several major subsidiaries and hundreds of field offices, opportunities are available. Centex has a job section on its web site at www.centex-careers.com, which is searchable by position, location and company division. Centexs corporate headquarters invites resumes from applicants interested in administrative positions there. The company does some pretty limited campus recruiting at schools including Purdue, Texas A&M, Penn State, Florida, Auburn, Cincinnati and others. Competition is fairly stiff, explains one insider: We believe we have the best there is to offer in the industry, and we are only interested in sharing that with the best individuals available. Another contact adds, We are competing for the best recruits, all of whom have some kind of co-op or intern experience. However, as one insider comments, interviews are not that stressful right now because the job market is so tight. Typical career areas include land management, finance and accounting, construction services, construction and sales. Typical entry-level jobs include field manager/superintendent, estimating, purchasing, product development, sales, land management and finance/accounting. In addition, Centex sponsors Build Your Future scholarships at more than 40 colleges nationwide, which provide recipients with a scholarship and paid internship. More than half of the students awarded the BYF scholarship become full-time Centex employees after graduation.
OUR SURVEY SAYS
Hang loose
Centex employees enjoy the freedom of a loose corporate structure and a flexible organization. They say, however, that the autonomy of each subsidiary and division results in a wide range of corporate cultures. Centex is a fairly large company for construction anyway but Centex Rooney [a unit of Centex Corp. now known as Centex Construction] and the other Centex-somethings really seem pretty independent from the parent company, says a source. I know that things like raises are controlled by Dallas and probably other things too, but they dont seem to affect what we do in the trenches much.
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Office policies
Some corporate policies are standard in most offices. For example, there are dress codes without being too specific be professional and dress casual on Fridays in the office. Field staff can wear jeans every day but must be neat in appearance. The work hours are tough. The office people start at 8:00 officially, but certain people arrive at 7:00 or even 6:30 ... We are very schedule-oriented and do whatever it takes. This often means at least some time on weekends.
Stay put, yet move around

For all their toil and trouble, Centex employees are able to take advantage of a healthy discount on Centex homes, as well as frequent perks such as free tickets, free meals, company health clubs and bonuses. Health benefits are good maybe not great but you do get a choice between an HMO and PPO. The best thing is the profit sharing and retirement plan. The firm tells Vault that it offers profit sharing of approximately 10 percent of the employees annual salary. In addition, Centexs national presence gives employees the opportunity to relocate nearly anywhere in the country they wish. The company covers all moving expenses and offers a moving incentive bonus, but says it varies by company/division, etc.
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Century 21 Real Estate LLC

1 Campus Drive Parsippany, NJ 07054 Phone: (877) 221-2765 Fax: (973) 496-7564 www.century21.com
THE STATS
Employer Type: Subsidiary of Cendant Corp. President & CEO: Thomas R. Kunz
LOCATIONS
Parsippany, NJ (HQ) Offices worldwide.
KEY COMPETITORS
HomeServices Prudential RE/MAX
EMPLOYMENT CONTACT
www.century21.com/learn/recruit ment/index.aspx
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Vault Guide to the Top Real Estate Employers Century 21 Real Estate LLC
THE SCOOP
The real estate run-down

Founded in 1971, Century 21 Real Estate Corporation, a subsidiary of Cendant Corp., is the franchiser of one of the worlds largest residential real estate sales organizations, with more than 6,600 independently owned and operated franchised broker offices in over 30 countries and territories worldwide, employing 100,000 brokers and sales associates. Century 21 agents represent both buyers and sellers of residential real estate. In addition to residential home sales, the company helps customers buy and sell commercial and vacation properties, and also offers relocation services for individuals, corporations and military members. The firm also claims to be the first major real estate firm in the U.S. to develop products and services for the Hispanic market, which is expected to make up 40 percent of all new homeowners by 2025. To this end, Century 21 has agent-training programs and marketing strategies designed for the Hispanic community.
Name in the know

The firm boasts it has the most recognized name in real estate, as evidenced by a 2004 Ad Tracking Study, and is responsible for the award-winning Real Estate for Your World national ad campaign. Through an ongoing partnership with Major League Baseball, Century 21 also sponsors an annual Home Run Derby charity event (proceeds go to Boys & Girls Club of America and Easter Seals) and All-Star Sweepstakes, which offers a grand prize of a trip to the MLB All Star Week and $250,000 to use towards the purchase of a home.
GETTING HIRED
Sold on Century?
The Century 21 career web site, www.century21.com/learn/recruitment/index.aspx, offers a list of local offices and contact information for those interested in a career in real estate, or looking for the opportunity to own a Century 21 franchise.
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CNL Hotels & Resorts, Inc.

450 S. Orange Avenue Orlando, FL 32801-3336 Phone: (407) 650-1000 Fax: (407) 650-1085 www.cnlhotels.com
THE STATS
Employer Type: Subsidiary of CNL Financial Chairman: James M. Senoff Jr. CEO: Thomas J. Hutchison III 2004 Revenue ($mil.): $1,342.2
LOCATION
Orlando, FL (HQ)
KEY COMPETITORS
FelCor Host Marriott MeriStar
EMPLOYMENT CONTACT
www.cnlhotels.com/career.asp
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Vault Guide to the Top Real Estate Employers CNL Hotels & Resorts, Inc.
THE SCOOP
At your service
CNL Hotels & Resorts (formerly CNL Hospitality Properties), a subsidiary of CNL Financial, is the nations second largest hotel REIT, with ownership interests in more than 100 hotels across the U.S. and Canada. Among the recognizable brands CNL operates under are Marriott, Hilton and Hyatt; one-fifth of its total overall holdings are located in California. Famous properties include the Arizona Biltmore Resort & Spa, Grand Wailea Resort Hotel & Spa in Hawaii and Californias Hotel del Coronado.
Hotels coast to coast

The company was initially formed in 1996 as a direct hotel investment for CNL Financial Group. Within a year, CNL had signed deals to acquire three hotels at Marriott Village in Orlando, Fla., on the Disney World grounds. By the end of the 1990s, CNL had acquired or invested in eleven properties spanning the nation, from Mira Mesa to Atlanta to Philadelphia. Further partnerships with Marriott at the start of the 21st century led to acquisitions in Florida, Arizona, New Jersey and Hawaii, as well as further acquisitions in California. In 2001, CNL formed two partnerships with Hilton Hotels Corp. and Interstate Hotels, picking up six new properties in total. By July 2002, the company reached $1 billion in equity raised.
M&A happy
Acquisitions in 2003 included the legendary 688-room Hotel del Coronado in San Diego, Calif., three Embassy Suites, one Hilton and CNLs first Hyatt. More notably, the company also purchased RFS Hotel Investors Inc. that June for $383 million, gaining 60 hotels, mostly under the brands Sheraton and Holiday Inn. Less than a year later, CNL engineered its largest purchase to date: $2.2 billion for KSL Recreation Corporation, a deal that christened CNL the nations No. 2 hotel REIT, and won the firm the outstanding transaction for M&A activity award at the annual Americas Lodging Investment Summit. A planned initial public offering, expected to raise more than $700 million on 35.5 million shares, was halted in August 2004 due to poor market conditions. CNL wasnt left faltering though in the first quarter of 2005, the company recorded a net profit of $9 million, a whopping 200 percent increase on the $3 million recorded the year
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Vault Guide to the Top Real Estate Employers CNL Hotels & Resorts, Inc.
prior. Total revenue also skyrocketed 88.8 percent to $429.4 million, compared with $227.4 million in the first quarter of 2004. CEO Thomas J. Hutchison III attributed the growth to significant impact from integrating several luxury resorts and upperupscale properties involved in the KSL acquisition. More recently, CNL divested five hotel properties in a July 2005 deal with Pyramid Hotel Opportunity Venture LLC for $109 million.
GETTING HIRED
CNL careers
For job inquiries, the CNL web site redirects prospective employees to parent firm CNL Financials career site, www.cnl.com/cnlcareers, which sorts openings by company, department and keyword.
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Crescent Real Estate Equities Company

777 Main St., Ste. 2100 Fort Worth, TX 76102-5325 Phone: (817) 321-2100 Fax: (817) 321-2000 www.cei-crescent.com
THE STATS
Employer Type: Public Company Stock Symbol: CEI Stock Exchange: NYSE Chairman: Richard E. Rainwater CEO: John C. Goff 2004 Employees: 747 2004 Revenue ($mil.): $1,293.8
LOCATION
Fort Worth, TX (HQ)
KEY COMPETITORS
CarrAmerica HRPT Properties Parkway Properties
EMPLOYMENT CONTACT
www.crescent.com/careers/default.asp
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Vault Guide to the Top Real Estate Employers Crescent Real Estate Equities Company
THE SCOOP
Western appeal
Crescent Real Estate Equities, a real estate investment trust (REIT), was formed in 1994 after current chairman Richard Rainwater bought a 50 percent stake in The Crescent from developer Rosewood Corp. Today, the company owns or has interests in 75 office buildings across the U.S. through subsidiaries and joint ventures, totaling over 30 million square feet. Major markets include Dallas, Houston, Austin, Denver, Miami and Las Vegas. Other strategic investments include upscale residential developments (primarily in Colorado) and seven upscale hotels and fitness resorts in the Southwest. Crescent also holds a nearly 32 percent stake in the parent of AmeriCold Logistics, a refrigerated warehouse company, and was the recipient of the National Commercial Real Estate Customer Service Award from 2001 through 2004.
Were not in Texas anymore

After receiving industry criticism for an over-concentration in the Texas market, Crescent announced in June 2004 it would sell 50 percent equity positions in three of its Dallas-based properties, and half of two Houston properties (JPMorgan Asset Management later picked up the property, totaling 8 million square feet, for $1.2 billion). At its annual stockholders meeting the same month, the company announced it would narrow its focus on three major areas (joint venture of core assets, buys principally made with joint-venture partners and the sale of non-core assets) as part of a plan to improve stock values after a less-than-stellar 2003 fiscal year. The shifting worked. By the end of the fiscal year 2004, Crescent reported a gain of $141 million in net income, compared with a loss of $0.3 million the year prior. New property deals in 2005 include the purchase of a 466,000 square-foot office space in Atlanta for $130.5 million and plans to co-develop office property in Orange County with Hines, a private real estate investment company based in Houston.
Game face
Crescent is actively involved in its FACES of Change volunteer program, which has joined 52 Crescent properties with elementary schools to match resources with school needs, contributing more than $1.2 million in goods and services, and 22,000 hours of community service.
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Vault Guide to the Top Real Estate Employers Crescent Real Estate Equities Company
GETTING HIRED
Crescent careers
Job applicants are asked to submit resumes to the following address: Crescent Real Estate Equities Company Attn: Human Resources 777 Main Street Suite 2100 Ft. Worth, Texas 76102 Fax: (817) 321.2030 Or by e-mailing: employment@crescent.com. Postings for available positions are listed on the companys career web site, www.crescent.com/careers/jobs/jobopps.asp.
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Day & Zimmermann Group

1818 Market Street, Fl. 22 Philadelphia, PA 19103-3672 Phone: (215) 299-8000 Fax: (215) 299-8030 www.dayzim.com
THE STATS
Employer Type: Private Company Chairman & CEO: Harold L. (Hal) Yoh III 2004 Employees: 20,000 2004 Revenue ($mil.): $1,300
LOCATIONS
Philadelphia, PA (HQ) More than 150 locations worldwide.
KEY COMPETITORS
Bechtel Fluor URS
EMPLOYMENT CONTACT
www.dayzim.com/Careers/default.htm
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Vault Guide to the Top Real Estate Employers Day & Zimmermann Group
THE SCOOP
Do the revolution
In the early 1900s, people who feared being left behind by the fast-paced industrial revolution turned to Day & Zimmermann. Founded in 1901 by engineers Charles Day and Kern Dodge, the firm pioneered the replacement of belt drives on machine tools with electric motors. Soon after, people in business, industry and government sought out the company for its efficiency-increasing techniques. John Zimmermann joined a few years later, lending his name to the partnership. Day & Zimmermann has since become one of the worlds largest professional services firms, with over 20,000 employees providing technical and engineering consulting services to a range of clients in several industries. From over 150 locations worldwide, the firm offers engineering and construction; munitions; design; plant maintenance and modification; validation; security; staffing; architectural; maritime; travel; reprographic; and asset management services. Major clients include the U.S. Department of Defense, PG&E and the nuclear power industry; overall, Day & Zimmermann serves more than 1,300 customers worldwide, including nearly half of the Fortune 100 list, and is consistently ranked among the top 1 percent of privately held U.S. firms.
Operating units
The firm divides its operations into four distinct units: Day & Zimmermann International, dealing in construction and project management; Day & Zimmermann LLC, providing services including travel, appraisal and maritime operations; Government Systems Group, catering to agencies at all levels of the U.S. and foreign governments; and the HL Yoh Group, specializing in technical staffing. Day & Zimmermann frequently establishes on-site offices to handle major projects, including engineering offices in Charlotte serving DuPont and an Orlando office to handle work from AT&T Microelectronics.
Yoh!
Longtime owner Harold Spike Yoh Jr. retired in 1998, after more than 20 years at the helm, succeeded by son Hal. In early 1999, the firm began to undergo a rare change in ownership. With more than $15 million raised from the sale of its infrastructure and airport construction division to Daniel, Mann, Johnson &
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Vault Guide to the Top Real Estate Employers Day & Zimmermann Inc.
Mendenhall, the five Yoh children aimed to buy out their old man. The Yoh family has controlled the firm since 1961 and reportedly now holds a 90 percent stake. With the completion of the transfer, the third generation in the family took the reins. The same year, the company won the National Family Business of the Year award for its family-based leadership. In mid-1999 Day made moves to expand its domestic and international presence. In May of that year, it acquired Kentucky-based contractor The Mason Co. Then in September, the company expanded its D & Z International arm into Manchester, England. By the time the companys 100th birthday rolled around, Day & Zimmermann had grown to become the largest power maintenance contractor in the U.S.
GETTING HIRED
More than a day job

To learn more about a career with Day & Zimmermann, visit the Careers section of its web site, www.dayzim.com/Careers. Qualifications and requirements vary by position. Send, fax or e-mail resumes with salary requirements to the addresses listed under the web site job descriptions.
OUR SURVEY SAYS
Stay, but dont linger

As one of the leading engineering firms in the world, Day & Zimmermann offers valuable experience and competitive salaries. Benefits include a full-coverage insurance package, tuition reimbursement and paid vacations. Respondents, however, report having a mixed experience at the firm. One insider remarks, In general I like it here, but there have been times when I was less than happy. Another informant describes his experience as some good, some bad. Pointing to the firms private ownership, employees describe Day & Zimmermann as a good place to start your career, but not preferable for long-term employment. One contact believes that the companys owner makes decisions to please a select few employees. She adds, D & Z is a very short-sighted corporation.
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Developers Diversified Realty

3300 Enterprise Parkway Beachwood, OH 44122 Phone: (216) 755-5500 Fax: (216) 755-1500 www.ddrc.com
THE STATS
Employer Type: Public Company Stock Symbol: DDR Stock Exchange: NYSE Chairman & CEO: Scott A. Wolstein 2004 Employees: 523 2004 Revenue ($mil.): $644.1
LOCATION
Beachwood, OH (HQ)
KEY COMPETITORS
CBL & Associates Properties General Growth Properties New Plan Excel Realty Trust
EMPLOYMENT CONTACT
www.ddrc.com/careers/careers.php
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Vault Guide to the Top Real Estate Employers Developers Diversified Realty
THE SCOOP
Successful development
Developers Diversified Realty, a self-administered real estate investment trust (REIT), is the nations leading owner, developer and manager of community shopping centers. Developers Diversified owns and manages 500 operating and developement properties totaling over 113 million square feet of real estate in 44 states and Puerto Rico. DDR was founded in 1965 and went public in 1993. Since then, through a series of acquisitions and development projects, its portfolio has grown over 10 times that of its pre-IPO portfolio. Today, the company boasts more than 574 employees located in its Cleveland, Ohio headquarters and at its satellite offices in 12 states.
Buying into the billions

In strategic moves, DDR made $4 billion in acquisitions in 2004, taking more than 25 million square feet of shopping center space in 16 states and Puerto Rico. Through 2005, the company completed acquisition of 39 open and operating Mervyns stores for $408 million, through a 50/50 joint venture with Macquarie DDR Trust (MDT), which is sponsored by Maquarie Bank Limited.
Further developments
A leading developer of new shopping center space, DDR currently has over $1 billion (totaling 10 million square feet) of new shopping center space under development. In 2005, the company will substantially complete construction of new shopping centers in Mt. Laurel, N.J.; Freehold, N.J.; San Antonio, Texas; Lansing, Mich.; and Chesterfield, Mich. Projects to be completed in 2006 will include Pittsburgh, Penn.; Miami, Fla.; and Raleigh, N.C.
Money matters
DDR makes its investors smile with its consistent returns. With a franchise valued at $13 billion, the company says that its generated a total shareholder return of 39 percent in 2004 and increased its quaterly dividend by 17.5 percent.
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Vault Guide to the Top Real Estate Employers Developers Diversified Realty
GETTING HIRED
Diverse careers
The DDR career web site, www.ddrc.com/careers/careers.php, lists current job openings, along with requirements and qualifications for each. You can also find information on benefits. For additional information, contact the Developers Diversified human resources department at hr@ddrc.com, or call them toll free at (877) CALL-DDR.
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Duke Realty Corporation

600 E. 96th Street, Ste. 100 Indianapolis, IN 46240 Phone: (317) 808-6000 Fax: (317) 808-6794 www.dukerealty.com
THE STATS
Employer Type: Public Company Stock Symbol: DRE Stock Exchange: NYSE Chairman & CEO: Dennis D. (Denny) Oklak 2004 Employees: 1,100 2004 Revenue ($mil.): $1,181.4
LOCATIONS
Indianapolis, IN (HQ) Atlanta, GA Chicago, IL Cincinnati, OH Cleveland, OH Columbus, OH Dallas, TX Minneapolis, MN Nashville, TN Orlando, FL Raleigh, NC St. Louis, MO Tampa, FL Weston, FL
KEY COMPETITORS
Highwoods Properties Liberty Property Trust Prime Group Realty
EMPLOYMENT CONTACT
www.dukerealty.com/company/careers
DEPARTMENTS
Accounting Acquisitions & Dispositions Administrative Services Construction Financial Analysis Human Resources Information Technology Investor Relations Leasing Legal Maintenance Marketing Property Management Tax Tenant Services
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Vault Guide to the Top Real Estate Employers Duke Realty Corporation
THE SCOOP
Here in the warehouse ...

Duke Realty, a self-managed and self-administered real estate investment trust (REIT), is the largest publicly traded office and industrial real estate company in the nation, operating mainly in the Midwest and Southeast, with a staff of 1,100. Nearly three-fourths of its holdings are warehouses and light industrial centers. Office space comprises 25 percent, and the rest is rounded out by a handful of shopping centers. Overall, Duke holds claim to some 900 properties and 4,600 acres of undeveloped land that can support over 69 million square feet of future development for a total of more than 115 million square feet. Services include construction and development, asset and property management, and leasing.
Week proposal
Founded in 1972 in Indianapolis, the companys first project was Building One at Indianapolis Park 100 Industrial Park today, one of the largest industrial parks in the nation. Throughout the 1970s, the company continued to expand, adding office and retail development businesses, and opening an office in Cincinnati. Offices in Nashville and Columbus followed in the 1980s, as Duke grew its industrial holdings. After going public in October 1993 to the tune of $313 million, Duke established a string of offices in the Midwest, and gained entry into Southeastern markets through its 1999 merger with Norcross, Ga.-based Weeks Corporation, bringing in 90 million square feet of space for the new company, which boasted an annual revenue of over $500 million from 5,000 tenants.
Sunshine State developments

Duke worked aggressively in the second half of 2004, picking up prime land in developing markets, including: 57 acres in Frisco, Texas; $182 million worth of Class A suburban office buildings in Atlanta, Ga.; and 300 acres of undeveloped land northwest of Indianapolis as part of a 1,700-acre mixed-use project known as Anson, which will be developed over a 15-year period for office, industrial, retail, medical, civic and residential use. To close out the fiscal year 2004, Duke announced $80.9 million of developments and $80.1 million of new third-party construction contracts on a total of 845,000 square feet in areas of Ohio, Georgia, Illinois, Florida and Minnesota.
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One of the first purchases of 2005 included the February acquisition of 41.6 acres of undeveloped land in South Orlando, on which the company plans to construct approximately 800,000 square feet of distribution space. The following month, the company bought 40 acres of Class A office park in South Florida with plans to create an upscale shopping and dining center. Florida is an area the company considers key for future growth; a deal announced April 2005 for 150,600 square feet of space in South Orlando is part of a larger plan to develop four new speculative and/or buildto-suit buildings over the next three years, while the company is set to develop three buildings on 29 acres near Tampa International Airport by February 2006.
Duking it out with the market

Duke will need strong growth in the coming months to maintain its lofty position at the top. A company newsletter issued April 2005 revealed highest-ever levels of fourth quarter capital expenditures, mostly due to costs related to leasing empty space and retaining existing tenants. Between the fourth quarters of 2003 and 2004, the amount of improvements made skyrocketed from $7.9 million to $16.9 million, while second-generation tenant improvement expenditures increased 164 percent from $36 million to nearly $59 million. Meanwhile, industry insiders do not see relief in sight a March 2005 report by Midwest Real Estate News declared 2005 to be a year of stagnation for Duke, as rents are not expected to increase. An analyst tracking Duke shared similar thoughts, forecasting challenges for the company through 2007 with respect to re-leasing vacant space.
GETTING HIRED
The real(ty) deal

Duke lists position openings, along with detailed job descriptions, on its career web site, www.dukerealty.com/company/careers. Applicants are advised to send a resume to: Human Resources Duke Realty Corporation 600 E. 96th St., Suite 100 Indianapolis, IN 46240
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Applications may also be faxed to (317) 808-6791, or sent via e-mail to hr@dukerealty.com. The company also sponsors a summer internship program for college students in various markets, offering career development, involvement in Duke activities and advising/mentoring. Campus recruiting typically takes place in areas where the company has strong market presence; in 2005, Duke representatives visited a variety of colleges and universities in Georgia, Indiana, Illinois, Ohio, Tennessee, North Carolina, Florida and Texas. More information on recruiting schedules can be found on the Duke site. In addition, Duke takes part in a number of job fairs on a year-round basis, including the Indiana Black Expo; Professional Diversity Job Fairs in Atlanta, Chicago, Cincinnati and Indianapolis; and the Atlanta University Center Career Fair.
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Equity Office Properties Trust

2 N. Riverside Plaza, Ste. 2100 Chicago, IL 60606 Phone: (312) 466-3300 Fax: (312) 454-0332 www.equityoffice.com
THE STATS
Employer Type: Public Company Stock Symbol: EOP Stock Exchange: NYSE Chairman: Samuel (Sam) Zell CEO: Richard D. Kincaid 2004 Employees: 2,300 2004 Revenue ($mil.): $3,305.3
LOCATIONS
Chicago, IL (HQ) Atlanta, GA Austin, TX Boston, MA Columbus, OH Dallas, TX Denver, CO Houston, TX Indianapolis, IN Los Angeles, CA Minneapolis, MN New Orleans, LA Northern Virginia Orange County, CA Portland, OR Sacramento, CA San Diego, CA San Francisco, CA San Jose, CA Seattle, WA Stamford, CT Washington, DC
KEY COMPETITORS
Boston Properties Mack-Cali Vornado Realty Trust
EMPLOYMENT CONTACT
www.equityoffice.com/careers/careers aspx
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Vault Guide to the Top Real Estate Employers Equity Office Properties Trust
THE SCOOP
Zells kitchen
Widely considered the premier REIT and an innovator in the industry, Equity Office today is the largest property owner in the U.S., behind the federal government, managing some 700 office buildings totaling 123.6 million square feet of space. Run by Sam Zell, one of the most highly regarded real estate minds in the world, the company owns buildings in 20 states and 28 major metropolitan areas, and also manages related real estate companies that focus on other facets of real estate. Chairman Zell, known as Grave Dancer in the industry, has staked a reputation for himself due to his uncanny ability to transform distressed properties into profitable investments. Among Equitys achievements are being the first real estate company named to the S&P 500, a goal reached in October 2001, and one Zell had chased down for years, after finally convincing the industry that REITs were operating companies, not just collections of assets. Equity has also been named a Most Admired Company by Fortune magazine.
M&A overload
Zell founded the company in 1976 as an integrated real estate management and acquisition organization. Equity went public in 1997, and followed a strategy of building a widely dispersed portfolio throughout the rest of the decade. Since then, Equity has nearly quadrupled in size through $17 billion worth in mergers and acquisitions, growing its holdings from 32.2 million square feet at the time of the IPO to nearly 125 million square feet as of August 2005, mainly through three major deals: a December 1997 merger with Beacon Properties, Inc.; a June 2000 merger with Cornerstone Properties, Inc.; and a July 2001 merger with Spieker Properties, Inc. After the September 11th-fueled downturn in the real estate industry, the company lowered its investor expectations for 2002, on Zells philosophy that it was better to under-promise and over-deliver in the struggling market. In November 2002, Richard Kincaid, a longtime employee with Equity Office, became CEO, following the sudden departure of Timothy Callahan, who resigned from the post in April 2002 for personal reasons.
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Vault Guide to the Top Real Estate Employers Equity Office Properties Trust
Changing its tune

To kick off 2004, Equity sold 14 properties and a 4.1-acre area of land in California for $177 million, with plans to use the proceeds to drive down debt. That May, the company completed the sale of a seven-property package spanning six cities for a total of 3.44 million square feet. By September, Equity identified 46 buildings to be sold over the next five years, mostly in San Jose, Calif., and sold 5.6 million square feet of industrial space to pension fund management firm RREEF as part of a plan to dispose of non-core assets. Two months later, Equity announced a plan to sell 11 Dallas-area office properties and five Houston-based buildings, valued at $925 million, after CEO Kincaid called the two Texas cities non-growth markets at an investor forum. To close out the year, Equity sold off a portfolio in suburban Philadelphia for an estimated $170 million to Thomas Property Group. Over the course of 2004, Equity sold off most of its industrial holdings, nearly 10 percent of its total properties, reversing its big-spending ways of the 1990s to create a pared-down portfolio. Indeed, the companys focus seems to be shifting these days as it divests lesser assets, most recently more than 3 million square feet of its San Francisco holdings. Kincaids plan for Equity, outlined in a June 2005 press release, focuses on redeploying capital and growing in our top 17 markets. By the end of 2005, Kincaid expects to sell $2 billion to $3 billion in assets, generating capital at a time when falling rents threaten to take a bite out of Equitys bottom line. In August 2005, the company posted a second-quarter loss of $196.7 million, compared with a year-earlier net income of $109.5. Kincaid expects rents to continue to drop by 10 to 15 percent for the remainder of 2005.
GETTING HIRED
Equity opportunity employer

All job openings can be viewed on Equitys career web site, www.equityoffice.com/careers/careers.aspx. Resumes submitted for a specific position are entered into the company database and considered for similar job openings for a period of one year.
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Equity Residential
2 N. Riverside Plaza, Ste. 450 Chicago, IL 60606 Phone: (312) 474-1300 Fax: (312) 454-8703 www.equityresidential.com
THE STATS
Employer Type: Public Company Stock Symbol: EQR Stock Exchange: NYSE Chairman: Samuel (Sam) Zell CEO: Bruce W. Duncan 2004 Employees: 6,000 2004 Revenue ($mil.): $1,897.5
LOCATIONS
Chicago, IL (HQ) Atlanta, GA Dallas, TX Denver, CO Ft. Lauderdale, FL Orange County, CA Phoenix, AZ Portland, OR Raleigh, NC Reynoldsburg, OH San Antonio, TX Seattle, WA Southeastern Michigan Tampa, FL Washington, DC
KEY COMPETITORS
AIMCO Archstone-Smith Trust United Dominion Realty
EMPLOYMENT CONTACT
www.equityresidential.com/content/ hr_careermain.asp
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Vault Guide to the Top Real Estate Employers Equity Residential
THE SCOOP
Apartment life
Since first going public in August 1993, Equity Residential has grown to become the largest publicly traded owner and operator of multifamily properties in the United States in terms of sales. Formerly known as Equity Residential Properties Trust, the firm is a self-administered and self-managed equity real estate investment trust (REIT) with whole or partial interest in almost 1,000 apartment communities with 220,000 units across 36 states. Properties are comprised mostly of garden and ranch properties, mixed with a few mid/high-rise buildings in 33 states. Chaired by real estate guru Sam Zell, Equity also leases over 35 divisional, regional and area property management offices throughout the United States. And, like its Zell-owned sibling, Equity Offices, Equity Residential has been named one of Americas Most Admired Companies by Fortune magazine, and is ranked on the S&P 500.
On the road to No. 1

Following Equity Residentials IPO, then-CEO Douglas Crocker II set forth a specific if lofty goal for the company: to become the No. 1 apartment company in the U.S. Within five years, Equity had surpassed Crockers goal, partially through an extensive buying spree in 1997, during which Equity Residential picked up rivals Wellsford Residential Property Trust, CAPREIT, Evans Withycombe Residential and Ameritech Pension Trust for a total of $2.14 billion, effectively growing its trust to more than twice the size of the next largest competitor.
Weathering the market

Purchasing continued into the 21st century, as Equity Residential acquired properties in the San Fernando Valley, Seattle and suburban Denver. A rise in expenses during the summer of 2004 caused earnings to slip 7 percent, while a particularly strong hurricane season in Florida the following September caused a total of $14.1 million in property damage, which forced a decline in third-quarter earnings of 34 percent. Business picked up by the first quarter of the fiscal year 2005, in which shares were up $0.74, compared to $0.52 the year prior. Tempering the gain, though, was the news that President and CEO Bruce W. Duncan would retire by the end of 2006. As of October 2005, his replacement has yet to be announced. New property in development includes Boston-based West End Residences, Seattles 1.3 million-
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Vault Guide to the Top Real Estate Employers Equity Residential
square-foot Harbor Steps complex, and three high-rise towers in Manhattan, known as Trump Place.
GETTING HIRED
Joining Zells angels

All job openings can be viewed on the company web site, sorted by both state and category. Applications can be submitted online. Typical jobs at Equity Residential include maintenance personnel, leasing consultants, corporate positions, assistant managers, groundskeepers and property managers.
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FelCor Lodging Trust Incorporated

545 E. John Carpenter Fwy. Ste. 1300 Irving, TX 75062 Phone: (972) 444-4900 Fax: (972) 444-4949 www.felcor.com
THE STATS
Employer Type: Public Company Stock Symbol: FCH Stock Exchange: NYSE Chairman: Donald J. McNamara CEO: Thomas J. Corcoran Jr. 2004 Employees: 70 2004 Revenue ($mil.): $1,203.9
LOCATION
Irving, TX (HQ)
KEY COMPETITORS
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Vault Guide to the Top Real Estate Employers FelCor Lodging Trust Incorporated
THE SCOOP
Top scale
FelCor is the second-largest hotel real estate investment trust (REIT) in the U.S., behind Host Marriott. The company owns some 133 hotels, mostly upscale or upperupscale, in 31 states and Canada with approximately 38,000 rooms and suites operating mostly under the Crowne Plaza, Embassy Suites and Doubletree names (most of the companys hotels are managed by Hilton Hotels, InterContinental Hotels and Starwood Hotels & Resorts). Major markets include Atlanta, Dallas, Los Angeles, Boca Raton/Ft. Lauderdale, New Orleans, Orlando, San Francisco, Minneapolis, San Diego, Phoenix, Houston, Chicago and Philadelphia.
DIY mentality
Founded in December1991 by current CEO Tom Corcoran and the late Hervey Feldman, FelCor (a play on the first syllables of the founders last names) established early on its focus of buying, renovating and rebranding properties with its first purchase, a depressed Holiday Inn at the Dallas-Fort Worth Airport. Between 1992 and 1994, the duo went on to purchase six Embassy Suites. By 1994, FelCor had gone public with an IPO of $120 million under the name FelCor Suite Hotels. The company used the capital generated from the offering to fund a larger renovation project, the 1995 purchase of 18 Crown Sterling Suites, which were then redeveloped and converted into Embassy Suites and Doubletree Guest Suites.
The year of the purchase

In 1996, FelCor was first listed on the New York Stock Exchange. In the year that followed, the company picked up a 50 percent stake in eight Embassy Suite hotels for $100 million, followed by the acquisitions of four Doubletree Guest Suite hotels for $83 million in April, five ITT Sheraton Hotels for $200 million in May and 12 Embassy Suites for $146.7 million that June. By the mid-way point of 1997, FelCor had amassed a portfolio of 73 hotels. Buying activity reached the billions with a March 1998 deal for Bristol Hotel Co.s 109 hotels. The purchase cost FelCor $1.2 billion, but it was money well spent: assets more than doubled from $2.4 billion to $4.2 billion on the sale. The next month, the company got a further boost with a $245 million deal for eight Starwood properties, increasing FelCors portfolio to 84 hotels. Within five years of going public, FelCor
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Vault Guide to the Top Real Estate Employers FelCor Lodging Trust Incorporated
had become one of the nations top three largest REITs, mainly through a conservative financial strategy engineered by Corcoran, and maintained an occupancy rate over 70 percent at a time when the industry average was 63 percent. The company changed its name again in 1998 to FelCor Lodging Trust, the name it retains today.
Burned by the recession

A second mega deal, the $1.1 billion offering of cash and stock for the MeriStar Hospitality Corporation, was squashed in September 2001 after the September 11 attacks sent the travel and tourism industry into a tailspin. The downturn hit FelCor hard, as the company posted a widening loss margin of $204.9 million and $337.1 million in 2002 and 2003, respectively. At the start of 2004, CEO Corcoran said he believed the worst was over following three tough years for our industry, optimistic that recovery was within reach.
On an upswing
During the annual Americas Lodging Investment Summit in February 2004, FelCor laid out a plan to grow its portfolio after spending much of the 21st century selling non-core hotel assets, with a focus on upper-upscale hotels in major markets, including Southern California, the Northeast corridor and Pacific Northwest. Soon after, the company divested a number of non-strategic interests, including four hotels in Plano, Texas; Jackson, Miss.; Houston, Texas; and Omaha, Neb., using the proceeds to purchase a 132-room Holiday Inn in Santa Monica, Calif., its first acquisition in two years. By the first-quarter of 2005, the turnaround Corcoran had prophesied was seemingly in sight. The company posted a smaller loss of $18 million, compared with a loss of $27 million the year prior, fueled by higher revenue and increased room rates. As of June 2005, FelCor had a market capitalization of $3.2 billion.
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Forest City Enterprises Inc.

50 Public Sq., Ste. 1100 Cleveland, OH 44113-2203 Phone: (216) 621-6060 Fax: (216) 263-4808 www.forestcity.net
THE STATS
Employer Type: Public Company Stock Symbol: FCEA Stock Exchange: NYSE Co-Chairman: Albert B. Ratner Co-Chairman: Samuel H. Miller CEO: Charles A. Ratner 2005 Employees: 4,098 2004 Revenue ($mil.): $1,042
LOCATIONS
Cleveland, OH (HQ) Boston, MA Chicago, IL Denver, CO Los Angeles, CA New York, NY Washington, DC
KEY COMPETITORS
Inland Group Trammell Crow Company Trizec Properties
EMPLOYMENT CONTACT
www.forestcity.net/about_jobs.asp
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Vault Guide to the Top Real Estate Employers Forest City Enterprises Inc.
THE SCOOP
City vs. country

Originally founded in 1921 as a lumber dealer, Forest City has come a long way from its rural roots. The companys main focus today is on real estate development through its commercial group (in charge of retail, office and hotel projects) and its residential group (managing rental units). Though Forest City still develops raw land, it sold its wholesale lumber dealer, Forest City Trading Group, to FCTGs employees for $40 million in 2004. The Ratner, Miller and Shafran families maintain leadership of the company, which celebrated its 25th consecutive year of EBDT growth at the end of the fiscal year 2004. Core markets include the New York City/Philadelphia metropolitan area; Boston; the Greater Washington, D.C./Baltimore area; Denver; and California.
Rats pack
Charles Ratner established a family lumber business in the early 1920s after immigrating to the U.S. from Poland, and made bank early on as a builder of garages at the forefront of the automobile industry expansion. In 1929, Ratners siblings Max, Leonard and Fannye came aboard, and together the foursome created Forest City Material, a building and lumber business. During the 1930s, Forest City first dabbled in the real estate field, picking up lots for commercial development. Riding the need for government housing during World War II, Forest City entered the landdevelopment business in the 1940s, constructing pre-fabricated houses and some of the countrys first strip-based shopping centers. After nearly four decades of success, the company went public in 1960. By then, Forest City had made a name for itself as a property owner of some of Americas largest urban and suburban real estate projects. Expansion continued as the company pushed west, eventually reaching the California coast by the 1970s.
Turning pumpkins into carriages

In the 1980s, Forest City began building office space, planting the seeds for two major real estate revivals that would span decades and make Forest City a wellknown industry force: the transformation of a 27-acre lot in Cambridge, Mass. housing abandoned manufacturing plants into the 2.3-million-square-foot University Park at MIT biotechnology development, and the renaissance of downtown Brooklyn
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Vault Guide to the Top Real Estate Employers Forest City Enterprises Inc.
in New York City, begun with the 1988 construction of One Pierrepont Plaza, the first construction project in downtown Brooklyn in nearly 25 years. Since then, Forest City has steadily amassed a mix of smaller regional acquisitions and largescale transformations, including the 2,935-acre renovation of the former Stapleton International Airport into a pedestrian-scale urban community through a collaboration with the City of Denver; the redevelopment of Los Angeles historic Subway Terminal Building; construction on a 1.5-million-square-foot, 52-story office building in New York Citys Times Square which will house headquarters for The New York Times upon completion in 2007; development of Brooklyn Atlantic Yards, a $2.5 billion mixed-use project whose main attraction will be a new sports and entertainment arena; a 28-acre technology and research park in Skokie, Ill.; and a government contract to build 1,952 homes at five U.S. Navy communities in Hawaii. In addition, the firm has garnered attention for its participation in the development of an East Baltimore, Md. neighborhood plagued by decades of crime and economic decline. The 10-year, $800 million project, begun in 2005, looks to create a mixeduse community adjacent to the Johns Hopkins University medical campus that will attract top biotechnology firms and biomedical research in conjunction with JHUs medical school.
Forest (on) fire

Financial results reflect Forest Citys business growth. Net earnings for fiscal 2004 came in at $85.2 million, nearly double the $42.7 million reported in 2003, while consolidated revenue capped $1 billion on a 22.8 percent gain over 2003s $848.1 million. CEO Charles A. Ratner characterized the 2004 year as one full of numerous financial accomplishments and developmental milestones. Equally impressive were the firms occupancy levels: 92 percent, 95 percent and 91 percent in retail, office and residential, respectively. As of August 2005, assets are listed at a record $7.4 billion.
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Vault Guide to the Top Real Estate Employers Forest City Enterprises
GETTING HIRED
The key to the City

The Forest City career web site, www.forestcity.net/about_jobs.asp, lists available jobs by position and location. Typical areas of concentration include accounting, development, finance, property and technical. Resumes should be submitted to: Forest City Enterprises, Inc. Human Resources Department Terminal Tower 50 Public Square, Suite 1300 Cleveland, OH 44113 Additional inquiries may be addressed to humanresources@forestcity.net.
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General Growth Properties, Inc.

110 N. Wacker Drive Chicago, IL 60606 Phone: (312) 960-5000 Fax: (312) 960-5475 www.generalgrowth.com
THE STATS
Employer Type: Public Company Stock Symbol: GGP Stock Exchange: NYSE Chairman: Matthew Bucksbaum CEO: John Bucksbaum 2004 Employees: 5,200 2004 Revenue ($mil.): $1,894.3
LOCATION
Chicago, IL (HQ)
KEY COMPETITORS
CBL & Associates Properties Mills Corporation Simon Property Group
EMPLOYMENT CONTACT
www.generalgrowth.com/careers/ index.htm
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Vault Guide to the Top Real Estate Employers General Growth Properties, Inc.
THE SCOOP
Mall madness
General Growth Properties, Inc. is a real estate investment trust engaged in the ownership, operation, management, leasing, acquisition, development, expansion and financing of regional mall shopping centers in the United States. Ranked the second-largest owner/operator of malls behind Simon Property Group, GGP owns or operates more than 220 shopping malls covering 200 million square feet of space in 44 states, home to more than 18,000 retailers, including Old Navy, J.C. Penney and Sears. In addition, GGP employs over 5,000 workers, and owns roughly 110 office, mixed-use and industrial properties, and manages holdings for institutional owners.
A family business
After brothers Martin and Matthew Bucksbaum decided to expand the family grocery operation in 1954, their resulting Town & Country Center in Cedar Rapids, Iowa became one of the earliest shopping centers in the Midwest. Within a decade, the Bucksbaums owned five properties, and became majority stockholders in General Management Corporation. They exchanged their stock for shares in a REIT, called General Growth Properties, in 1970; GGP was first listed on the NYSE in under two years time. The company liquidated its REIT with the 1984 sale of 19 malls to Equitable for $800 million, though General Growth Management Inc., the management company of General Growth, continued to oversee operations on a third-party basis. The companys 1989 acquisition of The Center Companies made GGM the nations second-largest regional shopping management company, and a second REIT was established in 1993 using 55 percent of General Growths holdings.
Shopping for acquisitions

During the rest of the decade, the company made good on the growth portion of its name, acquiring Homart Development Co. for $1.85 billion in conjunction with four partners; U.S. Prime Property Inc. for $625 million; and the domestic subsidiaries of MEPC, a British company, for $871 million. John Bucksbaum, son of Matthew, became CEO in May 1999, with Matthew remaining as chairman of the board. At the start of 2000, GGP announced its sixteenth consecutive quarter of double-digit Funds From Operations (FFO) growth, and, later in the year, opened the Stonebriar Centre in Frisco, Texas the most successful mall opening in company history, with more than 300,000 visitors during the first three days of business.
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Vault Guide to the Top Real Estate Employers General Growth Properties
Model student
In January 2002, Forbes magazine awarded GGP one of only two A+ ratings for all REIT companies, based on performance and ability to deliver high yield growth rate in comparison with peers. Two months later, GGP purchased JP Realty for $1.1 billion, gaining 18 regional malls, 26 community centers and 1.3 million square feet of industrial space, followed by the April 2002 acquisition of Victoria Ward, Ltd., a privately-held real estate corporation with prime property in Hawaii. GGP rounded out an impressive year with back-to-back purchases of malls in Monroe, La.; San Francisco; and Los Angeles. Overall during the year, GGP added 21.1 million square feet to its portfolio for a 24 percent increase on 2001, while spending a combined $567 million on property improvements for 2001 and 2002.
Transforming company history

Expansion continued into 2003 and 2004, with the purchase and expansion of malls in Texas, Georgia, Missouri, New Mexico, Virginia, Hawaii, Maine, Indiana, Arkansas, Colorado, California, Vermont, North Carolina, Alabama, Louisiana, Nevada, Massachusetts and Oregon. By GGPs tenth anniversary of going public, it had increased its holdings from 21 malls covering 13 million square feet to 160 malls encompassing 141 million square feet. By March 2004, 2 billion shoppers were passing through GGP-operated centers on an annual basis. That August, the company established its first international joint ventures in Brazil and Costa Rica. GGP ended the year with its biggest business transaction ever (and the largest retail real estate merger in U.S. history). For a whopping $12.6 billion, GGP gained 100 percent ownership of the Rouse Company, a premier real estate development and management firm, in a deal CEO John Bucksbaum called, without question, the single largest transforming event in our companys history.
Something fishy
New projects in the works include the expansion and revival of Lower Manhattans South Street Seaport mall, perceived by the industry as a mall in decline. In July 2005, GGP, which acquired the land through its purchase of Rouse, announced plans to exercise an option in its lease to take over portions of the neighboring Fulton Fish Market, which is expected to move to a new location. Also acquired at South Street, though, was a lawsuit filed against Rouse, accusing the company of overbilling for charges and misappropriating funds meant to promote the Seaport mall; a
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Vault Guide to the Top Real Estate Employers General Growth Properties
spokesperson for GGP says the company refuses to discuss the suit or its redevelopment plans. Industry analysts consider redevelopment GGPs bread and butter, and are eager to see what will emerge at the site.
GETTING HIRED
Growing a career
All openings can be viewed on the companys career web site, www.generalgrowth.com/careers/index.htm, which lists availabilities by location and category. Resumes can be submitted online. Employment areas typically include: accounting, acquisitions, asset management, corporate, communications, customer service, development, mall management, finance, human capital, legal, site development, marketing, operations, security purchasing and tenant leasing. In addition, the company sponsors a year-round internship program, known as GGP Prodigies, for college students interested in the fields of accounting, advertising, business law, business management, communications, finance, leasing, marketing, public relations, real estate management, retail management, technology and visual merchandising.
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Heitman LLC.
191 N. Wacker Drive, Suite 2500 Chicago, IL 60606 Phone: (312) 855-5700 www.heitman.com
THE STATS
Employer Type: Private Company Chairman: Jerome Claeys III President and CEO: Maury Tognarelli 2004 Employees: 199
LOCATIONS
Chicago, IL (HQ) Los Angeles, CA Minneapolis, MN Frankfurt London Luxembourg Tokyo Warsaw
EMPLOYMENT CONTACT
www.heitman.com/careers.asp
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Vault Guide to the Top Real Estate Employers Heitman LLC.
THE SCOOP
Managing for the future

Heitman is a multinational real estate investment management firm that serves a global client base and makes investments in commercial real estate directly or in publicly traded real estate investment trust (REIT) securities in the U.S. and Europe. The company ranks 11th among U.S.-based real estate investment management firms, with approximately $13.1 billion in assets. Clients include national and international institutions, U.S. pension plans, endowments, foundations and individual investors. Client services cover U.S. and European private real estate equity, U.S. debt and U.S. public real estate securities. The company is half-owned by key executives and by Old Mutual plc, a London stock exchange listed global financial services firm, and employs 199 people worldwide.
Lending a hand to investors

Heitman was formed in 1966 to originate and service commercial real estate mortgage loans for institutional lenders. In 1974, the company expanded its business and focus to provide real estate investment management services for institutional investors looking to directly invest in real estate. Heitman soon represented some of the largest U.S. and offshore institutional investors of the 1970s, and had become one of the most dominant, privately held real estate investment management firms in the industry. To add to its investment management business, Heitman formed its own property management and leasing division, supporting investments made on behalf of clients. In 1980, Heitman created its first closed-end, commingled funds for institutional investors. By the end of the decade, Heitman had begun making investments in the public real estate securities (REITs), an evolving area in the commercial real estate industry. In 1994, Heitman acquired the institutional investment and property management business of JMB Realty, forming one of the then-largest real estate investment management enterprises. Over the next year, Heitman strengthened its European business by expanding its London office and opening a new office in Warsaw, Poland. Heitman sold off its interests in non-strategic businesses, including property management and leasing, in 1998, to focus on growth.
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Vault Guide to the Top Real Estate Employers Heitman LLC.
Going global
The firm began making investments directly in real estate in Central Europe during the last few years of the 20th century, and, by 2000, had formed a commingled fund comprised of U.S., Asian and European investors seeking investments in the area. Since the original fund, Heitman has introduced and closed two additional funds in Europe. In November 2003, with $11.2 billion in assets under management, Heitman announced it would turn its focus back stateside, forming a $400 million fund to invest in properties in the U.S. The fund, Heitman Value Partners, plans to invest in eight to 10 joint ventures, with a majority stake in each. In June 2004, Heitman acquired three warehouse/distribution logistics portfolios in Italy, France and Poland. The company pushed international growth further in February 2005 with the opening of an office in Tokyo, Japan. Heitman continues to pursue new investment opportunities for its clients.
GETTING HIRED
New career heits

Jobs are listed on the Heitman career web site, www.heitman.com/careers.asp. Cover letters, resumes and salary requirements should be sent to: Heitman LLC. Human Resources 191 N. Wacker, #2500 Chicago, IL 60606 Fax: (312) 251-4807 E-mail: careers@heitman.com The firm does not receive phone calls regarding job applications or application status.
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Hilton Hotels Corporation

9336 Civic Center Drive Beverly Hills, CA 90210 Phone: (310) 278-4321 Fax: (310) 205-7678 www.hiltonworldwide.com
THE STATS
Employer Type: Public Company Stock Symbol: HLT Stock Exchange: NYSE Co-Chairman: William Barron Hilton Co-Chairman & CEO: Stephen F. Bollenbach 2005 Employees: 70,000 2005 Revenue ($mil.): $3,683
LOCATIONS
Beverly Hills, CA (HQ) Atlanta, GA Chicago, IL Dallas, TX Detroit, MI Las Vegas, NV New York, NY San Francisco, CA Washington, DC Barcelona, Spain Beijing, China Berlin, Germany Buenos Aires, Argentina Dresden, Germany Dusseldorf, Germany Frankfurt, Germany Geneva, Switzerland Ha Noi, Vietnam Melbourne, Australia Milan, Italy Munich, Germany Paris, France Rome, Italy Sao Paulo, Brazil Shanghai, China Singapore, Singapore Sydney, Australia Taipei, Taiwan Zurich, Switzerland
KEY COMPETITORS
Choice Hotels InterContinental Hotels Marriott
EMPLOYMENT CONTACT
hiltonworldwide.hilton.com/en/ww/ company_info/employment.jhtml
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Vault Guide to the Top Real Estate Employers Hilton Hotels Corporation
THE SCOOP
Conrads clan
The Hilton Hotels empire includes more than 2,300 owned, managed and franchised hotels throughout North America. Hilton Hotels Corporation operates under the brands Hilton, Conrad, Doubletree, Embassy Suites Hotels, Hampton Inn & Suites, Homewood Suites by Hilton and Hilton Grand Vacations Club. Hilton, Conrad and Embassy Suites Hotels offer full-service, upscale lodging. Hampton and Hilton Garden Inn are focused-service brands. Homewood Suites by Hilton is extended stay and Hilton Grand Vacations is comprised of timeshare resorts.
Taking the Hilton name worldwide

Conrad Hilton bought his first hotel in Cisco, Texas in 1919. By 1943, the firm had become the first coast-to-coast hotel chain in the U.S., and was also first to establish the concept of the airport hotel. Between 1953 and 1966, Hilton International built 16 luxury hotels abroad, under the aesthetic theme of corporate modern. In the mid-1960s, after the company realized it could capitalize on its prestigious name, Hilton began franchisinf hotels. Hilton tapped Stephen F. Bollenbach to head the company in 1996, the first non-Hilton family member to be named president and CEO. Bollenbach was named co-chairman in May 2004 at the approval of the companys board, joining Barron Hilton, son of founder Conrad, while retaining CEO status. In June 1998, Hilton revealed a new global graphic identity a bold H encircled with a calligraphic scroll to represent the marketing alliance between Hilton Hotels Corporation and Hilton Hilton Group plc, the company that owns the brand outside of North America. The two companies share advertising and marketing initiatives, as well as Hilton Reservations Worldwide and Hilton HHonors, a frequest stay program.
Making it Hampton
As part of a strategy to stay ahead of the competition, Hilton unveiled a 127-point plan in 2004 to turbo-charge its 20-year-old mid-scale Hampton brand. At the heart of the Make It Hampton campaign was a $100 million makeover, featuring a new breakfast initiative; installing high-speed Internet access to lobbies and guest rooms; new mattresses, box springs and pillows; new bedding with thicker
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comforters and high-quality sheets; a signature alarm clock/radio made exclusively for Hampton by Timex; and cables for connecting to iPods or computers. The main tenets of Make It Hampton improved amenities, better technology then spread to all the Hilton brands. In July 2005, Hilton began using toiletries from the upscale Crabtree & Evelyn at its Hilton Hotels and Resorts, and replaced 19-inch televisions with 27-inch sets, while renovating bathrooms in its Doubletree and Homewood Suites by Hilton. Meanwhile, the firms OnQ customer service platform, released in May 2003, tracks customer preferences (such as extra pillows or nonsmoking rooms) and records them in a database accessible by all of the companys hotels, making it the only hospitality company to utilize a single, integrated technology platform across all brands capable of sharing information across every guest touch point, according to the hotel chain.
The innovations continue

For the future, Hilton Hotels plans to continue development on its Hilton Grand Vacations Company resort in Florida, Nevada and Hawaii, continue to add more than 100 new hotel properties in North America each year and expand the Conrad brand both in the U.S. and internationally.
GETTING HIRED
I want to be a Hilton (employee)

Hilton lists job openings on its main career site, www.hiltonhotelscorp.com. For non-management positions, the firm suggests contacting the hotel you are interested in directly by searching the Hilton hotel address and phone number database, also posted on the site. International jobs can be found at www.hiltongroup.com. Those interested in openings at hotels that are currently being built are advised to call (310) 278-3127, or e-mail franchise_job_openings@hilton.com.
One for the students

Hilton sponsors an intensive full-time management training program, dubbed Leader-In-Training, that typically lasts six to eight months and offers competitive entry-level management salaries. Potential candidates should be recent college
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graduates, preferably with a degree in the hospitality industry. The first half of the program offers rotations through different areas of hotel operations within a hotel; the second half specializes in a particular area of discipline. More information about Leader-In-Training can be found at www.hiltoncampus.com. For college undergrads between their junior and senior years, Hilton also offers summer internships; more information is posted on www.shinewithhilton.com.
Diversity matters
Minorities and women fill nearly half of the firms management positions, and more than half of its overall workforce. Hilton also sponsors diversity training programs at all levels of operation. Recently, Fortune magazine has listed the company as one of the 50 Best for minority workers for the past several years.
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Hines Interests L.P.

Williams Tower 2800 Post Oak Blvd. Houston, TX 77056-6118 Phone: (713) 621-8000 Fax: (713) 966-2053 www.hines.com
THE STATS
Employer Type: Private Company Chairman: Gerald D. Hines President: Jeffrey C. Hines
KEY COMPETITORS LOCATIONS

Houston, TX (HQ) Aspen, CO Atlanta, GA Chicago, IL New York, NY San Francisco, CA Barcelona Beijinga Berlin Buenos Aires Cedex, France London Madrid Milan Mexico Moscow Sao Paulo Warsaw CB Richard Ellis Jones Lang LaSalle Trammell Crow Company
EMPLOYMENT CONTACT
www.hines.com/hines/career_1.asp
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Vault Guide to the Top Real Estate Employers Hines Interests L.P.
THE SCOOP
Real estate star

Hines Interests L.P. is one of the worlds largest privately held real estate development, investment, and management companies. The firm has developed more than 700 projects including skyscrapers, corporate headquarters, mixed-use centers, industrial parks, medical facilities, and master-planned resort and residential communities, working with such notable architects as Frank Gehry and I.M. Pei. Currently, Hines has over 80 million square feet under management and over $14 billion in total assets. The firm has offices throughout the U.S. and in 12 other countries including the United Kingdom, France, Spain, Mexico, Poland, Russia, Germany, Brazil, Italy, Argentina, China and Canada. Main services include development, marketing and leasing, acquisition and disposition, and asset property management. Hines has also been the recipient of a number of awards over the years, most recently winning accolades from the American Institute of Architects, the American Society of Landscape Architects, the Building Owners & Managers Association, ENERGY STAR, the National Association of Industrial and Office Properties, and the Urban Land Institute.
A one-man show
Current chairman Gerald D. Hines laid the foundation for what would become his billion-dollar baby in 1957 with a one-man real estate office in Houston. Within a year, Hines had hired his first employee, Marian Dugdale (who still works for the firm today), and purchased his first Class A office space. By the end of its first decade of operations, Hines owned or operated 97 office, warehouse, retail, parking and residential projects. Hines expanded next into signing long-term leases to develop prime areas in strategic locations around Houston, including The Galleria in Houston, and the 50-story One Shell Plaza the then-tallest reinforced concrete structure in the world upon completion in 1971. Buildings backed by Hines continued to go up around the Houston area and eventually into national markets, including Cincinnati, Minneapolis, Austin and Seattle. Houstons Penzoil Place, completed in 1975, won the Building of the Year award from The New York Times.
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Vault Guide to the Top Real Estate Employers Hines Interests L.P.
Geralds global goals

Hines crossed international borders to the north and south in 1976 and 1977, respectively, constructing office space in Montreal and Mexico City. West, East and Southeast regional offices popped up in San Francisco, New York City, Atlanta and Chicago soon after. In 1990, Hines restructured, changing its name to Hines Interests Limited Partnership, with Gerald Hines as chairman. A year later, the firm opened its first overseas office, in Berlin, followed by offices in Mexico City, Moscow, Paris, Frankfurt, Prague, Barcelona, Beijing, Warsaw, So Paulo and Milan. As the 1990s wound down, Hines purchasing picked up with joint acquisitions for buildings and office parks in Maryland, Washington, D.C., and Minnesota, including the 1995 joint purchase of Homart, which added 15 properties to the Hines portfolio. Non-office projects included the construction of San Diego State Universitys baseball stadium; a Food and Drug Administration facility in Queens, N.Y.; a ski-in, ski-out resort at Aspen Highlands Village; and the Moores School of Music at the University of Houston.
Building a future
Today, Hines continues to grow. Since the turn of the century, the company has built up its number of U.S. office developments from coast to coast through acquisition and construction, including corporate headquarters for General Motors, Bear Stearns, and Gannett/USA TODAY, all the while picking up annual honors from ENERGY STAR for excellence in energy management. The company has also revved up its international holdings, breaking ground on projects in Beijing, Milan, Barcelona, London, Montreal, Paris, Munich and Mexico City. For the future, Hines looks new development and investment opportunities in over 100 global markets.
GETTING HIRED
Hines hiring
The Hines career web site, www.hines.com/hines/career_1.asp, allows applicants to search for jobs by location, category and keyword. The company is known to recruit people with engineering backgrounds and MBAs.
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Hospitality Properties Trust

400 Centre Steet Newton, MA 02458 Phone: (617) 964-8389 Fax: (617) 969-5730 www.hptreit.com
THE STATS
Employer Type: Public Company Stock Symbol: HPT Stock Exchange: NYSE President: John G. Murray 2004 Revenue ($mil.): $645.6
LOCATION
Newton, MA (HQ)
KEY COMPETITORS
FelCor Host Marriott MeriStar
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Vault Guide to the Top Real Estate Employers Hospitality Properties Trust
THE SCOOP
Gaining ownership
Hospitality Property Trust operates as a real estate investment trust (REIT), and owns but does not operate 297 hotels throughout the U.S., Canada and Puerto Rico. Unaffiliated hotel management companies run HPTs properties through combination management or lease agreements; unlike rival REITs, HPT does not have an affiliation with any one company, though industry heavyweights like Marriott, Hyatt, InterContinental and Carlson manage the majority of HPTs properties.
New news is good news

Recent deals include the July 2004 sale of 20 properties with a net book value of $928 million, and the December 2004 purchase of 13 hotels from InterContinental for $450 million. HPTs long-term goal is to reduce its number of owned assets, while growing its management and franchise business. The company debuted a new corporate web site, www.hptreit.com, in August 2005, offering viewers more information about company business strategies, owned properties, and financial and operating performance. HPT had a lot to tout at the sites unveiling financial results for the second-quarter, reported the same month, saw a 33 percent jump in revenue, from $163.2 million to $218 million.
GETTING HIRED
Jobs at HPT
Human resources questions should be directed to hr@hptreit.com. The web site lists no further employment information.
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Host Marriott Corporation

6903 Rockledge Dr., Ste. 1500 Bethesda, MD 20817 Phone: (240) 744-1000 Fax: (240) 744-5125 www.hostmarriott.com
THE STATS
Employer Type: Public Company Stock Symbol: HMT Stock Exchange: NYSE Chairman: Richard E. Marriott President & CEO: Christopher J. Nassetta 2004 Employees: 192 2004 Revenue ($mil.): $3,668.6
LOCATIONS
Bethesda, MD (HQ) Offices worldwide.
KEY COMPETITORS
Hyatt Hilton Starwood Hotels & Resorts
EMPLOYMENT CONTACT
www.hostmarriott.com/careers/careers. html
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Vault Guide to the Top Real Estate Employers Host Marriott Corporation
THE SCOOP
Tops in hospitality
Host Marriott is the nations largest real estate investment trust (REIT), with over 100 luxury and upper-upscale North American properties to its name, operating mainly under the Marriott and Ritz-Carlton brands. Other brands include Four Seasons, Swisstel and Hyatt. In 2004, the company employed nearly 200 workers, with a netted revenue of $3.6 billion.
The great divide

Host Marriott is steeped in history, winding its roots back to founder J. Willard Marriotts opening of a nine-seat root beer stand in Washington, D.C. in May 1927. From there, Marriott dabbled in food service management and catering before opening his first hotel in January 1957. The company acquired Host International in March 1982, creating the largest operator of airport terminal food, beverage, and merchandise facilities in the U.S. Just over a decade later, Marriott split its operations into two companies: Marriott International, manager of lodging and contract service businesses; and Host Marriott, owner of lodging real estate and operator of airport terminal concession businesses. Host Marriott then split itself at the start of 1996, creating Host Marriott, owner of lodging real estate, and Host Marriott Services Corporation to handle the concessions business. Following the split, Host Marriott completed the sale leaseback of 18 Residence Inns and 16 Courtyard hotels, effectively exiting the limited service lodging business, and added its first Ritz-Carlton hotels to its portfolio, the beginning of a larger shift toward more high-end properties. Over the course of 1998, the company acquired interests in 12 world-class hotels from the Blackstone Group as part of a multibranding strategy, and completed its spin-off of Crestline Capital Corporation, controller of its retirement community properties. Host Marriott became a REIT at the start of 1999. Analysts praised the company for the switch, saying it would increase capital for future expansion.
Slow growth
Growth in the hotel industry, however, came to a crushing halt following the postSeptember 11 economic recession, which took a particularly hard toll on travel and tourism. For the fiscal year 2002, Host Marriott pulled in $3.68 billion, slightly lower
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than 2001s revenue of $3.76 billion. The future looked bleak for a 2003 turnaround. CEO Christopher Nassetta blamed the combination of a weak economy, the potential for war in Iraq and threats of terrorism as the potential roadblocks on the road to recovery. By March 2004, the company had reduced its holdings to 111 properties, while it searched for new markets to enter. At the start of 2005, the company sold off six more hotels, with plans to use the profits from the sales to buy upscale hotels more in line with its target portfolio. In the past two years, Host Marriott has dropped more than $734 million on high-end properties, including the Scottsdale Marriott at McDowell Mountains on two championship golf courses, and Hawaiis Fairmont Kea Lani Maui and Hyatt Regency Maui Resort and Spa. The strategy seems to be working: in April 2005, Host Marriott reported profits for the first-quarter of the fiscal year, with a net income of $6 million, up from a loss of $31 million the year prior.
GETTING HIRED
A host of offers
The Host Marriott career web site, www.hostmarriott.com/careers/careers.html, lists job opening. Applicants can apply directly through the site by submitting a resume online. Host Marriott was named one of Fortune magazines most admired companies in 2002.
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Hovnanian Enterprises, Inc.

10 Hwy. 35 Red Bank, NJ 07701 Phone: (732) 747-7800 Fax: (732) 747-7159 www.khov.com
THE STATS
Employer Type: Public Company Stock Symbol: HOV Stock Exchange: NYSE Chairman: Kevork S. Hovnanian President & CEO: Ara K. Hovnanian 2004 Employees: 3,837 2004 Revenue ($mil.): $4,160.4
LOCATION
Red Bank, NJ (HQ)
KEY COMPETITORS
EMPLOYMENT CONTACT
www.khov.com/Home/Careers/Home .htm
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Vault Guide to the Top Real Estate Employers Hovnanian Enterprises, Inc.
THE SCOOP
Our house is a very fine house

Hovnanian Enterprises designs, builds and markets single-family detached homes, condominiums and town homes for first-time, move-up and luxury buyers, as well as empty-nesters and active adults in more than 300 residential communities in 17 states nationwide. Homes are marketed and sold under the trade names K. Hovnanian Homes, Goodman Homes, Matzel & Mumford, Diamond Homes, Westminster Homes, Forecast Homes, Parkside Homes, Brighton Homes, Parkwood Builders, Great Western Homes, Windward Homes, Cambridge Homes, Town & Country Homes, Oster Homes and First Home Builders of Florida. In addition, the companys K. Hovnanian Mortgage unit supplies mortgage financing and title services. In 2004, Hovnanian built 14,586 homes, with prices ranging from $46,000 to $1.35 million (the average price is $280,000). Main markets include the northeastern U.S., California, the Washington, D.C. area, the Carolinas, Florida and Texas; the company is the largest builder in New Jersey and the second-largest builder in metropolitan Washington, D.C. and in North Carolina. Recently, Hovnanian began expansion in the Midwest and Florida. Members of the Hovnanian family control over 40 percent of the company, which was named to Fortune magazines list of 100 fastest growing companies from 2002 to 2005.
In the big league

Kevork S. Hovnanian founded the company that would bear his name in 1959 as a builder of single family homes in Toms River, N.J. Since then, Hovnanians firm has grown under family leadership, expanding into the active adult community, condominium and townhouse markets. Most recently, in March 2005, Hovnanian pulled off back-to-back deals: the purchases of Lombard, Ill.-based Town & Country Homes, Inc., and Altamonte Springs, Fla.-based Cambridge Homes, as well as First Home Builders and Oster Homes. Hovnanian will run T&C, which has operations in Minnesota, Illinois and Florida, as an independent company under the Hovnanian umbrella, and will bolster Hovnanian operations in Minneapolis-St. Paul, Chicago, West Palm Beach, Boca Raton and Fort Lauderdale, all considered high-growth markets. Meanwhile, the Cambridge acquisition will expand Hovnanians presence in the greater Orlando area.
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Vault Guide to the Top Real Estate Employers Hovnanian Enterprises, Inc.
Hovnanians acquisition activity helped boost the company into uncharted waters: the exclusive Fortune 500 list. The company debuted on the list in April 2005, climbing 44 spots to No. 457. CEO Ara Hovnanian, son of Kevork, said in a statement following the lists release, Our strong level of performance and inclusion on a list of this caliber reflects the hard work and determination exemplified by our associates and our management team. Meanwhile, fiscal year 2005 projected growth in revenue and net income is expected to top 31 percent and 32 percent, respectively.
GETTING HIRED
Hovnanian hirings
The Hovnanian web site (khov.com) offers job seekers the opportunity to enter a resume profile into the companys applicant database; applicants will be contacted if their qualifications match criteria for job openings as they arise. Hovnanian posts a list of job openings on the site as well.
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HRPT Properties Trust

400 Centre Street Newton, MA 02458-2076 Phone: (617) 332-3990 Fax: (617) 332-2261 www.hrpreit.com
THE STATS
Employer Type: Public Company Stock Symbol: HRP Stock Exchange: NYSE President: John A. Mannix 2004 Employees: 400 2004 Revenue ($mil.): $646.4
LOCATION
Newton, MA (HQ)
KEY COMPETITORS
CarrAmerica Liberty Property Trust Mack-Cali
EMPLOYMENT CONTACT
E-mail: hr@hrpreit.com
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Vault Guide to the Top Real Estate Employers HRPT Properties Trust
THE SCOOP
Real estate transformation

HRPT Properties Trust focuses on office and industrial real estate, owning and operating roughly 280 office and 100 industrial properties with a total of 52 million square feet of space. Holdings are located across 30 states and in the U.S. capitol; major markets include Philadelphia; Washington, D.C.; Boston; Oahu, Hawaii; Southern California; Atlanta and Austin. A large number of HRPTs leasers include medical-related tenants and the U.S. government. Founded in 1986 as an owner of healthcare related properties, HRPT transformed into an office REIT during the 1990s by selling its health care assets and buying office buildings. The company also established two subsidiary REITs: Hospitality Properties Trust, an REIT owning hotels; and Senior Housing Properties Trust, a REIT owning senior living properties. Both companies were spun off in 1995 and 1999, respectively; today, HRPT holds minority share ownership positions in each.
Aloha, business
In November 2003, HRPT picked up 26 million square feet in office buildings in Oahu, Hawaii for $480.5 million, signaling an interest in the Aloha State that continues today. HRPT has invested nearly $600 million in Hawaiian real estate during 2004 and the first half of 2005, most recently its May 2005 purchase of Campbell Industrial Park in Kapolei for $115.5 million. HRPT top brass say they have faith in Hawaiis economic growth, and are looking to buy other fee-simple island properties in the future. Over the past two years on the whole, HRPT has acquired nearly $800 million worth of property across the continental U.S. Among the most notable buy was a $250 million purchase of Dallas, Texas-based Hallwood Realty Partners, beating famed financier Carl C. Icahns bid by 15 percent. First quarter results for the fiscal year 2005, reported May 2005, revealed a year-over-year gain of 14 percent in funds from operations, from $49.6 million a year earlier to $56.7 million.
GETTING HIRED
Jobs at HRPT
Human resources questions should be directed to hr@hrpreit.com.
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Jones Lang LaSalle

200 E. Randolph Dr. Chicago, IL 60601 Phone: 312-782-5800 Fax: 312-782-4339 www.joneslanglasalle.com
THE STATS
Employer Type: Public Company Stock Symbol: JLL Stock Exchange: NYSE Chairman: Sheila A. Penrose President: Colin Dyer 2004 Employees: 19,300 2004 Revenue ($mil.): $1,184.4
LOCATIONS
Chicago, IL (HQ) Atlanta, GA Boston, MA Columbus, OH Dallas, TX Denver, CO Detroit, MI Hartford, CT Houston, TX Los Angeles, CA McLean, VA Miami, FL Minneapolis, MN New York, NY Orlando, FL Parsippany, NJ Philadelphia, PA Pittsburgh, PA San Diego, CA San Francisco, CA Washington, DC Westmont, IL 100 cities on five continents
KEY COMPETITORS
CB Richard Ellis Cushman & Wakefield Grubb & Ellis
EMPLOYMENT CONTACT
www.joneslanglasalle.com/careers.asp
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Vault Guide to the Top Real Estate Employers Jones Lang LaSalle
THE SCOOP
The creation of a giant

With over 400 properties and offices worldwide, Jones Lang LaSalle employs more than 19,300 employees in 100 markets on five continents and offers a range of related services. The companys money management business, LaSalle Investment Management, manages $23 billion in assets. Jones Lang LaSalle Hotels was the industrys first fully integrated global hotel real estate investment banking services group. JSL also operates two management functions, Global Client Services and Strategic Consulting, which coordinate client activities. Chicago magazine listed JLS as one of the Top 25 Best Places to Work in the Windy City in its annual rankings for 2004. Founded in Chicago in 1968 as LaSalle Partners Inc., its initial services were investment banking, investment management and land. The firm began offering development management, property management, and leasing and tenant representation services in the 1970s, setting a new standard for professionalism in the real estate business. LaSalles strategy was to maintain long-term client relationships by providing a broad spectrum of real estate services. LaSalle acquired the assets of real estate investment advisor Alex Brown Kleinwort Benson Realty Advisors Corporation (ABKB) in 1994, creating the securities investment subsidiary ABKB/LaSalle. ABKB/LaSalle was an industry leader, offering small-property investment expertise and a real estate securities investment capability. LaSalle established CIN LaSalle Investment Management, the largest real estate investment management firm in the U.K., through its 1996 acquisition of CIN Property Management. The April 1997 merger with The Galbreath Company made LaSalle Partners the largest manager of office properties in the U.S., with consolidated management operations known as Galbreath LaSalle Development, Inc. The firms corporate and financial services group provides tenant representation and real estate investment banking services, and its investment management group provides real estate investment advice and administration services. The firms investment management business, LaSalle Investment Management, is one of the worlds largest and most diverse, with $22 billion of assets under management as of late 2002.
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Vault Guide to the Top Real Estate Employers Jones Lang LaSalle
A change in name
LaSalle Partners Inc. merged with the Britain-based Jones Lang Wootton in 1999 to create one of the largest real estate services in the world. The company changed its name to Jones Lang LaSalle to reflect the merger and elected Stuart Scott as chairman and CEO of the new company. With the merger, Jones Lang Woottons strengths in the Asia/Pacific region and Europe combined with LaSalles North American market. Jones Lang LaSalle is now focusing on expanding its influence through joint ventures due to increased competition from big brokerage firms that offer many of the same services. A joint venture with PG&E Energy Services was announced in 1999 to create investment opportunities for commercial properties across the country. However, the company views the fact that its leasing agents have paid salaries rather than commission-based incentives as a huge advantage over competitors. The company has also formed an alliance with three media companies eLink Communications, Urban Media and Winstar Communications in a venture designed to bring B2B opportunities to its customers. Jones Lang LaSalle also has a partnership with competitors Crow Co. and CB Richard Ellis to further strengthen its B2B offerings while rolling out B2C interactions as well.
Metropolitan life
The sliding economy following the post-September 11 recession forced the company to lay off 700 employees worldwide in November 2001. Layoffs were motivated primarily by the need to reduce annual costs by at least $45 million; in the Americas, 275 people were let go by the end of 2001. Business soon picked up, though, and JLL responded by creating a U.S. Real Estate Banking group in January 2003, with the purpose of raising equity and debt for public and private real estate developers and owners. Next, the company immersed itself in M&A activity during the fall of 2004, acquiring Quartararo & Associates Inc., an independent project management firm in the New York City metropolitan region, that September. Among Q&As biggest development projects in 2004 was the Time Warner Center; major clients have included Madison Square Garden, Lehman Brothers, Diageo, Ernst & Young and The Interpublic Group. The acquisition further strengthened JLLs presence in New York. The next month, JLL hopped the Hudson River to expand operations in New Jersey, considered an important market by the company.
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Vault Guide to the Top Real Estate Employers Jones Lang LaSalle Incorporated
New blood
Chris Peacock, a three-year veteran of the company and former COO, became CEO at the start of 2002, only to relinquish the title two years later. Peacock, a driving forced behind the integration of LaSalle with Jones Lang Wootton, abruptly quit his post in January 2004, causing Stuart Scott to come out of retirement as interim CEO until the February 2005 hiring of Chicago-based Colin Dyer. Dyer, with little background in the property business, was previously CEO of Worldwide Retail Exchange, an online retail exchange service. Also new at the top was Sheila A. Penrose, who took the reigns of chairman from Scott at the start of 2005. Penrose was formerly founder and president of The Penrose Group, a financial advisor, and also served as a board member at JLL. JLLs directors said by hiring non-property execs, they hoped to inject new blood and new ways of thinking into the company, which sees a great future in the growing corporate real estate market.
GETTING HIRED
Keeping up with the Joneses (and Langs, and LaSalles)

Jones Lang LaSalle looks for energetic individuals with a team orientation and a commitment to excellence. Ideal applicants are MBA candidates with backgrounds in finance, general management, marketing, consulting, accounting and the public sector; no prior real estate experience is necessary. One Jones Lang LaSalle employee said applicants preparing to interview should concentrate their preparation on why they want to work in real estate vs. other financial services and why they want to work for Jones Lang LaSalle. Another insider suggests that it is a good idea to speak with a few people in the company prior to interviewing if possible. Jones Lang LaSalle posts available positions on its web page located at www.joneslanglasalle.com/careers.asp. The listings are arranged by regional office locations. The company also offers applicants the opportunity to register on the site, and to upload a resume for future consideration.
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KB Home
10990 Wilshire Blvd., 7th Fl. Los Angeles, CA 90024 Phone: (310) 231-4000 Fax: (310) 231-4222 www.kbhome.com
THE STATS
Employer Type: Public Company Stock Symbol: KBH Stock Exchange: NYSE Chairman & CEO: Bruce E. Karatz 2004 Employees: 6,000 2004 Revenue ($mil.): $7,008.3
LOCATION
Los Angeles, CA (HQ)
KEY COMPETITORS
EMPLOYMENT CONTACT
careers.kbhome.com/wcckb.nsf
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Vault Guide to the Top Real Estate Employers KB Home
THE SCOOP
Housing and suburban development

KB Home (formerly Kaufman and Broad Home) is one of Americas largest homebuilders with domestic operating divisions in Arizona, California, the Carolinas, Colorado, Florida, Georgia, Illinois, Nevada, New Mexico and Texas. The homes, mainly for first-time and trade-up buyers, range in size from 1,200 square feet to 3,900 square feet and come with an average sticker price of $206,500. Overall in 2004, the company delivered 31,646 homes. In addition, Kaufman & Broad S.A., the companys majority-owned subsidiary, is one of the largest homebuilders in France. The company also operates KB Home Mortgage Company, a full-service mortgage company for the convenience of its buyers.
Community affairs
CEO and chairman Bruce Karatz has been at the helm of the company for two decades, during which time the company has grown six-fold, with its revenue nearly tripling between 1997 and 2002. Always an innovator, KB Home even had a stint on the popular e-tailing auction web site eBay, through which a handful of houses were sold. Record low mortgage rates in 2003 allowed the company to increase profits in the first half of the year by 25 percent, while home orders increased 27 percent, including a 196 percent jump in business in the Southeast. KB picked up Colony Homes in 2003 to enter the Charlotte, N.C. market, gaining Colonys previous plans for 1,300 homes, and launched two single-family communities in the city for a total of 662 homes. Its next conquest was Atlanta, which the company hopes will be one of its top markets by 2006; KB delivered nearly 2,000 homes to the area between 2003 and 2004. On the whole in 2004, income increased to $480.9 million, from $370.7 million the year prior, while revenue jumped from $5.8 billion to $7 billion. The company pushed into South Carolina at the start of 2005, and entered the metro-Washington, D.C. market in April of the same year. By the second quarter ended May 2005, the company had increased its revenue 36 percent from the year prior to $2.13 billion, while net income skyrocketed 78 percent from $102.1 million to $181.5 million. The company raised its earnings expectations for 2005 14 percent on the news, reflecting its strong first-half performance as investments in booming housing markets in Florida, California and Nevada paid off.
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Vault Guide to the Top Real Estate Employers KB Home
Karatz steps up to home plate

In June 2005, KB Home sold nearly all of the assets of its KB Home Mortgage division to Texas firm Countrywide Financial Corp. for an undisclosed amount as part of a plan to create a 50-50 joint venture for residential loans made by Countrywide for KB Home customers. The next month, KB Home Mortgage popped up again in headlines but this time, in a less-than-positive light. The Department of Housing and Urban Development came down on the unit with charges that KBHM made it possible for ineligible borrowers to get mortgages guaranteed by the Federal Housing Administration. KB forked over $3.2 million to settle. KB Home squared away another settlement this one for $2 million in July 2005 with the Federal Trade Commission over charges of limiting home buyers ability to sue homebuilders over alleged construction defects. In an effort to bridge the divide between contractors and home buyers, CEO Karatz now requires all of its contractors to pass a certification course the company developed with the National Association of Home Builders, and requires local managers to settle customer complaints within 72 hours, dubbed the Say Yes program. The result? A decrease in warranty claims and an increase in customer referrals.
Manufactured dreams
Market research has come to the forefront of KB business as the company tries to build the perfect house for its buyer. Through careful culling of potential development residents, KB Home has gained valuable insight into the types of houses customers are willing to buy and at what cost. Typical questions run the gamut from whether a buyer would pay more to live on a larger lot but one that required a longer commute to work, to the types of built-in amenities buyers want in a new home, and even what they are looking for in a neighborhood. Meanwhile, KB Home has grand plans to expand into markets beyond its typical $200,000 price threshold in the future. It is a move that CEO Karatz claims will, if executed successfully, boost the companys annual revenue to $10 billion by 2007.
GETTING HIRED
KB careers
All openings can be viewed on the companys web careers.kbhome.com/wcckb.nsf, and applications can be submitted online. site,
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Kimco Realty Corporation

3333 New Hyde Park Rd. New Hyde Park, NY 11042-0020 Phone: (516) 869-9000 Fax: (516) 869-9001 www.kimcorealty.com
THE STATS
Employer Type: Public Company Stock Symbol: KIM Stock Exchange: NYSE Chairman & CEO: Milton Cooper 2004 Employees: 452 2004 Revenue ($mil.): $685.6
LOCATION
New Hyde Park, NY (HQ)
KEY COMPETITORS
General Growth Properties New Plan Excel Realty Trust Weingarten Realty
EMPLOYMENT CONTACT
www.kimcorealty.com/careers/index. asp
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Vault Guide to the Top Real Estate Employers Kimco Realty Corporation
THE SCOOP
The REIT stuff

Kimco Realty, a real estate investment trust (REIT), owns and operates some 829 neighborhood and community shopping centers in 42 states. Major markets include Florida, Illinois, Ohio and Texas, and popular property brand names include Home Depot, Lowes, Kohls and Wal-Mart. The company also holds interests in retail real estate leases and development projects, and maintains a 15 percent interest in southwest retail REIT Price Legacy through a joint venture with PL Retail.
Shopping spree
Founded in 1960 by current Chairman and CEO Milton Cooper and Chairman Emeritus Martin Kimmel (Kimco derives its name from a combination of the surnames of the two men), the companys first property was a lone shopping center in southern Florida a far cry from todays holdings, which total more than 116 million square feet of leasable space, making Kimco the nations largest publicly traded shopping centers owner. After going public in 1991, the company expanded its portfolio rapidly through property acquisition, and got a major boost in West Coast business from a 1998 merger with La Jolla, Calif.-based Price REIT. The following year, the company formed Kimco Income REIT, a joint venture with institutional investors that has since become one of the largest privately held REITs in the country. Kimco created a second joint venture, Kimco Retail Opportunity Portfolio, in December 2001 with GE Capital Real Estate for $250 million joint to acquire established neighborhood and community shopping centers in markets with high-growth potential, while the June 2003 purchase of Mid-Atlantic Realty Trust for $444 million expanded East Coast holdings.
The buying game

As competition for strip malls increases, Kimco is taking its money elsewhere. So far in 2005, the company has invested in car dealer properties in Canada, net lease properties in Virginia, anchored properties in Mexico, and the development of a marine air base in California. At the National Association of REITs conference in June 2005, CEO Milton Cooper said his company wanted to buy right and would look to other non-shopping center-related properties as they came up, to boost
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returns. Meanwhile, Kimco increased its net income for the first quarter of 2005 by 21.6 percent to $86.8 million from $71.4 million the year prior.
GETTING HIRED
Kimco careers
Kimcos career web site, www.kimcorealty.com/careers/index.asp, gives job listings and full descriptions of available positions. Applicants can also register on the site to be notified when new jobs are posted, and apply to jobs directly on the site. For more information, contact Kimcos human resources department at (516) 869-7299, or via e-mail at hrdept@kimcorealty.com.
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Lend Lease Corporation Limited

Level 46, Tower Bldg. Australia Square Sydney, 2000, Australia Phone: +61-2-9236-6111 Fax: +61-2-9252-2192 www.lendlease.com.au
THE STATS
Employer Type: Public Company Stock Symbol: LLC Stock Exchange: Australian Stock Exchange Chairman: David A. Crawford CEO: Greg A. Clarke 2004 Employees: 9,060 2004 Revenue ($mil.): $6,708.6
LOCATIONS
Sydney, Australia (HQ) Operations in 43 countries worldwide.
KEY COMPETITORS
Jones Lang LaSalle Skanska
EMPLOYMENT CONTACT
www.lendlease.com.au/llweb/llc/main. nsf/all/car_careers_ourculture
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Vault Guide to the Top Real Estate Employers Lend Lease Corporation Limited
THE SCOOP
Real estate wonder from Down Under

Lend Lease Corp. has transformed itself over the years from an Australian financial services and real estate company to a global property development, management and financing force to be reckoned with. Its main businesses are construction and real estate financing, but its two operating divisions (real estate services and real estate investments) also have their hands in property development and improvement, real estate investment, and equity investment. Lend Leases construction plans cover everything from office towers to residential communities and even the athletes village for the 2000 Summer Olympic Games in Sydney; clients come from both the public and private sectors in 43 countries. Regional businesses include Delfin Lend Lease in Asia Pacific; Actus Lend Lease, a developer of military homes and communities in the U.S. through an initiative with the Department of Defense; Bovis Lend Lease, which provides project management and construction services; and the Global Markets Group, which focuses on specialized global sectors.
Plum deals
The company was formed and listed on the Australian Stock Exchange in 1958. By its second decade of operations, Lend Lease had expanded to markets in New Zealand, the U.S. and Singapore. The company acquired MLC Limited, a financial services firm, in 1985, entered the European market for the first time in 1991, and launched its first global property fund the following year. To finish out the 1990s, Lend Lease launched a number of joint ventures, including Plum Financial Services and SITEL Asia Pacific; acquired the Southern European retail services company Larry Smith Group, The Boston Financial Group, Bovis and five businesses from AMRESCO; and established new businesses, including the online investing service Your Prosperity, the Lend Lease Global Properties Fund, the U.K. Lend Lease Retail Partnership, the Real Estate Partners Fund in Australia, and Actus Lend Lease LLC in the U.S. The 21st century at Lend Lease started off on a somber note with the death of founder Dick Dusseldorp in 2000. Despite the loss, business continued as usual: the firm established a European real estate securities division (Lend Lease Houlihan Rovers); won billion dollar contracts with the British government and Victorian government
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for work on an urban regeneration project in London and the redevelopment of the Melbourne Docklands, respectively; was appointed construction manager at the World Trade Center Ground Zero site in New York City; and elected Greg Clarke as CEO, effective December 2002.
Win some, lose some

Lend Lease spent a large majority of 2003 selling off businesses; over the course of the year, the company divested its Agri-Business for $45 million; 23 percent interest in IBM Global Services Australia Ltd. for $160 million; Lend Lease Mortgage Capital business for $42.5 million; 50 percent interest in Madrids TresAguas retail center for $50 million; the Housing and Community Investing business for $102 million; and the U.S.-based CapMark Services debt advisory group for $103 million. Additionally, in the U.S., Lend Lease won two contracts with the U.S. Army to develop and build military homes and communities in Hawaii and South Carolina for $5.1 billion and $1 billion, respectively. 2004 saw the sale of the companys Rosen Consulting Group to the management team; its Lend Lease Rosen Real Estate Securities to ACM Acquisition LLC; and its Lease Global Real Estate Advisors and LLGREAs advisory business to Ochtar Capital Partners. Meanwhile, the Lend Lease board geared itself up for a far larger business deal: a potential merger with General Property Trust to create a combined property powerhouse with enhanced earnings and growth outlook. Although the directors from both firms approved the union, GPT shareholders were unimpressed, and blocked the deal.
Work around the world

Not one to lick its wounds, Lend Lease forged ahead. New construction projects in 2005 include a 230-unit condominium building in Rockville, Md.; a new student village at the University of Sheffield in the U.K.; a retail development in Bydgoszcz, Poland; and an 800-bed hospital in Madrid, Spain. Such a steady influx of work from around the world has cemented Lend Leases position as a true global real estate leader.
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GETTING HIRED
Lend a hand
Job applicants can submit a resume to Lend Lease via the companys career web site, www.lendlease.com.au/llweb/llc/main.nsf/all/car_careers_ourculture. The company separates offerings for undergraduates and graduates by location (United States, United Kingdom, Australia), and offers internships and trainee programs.
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McCormick Group, The

1525 Wilson Boulevard, Suite 500 Arlington, VA 22209 Phone: (703) 841-1700 Fax: (703) 524-2689 www.mccormickgroup.com
THE STATS
Employer Type: Private Company CEO: William J. McCormick

Arlington, VA (HQ) Fredericksburg, VA Wellesley Hills, MA Heidrick & Struggles Korn Ferry Major, Lindsey & Africa Spencer Stuart
EMPLOYMENT CONTACT
www.mccormickgroup.com
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Vault Guide to the Top Real Estate Employers McCormick Group, The
THE SCOOP
Across the board

The McCormick Group, based in Arlington, Va., is a full-service, performance-based search firm assisting a variety of employers with their human resource requirements for over 30 years. William McCormick started the company in 1974 when he couldnt find a recruiting firm specializing in identifying and placing the best candidates. With offices in the Washington, D.C. and Boston metro areas, it is ranked among the top 25 executive search firms in the U.S. The firm conducts searches for commercial and residential property developers, as well as construction companies. The firm provides services in five major practice groups, including associations and nonprofits, professional services, law and government affairs, government services, and real estate and construction. Under these, the McCormick Group handles assignments in a number of other industries and disciplines. Among these specialties are biotechnology and life sciences, communications, finance and operations, health care, human resources, sales and marketing, and technology. The McCormick Group offers its clients a full range of human capital services: executive search for senior executive and other significant positions; human resources strategic planning and consulting; compensation studies and surveys; law firm strategic planning, management succession consulting and restructuring; and outplacement consulting. The firm designed these services to provide maximum flexibility in developing relationship, pricing and service models for its clients.
GETTING HIRED
Staffing at the staffing firm

The firm says it is always interested in hearing from highly-motivated people who want to enter the exciting world of executive search. The firm has no preconceived notion of the type of experience that is needed, and a background in recruiting and human resources is not necessary. The McCormick Group says it compensates its consultants under a salary and bonus program that allows for growth based on success and continual progress. The firm also has a complete benefit program. In addition to vacation, the company says it
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Vault Guide to the Top Real Estate Employers McCormick Group, The
offers all tenured consultants six additional days of leave each year for community and philanthropic activities. Real estate employment inquiries at TMG should be e-mailed to Chris Pelkey, manager for the real estate and construction practice group, at cpelkey@tmg-dc.com. Or, applicants can also contact Brian McCormick, executive vice president in the Arlington office at bmccormi@tmg-dc.com, or Gene Gordon, vice president of Boston operations at ggordon@tmg-bos.com.
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MeriStar Hospitality Corporation

4501 N. Fairfax Dr., Ste. 500 Arlington, VA 22203 Phone: (703) 812-7200 Fax: (703) 812-7255 www.meristar.com
THE STATS
Employer Type: Public Company Stock Symbol: MHX Stock Exchange: NYSE Chairman & CEO: Paul W. Whetsell 2004 Employees: 53 2004 Revenue ($mil.): $779.2
LOCATION
Arlington, VA (HQ)
KEY COMPETITORS
FelCor Hilton Host Marriott
EMPLOYMENT CONTACT
www.meristar.com/employ.asp
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Vault Guide to the Top Real Estate Employers MeriStar Hospitality Corporation
THE SCOOP
Hot hotels
Formed in August 1998 through the merger of CapStar Hotel Company and American General Hospitality, MeriStar Hospitality operates as the nations thirdlargest real estate investment trust (REIT), maintaining ownership of 71 full-service upscale hotel and resort properties in 25 states with more than 20,000 rooms. Nearly all of the hotels are leased and operated by Interstate Hotels & Resorts (formerly MeriStar Hotels & Resorts), with popular brand names like Hilton, Embassy Suites, Westin, Ritz-Carlton, Radisson, Doubletree, Sheraton and Marriott.
And theyre off ...

Beginning with its first acquisition (the August 1998 purchase of 290-room Forrestal at Princeton Hotel & Conference Center in Princeton, N.J.), MeriStar quickly built up its portfolio, gaining 203 properties under lease or management in under a year. At the end of its first full year of operations, the company posted funds from operations of $222.3 million, and a revenue of $374.9 million, exceeding analysts expectations, while CEO Paul Whetsell praised his firm for phenomenal growth and solid results.
Business reservations
MeriStars hotels and resorts division scrapped a plan to merge with American Skiing Company in March 2001 after shareholders and board members of both companies expressed concerns over obtaining the financing necessary to operate the combined company. Then, in May 2001, a $2.7 billion blockbuster merger between MeriStar Hospitality and rival FelCor was announced, only to fall apart that September after the terrorist attacks sent financial markets into a downward spiral.
The hotels and resorts division got a second wind through the May 2002 purchase of Interstate Hotels Corp. for $53 million. The combined company began with a portfolio of 412 hotels. MeriStar then launched into a strategic plan to divest noncore assets to drive down debt and boost its bottom line, selling off five hotels in the remainder of 2002. By March 2004, the company had let go of 23 hotels for total gross proceeds of $185.8 million.
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Vault Guide to the Top Real Estate Employers MeriStar Hospitality Corporation
Against the odds

MeriStar next shifted gears to the acquisition side, picking up a Ritz-Carlton hotel in Arlington, Va. for $93 million, a Marriott in Irvine, Calif. for $92.5 million, and interest in New Yorks landmark 705-room Radisson Lexington Hotel by years end. The success of MeriStars wheeling and dealing, in addition to a rise in business travel and recovery in the tourism sector, contributed to MeriStars dramatic narrowing of its loss margins for the fiscal year from $388.9 million in 2003 to $96.3 million in 2004, despite substantial property damage sustained during a devastating fall hurricane season. For the second quarter reported August 2005, the company finally turned a profit of $.9 million, compared with a net loss of $11.6 million the year prior, and posted a 9.9 percent increase in revenue per available room a hopeful sign of bigger gains to come in the future.
GETTING HIRED
Star employees
MeriStar posts current job openings on the section of its career web site, www.meristar.com/employ.asp. In addition, resumes can be sent to meristarresumes@meristar.com for consideration for future availabilities.
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MetroList Services, Inc.

1164 West National Drive Suite 60 Sacramento, CA 95834 Phone: (916) 922-2234 www.metrolistmls.com
THE STATS
Employer Type: Private Company CEO: Tom Beede 2004 Brokers: 23,082
LOCATIONS
Sacramento, CA (HQ) Offices in California.
EMPLOYMENT CONTACT
E-mail: help@metrolist.net
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Vault Guide to the Top Real Estate Employers Metrolist Services
THE SCOOP
A bit of history
The Sacramento Association of Realtors (CSAR) incorporated MetroList Services in April 1985 as a seperate company to run the data system supporting its regional MLS database. In 1995, MetroList was reorganized to include the Greater central Valley and help consumes listing their homes to reach the largest number of customers.
Large crowd
MetroList is a real estate listing covering the greater Sacramento/Northern California region. Approximately 23,082 real estate brokers and agents participate in the MetroList MLS. Currently, the site contains over 24,419 homes and 2,810 land lot listings. It also boasts over 1,491 multifamily property listings.
GETTING HIRED
There is no employment information on the conpanys web site. Applicants should send queries to: MetroList Services, Inc. 1164 West National Drive Suite 60 Sacramento, CA 95834
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The Mills Corporation

1300 Wilson Blvd., Ste. 400 Arlington, VA 22209 Phone: (703) 526-5000 Fax: (703) 526-5111 www.millscorp.com
THE STATS
Employer Type: Public Company Stock Symbol: MLS Stock Exchange: NYSE Chairman & CEO: Laurence C. Siegel 2004 Employees: 1,150 2004 Revenue ($mil.): $832.8
LOCATIONS
Arlington, VA (HQ) Offices in the U.S. and abroad
KEY COMPETITORS
Developers Diversified General Growth Properties Simon Property Group
EMPLOYMENT CONTACT
www.millscorp.com/static/node96.jsp
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Vault Guide to the Top Real Estate Employers The Mills Corporation
THE SCOOP
Mall madness
The Mills Corporation is a real estate investment trust (REIT) specializing in shopping extravaganzas. The companys portfolio includes roughly 60 megamalls, traditional shopping malls, outdoor shopping centers and single-tenant properties; brand name anchors include multiplex movie theaters, specialty retailers, manufacturers outlets and themed restaurants, mainly located in metropolitan areas. Kan Am, a German investment syndicate, holds a 30 percent stake in the company.
Not just milling around

Mills predecessor, Western Development, entered the mall business in September 1985 with the opening of its first super-regional shopping center in Prince William, Va.; new developments followed in South Florida, Philadelphia and Chicago over the next two years. The company donned the name Mills Corp. in 1994 and completed an IPO to increase capital for development. A year later, Mills welcomed aboard current CEO Laurence Siegel. Under Siegels guidance, the company established a new mall precedent called shoppertainment. This merging of the shopping and entertainment worlds came to life by combining racetrack layouts and interactive entertainment venues with specialty stores, off-price retailers and factory outlet anchors. Shoppertainment became the basis for some of Mills most ambitious projects in the 1990s, including the Bass Outdoor World, complete with giant aquariums, waterfalls, trout ponds, rifle ranges and putting greens. To kick off the 21st century, Mills opened two new retail properties Nashvilles Opry Mills, which featured the first Gibson Bluegrass Showcase, and Baltimores Arundel Mills, home to Crayola Works Creativity and Studio Store as well as Medieval Times Dinner and Tournament. It was the first enclosed shopping center to feature a Medieval Times.
Spending abroad
In 2002, Mills purchased six mall properties for $621 million, and narrowed its focus to three distinct properties: Mills Landmarks, 21st Century Retail and Entertainment, and International Retail and Entertainment, the last of which was realized through the 2003 opening of Madrid Xanadu in Spain, featuring nightclubs, restaurants, bowling, go-cars, a 15-screen theater and Spains first indoor ski resort. Through the Xanadu
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Vault Guide to the Top Real Estate Employers The Mills Corporation
property, Mills became the first U.S. REIT to develop and operate a consumer center in Europe. In the first nine months of 2003, the company doubled the number of malls it owned to 25 centers covering 32 million square feet. Over the course of 2004, Mills picked up a 50 percent stake in nine regional properties from General Motors Asset Management for $1 billion; purchased a shopping center in Glasgow, Scotland for $524.2 million through a joint venture with Montreal-based Ivanhoe Cambridge; and opened the first new enclosed shopping center in Canada in 14 years with Torontos Vaughan Mills complex.
Projects turn personal

The companys latest ventures include a revamping of New Jerseys Meadowlands Sports Complex, including 4.76 million square feet of family and recreation space and the countrys first indoor ski resort, and two redevelopment projects in California, San Franciscos Piers 27-31 and Torrances Del Amo Fashion Center. Corporate headquarters are also getting a makeover: Mills is set to move from Arlington to new digs in Chevy Chase, Md. by the second quarter of 2006.
GETTING HIRED
Shopping for a career

The Mills career web site, www.millscorp.com/static/node96.jsp, divides available positions into corporate jobs and mall jobs for prospective employees to peruse. Each job listing offers specific details, qualification requirements and contact information.
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Parkway Properties, Inc.

1 Jackson Place, 188 E. Capitol St. Ste. 1000 Jackson, MS 39201-2195 Phone: (601) 948-4091 Fax: (601) 949-4077 www.pky.com
THE STATS
Employer Type: Public Company Stock Symbol: PKY Stock Exchange: NYSE Chairman: Leland R. Speed CEO: Steven G. Rogers 2005 Employees: 252 2005 Revenue ($mil.): $170.4
LOCATION
Jackson, MS (HQ)
KEY COMPETITORS
Colonial Properties Crescent Real Estate CRT Properties
EMPLOYMENT CONTACT
www.pky.com/hr/jobs.aspx?list=True
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Vault Guide to the Top Real Estate Employers Parkway Properties, Inc.
THE SCOOP
Upright citizens brigade

Parkway Properties, Inc. is a self-administered real estate investment trust specializing in the operation, acquisition, ownership, management and leasing of office properties. The company is geographically focused on the Southeastern and Southwestern United States and Chicago. Parkway owns or has an interest in 63 office properties located in 11 states with an aggregate of approximately 11,888,000 square feet of leasable space as of September 2005. The company also offers fee based real estate services through its wholly-owned subsidiary, Parkway Realty Services. Major tenants include the Government Services Administration, Bank of America and the State of South Carolina. Parkway also invests in the stocks of other REITs. Subsidiary Parkway Realty Services provides property management services to thirdparty clients as well as to its parent. The company was named as one of the best small companies to work for at the Society for Human Resource Managements Annual Conference in June 2004, while, the same year, the National Association of Real Estate Investment Trusts awarded Parkway its Silver Award in the Management Discussion & Analysis category among Small Cap companies.
Property on the rise

New property purchases in 2005 include a 305,000 square foot office project in Jacksonville, Fla. and a 162,000 square foot office project in Memphis, Tenn. Meanwhile, the first quarter of 2005 revealed an increase in net income from $4.12 million to $4.49 million, and increased occupancy from 88.4 percent to 90.1 percent.
GETTING HIRED
Park yourself here

Parkway accepts resume submissions sent to resumes@pky.com. The company doesnt list job openings on its web site, www.pky.com.
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Plum Creek Timber Company, Inc.

999 Third Ave., Ste. 4300 Seattle, WA 98104-4096 Phone: (206) 467-3600 Fax: (206) 467-3795 www.plumcreek.com
THE STATS
Employer Type: Public Company Stock Symbol: PCL Stock Exchange: NYSE Chairman: Ian B. Davidson CEO: Richard R. (Rick) Holley 2005 Employees: 1,990 2005 Revenue ($mil.): $1,528.0
LOCATION
Seattle, WA (HQ)
KEY COMPETITORS
International Paper Louisiana-Pacific Weyerhaeuser
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Vault Guide to the Top Real Estate Employers Plum Creek Timber Company, Inc.
THE SCOOP
Plum dandy
Plum Creek Timber Company, established in 1989, is one of the nations largest private timberland owners, with a portfolio of 7.8 million acres of timberlands in 19 states, and countrys first and largest publicly held timber real estate investment trust (REIT). The company sells logs to sawmills, and pulp and paper mills; produces lumber, plywood, wood dust and fiberboard through subsidiaries; and maintains land management and real estate sales operations. Through an aggressive acquisitions strategy, the company has more than doubled its holdings since 2001. Central to the firms focus is its commitment to the environment. Plum Creek operates under sustainable forestry practices, plants 85 million seedlings for the natural regeneration of trees on an annual basis, and nearly one-quarter of the companys total acreage is involved in four Habitat Conservation Plans nationwide.
Billion dollar boost

By the end of its first decade of operation, Plum Creek had amassed 3.3 million acres of land and timberland across the Northwest, Louisiana, Arkansas and Maine. In 1999, the company converted to a REIT and became the first company to have all of its lands certified by the Sustainable Forestry Initiative program. A 2001 merger with Georgia-Pacific Co.s timber unit worth $3 billion expanded Plum Creeks holdings to 7.8 million acres, boosting growth and helping the company earn a listing on the exclusive S&P 500 Index an impressive feat considering that, at one point during 2000, Plum Creek stock had plummeted to a three-year low. In fact, Georgia-Pacific twice rejected Plum Creeks advances after board members expressed reservations at selling off valuable timberland. After CEO Rick Holley offered the company a longterm timber supply contract and a seat on Plum Creeks board of directors, GeorgiaPacific reconvened, then backed off again on the grounds that Plum Creek was offering too little. Holley stepped up to the bargaining table and increased his offer to 1.37 shares of Plum Creek stock for each share of The Timber Co. enough to satisfy Georgia-Pacific shareholders.
Timberland turnaround
Weak timber markets, coupled with Montanas worst fire season in decades, created hard times at Plum Creek in 2003, as earnings slipped in consecutive quarters. However, revenue from the companys real estate business and sale of natural
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Vault Guide to the Top Real Estate Employers Plum Creek Timber Company, Inc.
resources kicked in $124 million and $10 million, respectively; both are seen as areas of growth for the future. The turnaround was cemented in 2004, as the company reported a $1.53 billion revenue, up from $1.2 billion in 2003, and net income of $362 million, up from $192 million the year prior. Ian B. Davidson, a director of Plum Creek since 1989, stepped into the position of chairman of the board in May 2005. Meanwhile, the company is continuing its acquisition of timberlands, most recently with the March 2005 purchase of 56,000 Florida acres for $90 million. So far, 2005 has been good to Plum Creek: the company is posting record sales and earnings and a rise in revenue from real estate and timber sales, and operating profits for the first six months represent an 18 percent increase from the same period of 2004.
GETTING HIRED
Up a creek without a paddle ...

Plum Creek does not post jobs or accept resumes via its web site. Instead, the company promotes for open positions from within. In situations where external searches are required, Plum Creek fills openings through its local office in Seattle. Applicants should snail mail a query to: Plum Creek Timber Company 999 Third Avenue Suite 4300 Seattle, WA 98104-4096
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ProLogis
14100 E. 35th Place Aurora, CO 80011 Phone: (303) 375-9292 Fax: (303) 375-8581 www.prologis.com
THE STATS
Employer Type: Public Company Stock Symbol: PLD Stock Exchange: NYSE Chairman: K. Dane Brooksher CEO: Jeffrey H. Schwartz 2004 Employees: 830 2004 Revenue ($mil.): $844.3
LOCATION
Aurora, CO (HQ)
KEY COMPETITORS
AMB Property First Industrial Realty PS Business Parks
EMPLOYMENT CONTACT
www.prologis.com/US/EN/Careers/ WorkingAtProLogis
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Vault Guide to the Top Real Estate Employers ProLogis
THE SCOOP
Industrial leader
ProLogis (formerly ProLogis Trust) is the largest real estate investment trust operating in the acquisition, development, marketing, operation and ownership of a global network of industrial distribution facilities. Business is organized into two primary operating segments: property operations and the corporate distribution facilities services business (CDFS business). The property operations segment includes the long-term ownership, management and leasing of industrial distribution facilities. The CDFS business segment represents the development of industrial distribution facilities that are either sold to unaffiliated customers or contributed to real estate funds in which ProLogis maintains an ownership interest and acts as manager. ProLogis more than 2,040 properties span 75 markets throughout Asia, Europe, Mexico, and the U.S.; major tenants include Sears, Caterpillar and DHL. The company looks to expand in a major way in 2005 with the close of its $4.9 billion acquisition of rival developer Catellus.
Logical growth
Begun in 1991 as Security Capital Industrial Trust, the company first made waves in the industry by focusing exclusively on meeting local and regional real estate and distribution needs of its customers. Out of this business practice came the ProLogis Operating System, which today has grown to include 830 real estate professionals covering customer service needs on a global scale. The company changed its name to ProLogis Trust in July 1998 (later shortened to ProLogis). ProLogis purchased Keystone Property Trust in August 2004 for $1.7 billion through a joint venture with Eaton Vance Management. The deal added 137 new properties in key U.S. markets (Indiana, Florida, New Jersey and Pennsylvania) and expanded ProLogis portfolio to an excess of $14 billion.
Catalyst for development

Jeffrey Schwartz took over CEO duties from K. Dane Brooksher at the start of 2005; Brooksher held onto his role of chairman. Schwartz was formerly ProLogis president of international operations and president and chief operating officer of Asia operations. Meanwhile, Asian business got a boost in May 2005 with the purchase of
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Vault Guide to the Top Real Estate Employers ProLogis
26.7 acres near Beijing Capital International Airport, which ProLogis will use to develop four distribution facilities. ProLogis ultimate deal, though, came in the form of a June 2005 purchase of rival Catellus Development Corp. for $4.9 billion in cash and stock. The merger will create the worlds largest network of warehouses and distribution services, and add 3.2 million square feet of industrial operating space to ProLogis holdings. The company looks to Catellus presence in high-growth markets to accelerate expansion plans for the companys global development and fund business.
GETTING HIRED
Learn from the Pro

ProLogis lists employment opportunities on the career section of its web site, www.prologis.com/US/EN/Careers/Opportunities, and updates the list on a regular basis. Each job listing offers individualized descriptions, qualifications and contact information. ProLogis has been known to hire MBAs with no real estate experience.
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Public Storage, Inc.

701 Western Avenue Glendale, CA 91201-2349 Phone: (818) 244-8080 Fax: (818) 553-2376 www.publicstorage.com
THE STATS
Employer Type: Public Company Stock Symbol: PSA Stock Exchange: NYSE Chairman: B. Wayne Hughes CEO: Ronald L. Havner Jr. 2004 Employees: 4,149 2004 Revenue ($mil.): $950.6
LOCATION
Glendale, CA (HQ) 1,480 facilities in 37 states.
KEY COMPETITORS
AMERCO Shurgard Storage Storage USA
EMPLOYMENT CONTACT
www.publicstorage.com/servlet/Main Servlet?page=/career/index.jsp
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Vault Guide to the Top Real Estate Employers Public Storage, Inc.
THE SCOOP
You know where you can shove it ...

Public Storage, Inc. is one of the nations largest self-storage companies, with interests in over 1,480 storage facilities in more than 35 states. The company also manages over 850,000 self-storage spaces with over 90 million net rentable square feet in 80 U.S. cities; more than 90 percent of the units are rented. These locations alone generate 97 percent of the companys sales. In addition, Public Storage provides insurance, rental trucks, and packing and related moving items, and also owns 44 percent of PS Business Parks, which rents commercial and industrial storage space.
Humble beginnings
Since its establishment in 1972, Public Storage has spent the past three decades consistently building its portfolio and range of services. Founder Bradley Wayne Hughes created the company with one rental space warehouse on the assumption that American families, college students, workers relocating to new jobs, nomads and the like might need some extra room to store their personal belongings. Hughes, an Oklahoma native working in real estate in Los Angeles during the early 1970s, was inspired on a drive through Texas, where he happened upon a self-storage warehouse with a waiting list, and decided to create his own. He returned to California, joined with businessman Kenneth Volk Jr., and built a storage yard in El Cajon advertised simply as Public Storage Space. Within two years, the duo had developed 20 more self-storage facilities. He has since grown his company to profit by forming real estate investment trusts (REITs) and by getting local investors to supply money to build storage facilities, then receiving a cut of rental fees for the use of the Public Storage name.
No sure thing
In November 1998, the company acquired a smaller rival, Columbia, Mo.-based Storage Trust Realty, for $408 million in stock and the assumption of $192 million of debt. Two years later, the company attempted a takeover of Seattle-based Shurgard Storage Centers, offering a premium of Shurgards net asset value, but to no avail; Shurgard rejected Public Storages advances.
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Vault Guide to the Top Real Estate Employers Public Storage, Inc.
Public Storage used an influx of cash raised via preferred stock sales and retained operating cash flow to invest in new properties in key markets throughout 2004 and 2005, helping boost its stock to a new 52-week high in September 2005. However, the threat from the competition was slowly increasing rivals U-Store-It Trust and Extra Space Storage Inc. announced at the same time they would issue initial public offerings to boost cash flow no doubt for the purposes of eating away at Public Storages market share. To further grow business, Public Storage came knocking on Shurgards door again, with an August 2005 hostile buyout bid worth $2.5 billion, a 14 percent premium over Shurgards stock price. Shurgards board unanimously rejected the offer, declaring the proposal an opportunistic attempt to deprive our shareholders from fully realizing that long-term value. Public Storage doesnt have reason to worry about its market position yet. The companys overall earnings in the quarter reported August 2005 surpassed analyst estimates and its annual revenue stood at nearly $1 billion. Recently, Public Storage became a member of the S&P 200 Index. However, Extra Space Storages $2.3 billion acquisition of General Electrics self-storage division during the spring of 2005 may provide stiffer competition in the future.
GETTING HIRED
Public positions
The Public Storage career section, www.publicstoragejobs.com, splits its career offerings into property management opportunities, call center opportunities and corporate opportunities arranged by location; all corporate applicants must apply online. The web site also offers applicants the opportunity to create a profile and upload a resume.
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Rayonier Inc.
50 North Laura Street Jacksonville, FL 32202 Phone: (904) 357-9100 Fax: (904) 357-9101 www.rayonier.com
THE STATS
Employer Type: Public Company Stock Symbol: RYN Stock Exchange: NYSE Chairman & CEO: W. Lee Nutter 2004 Employees: 2,100 2004 Revenue ($mil.): $1,207.0
LOCATIONS
Jacksonville, FL (HQ) 33 regional offices across Alabama, Florida, Georgia, Oregon and Washington.
KEY COMPETITORS
Carter Holt Harvey Georgia-Pacific Corporation International Paper
INTERNATIONAL LOCATIONS
Auckland Concepcin, Chile Launceston, Tasmania London Mataura, New Zealand North Island, New Zealand South Island, New Zealand Shanghai Tokyo
EMPLOYMENT CONTACT
www.rayonier.com/careers_main.asp
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Vault Guide to the Top Real Estate Employers Rayonier Inc.
THE SCOOP
Limber timber
Rayonier works double-time in the timber industry, managing and producing more than 2 million acres of timberland and 25 different grades of performance cellulose fibers, respectively. The timber and land management unit buys and manages timberlands sells timber and sells timberland for conservation, real estate development, and large tract preservation. Fibers are sold for use in textile fibers, air filters, tire yarn and disposable diapers (accounting for 45 percent of sales), while wood products include, among other things, lumber and medium-density fiberboard. The company racked up revenue of $1.2 billion in 2004, and employs roughly 2,100 workers worldwide.
Mix-and-match
The Rainier Pulp and Paper Company, the predecessor to todays Rayonier, opened its first mill in Shelton, Wash. in 1927, using the areas hemlock trees for the production of bleached paper pulp. Four years later, the company got a major boost through a joint research effort with Du Pont, the leading producer of rayon, which led to the worlds first pulp made from hemlock designed especially for the rayon industry. The discovery also led to a corporate name change: Rayonier, derived from a combination of rayon and Rainier. Rayonier began trading publicly on the NYSE in 1937 and quickly extended its portfolio through the purchase of Southeast U.S. timberlands and the establishment of its first Southeastern pulp mill in Florida. The company returned to its Western roots during the 1940s, buying up timberland in the Pacific Northwest, and added international offices in Europe and Asia in 1954. Expansion of a state-of-the-art research facility in Jessup, Ga. moved Rayoniers focus back East during the 1990s while, abroad, the company acquired extensive timberlands in New Zealand. The 1999 purchase of 968,000 acres of timberland in Florida, Georgia and Alabama, worth $725 million, led to Rayonier being named the seventh-largest private timberland owner in the U.S.
The price is REIT

To capitalize on its southeast business, which contained a majority of Rayonier assets and employees, the company shifted corporate offices from Stamford, Conn. to
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Jacksonville, Fla. in 2000. A year later, Rayonier announced a strategic plan to focus on performance fiber and timberland management, its two strongest businesses, as a platform for growth. Rayonier achieved sweeping gains after reorganizing itself as a real estate investment trust (REIT) in January 2004 to increase cash distributions to shareholders, diversify holdings and boost stock value on the whole that year, net income skyrocketed from $50 million the year prior to $156.9 million. One of the companys latest business ventures, TerraPointe LLC, was formed in June 2005 to evaluate Rayoniers timberland properties and maximize value. Meanwhile, that July, Rayonier teamed up with an international consortium to purchase 235,000 acres of New Zealand timberland for $296 million. CEO Nutter called the Australasia region attractive for timberland investment and a win-win for Rayonier and our co-investors. The company plans to use proceeds to support growth of real estate businesses in the Southeast, and to fund additional timberland acquisitions. At the same time, Rayonier recently reached an agreement in August 2005 to sell its medium density fiberboard business in New Zealand to a Hong Kong company for $40 million, as part of a plan to focus on core timber, real estate and performance fibers businesses.
GETTING HIRED
Rayonier career
Rayonier lists employment opportunities on its career web site, www.rayonier.com/careers_main.asp. Each job listing offers individualized descriptions, qualifications and contact information.
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RE/MAX International, Inc.

8390 E. Crescent Parkway. Ste. 500/600 Greenwood Village, CO 80111 Phone: (303) 770-5531 Fax: (303) 796-3599 www.remax.com
THE STATS
Employer Type: Private Company Chairman: David (Dave) Liniger CEO: Margaret Kelly

Greenwood Village, CO (HQ) Operations in 58 countries worldwide. Century 21 Coldwell Banker Prudential
EMPLOYMENT CONTACT
www.remax.com/inside_remax/beco me_an_agent/index.htm
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Vault Guide to the Top Real Estate Employers RE/MAX International, Inc.
THE SCOOP
Real estate to the Max

Founded in 1973 by current chairman and vice-chairman Dave and Gail Liniger, today RE/MAX International has more than 114,000 real estate agents in its network of independently owned franchises in over 58 countries. The organizations primary focus is residential sales, but RE/MAX also provides advisory and relocation services, and boasts the worlds largest hot air balloon fleet. For over 33 years, the company has grown every single month of operation, and is the only major real estate network still owned and directed by its original founders. RE/MAX was also the first (and is still the only) real estate network to create and maintain a satellite television network designed for its real estate professionals.
Innovations
RE/MAX was founded as somewhat of a real estate revolutionary. During the 1970s, most real estate offices used a commission-split system that required sales professionals to surrender half of their commissions to their brokers in exchange for an office environment and company services. The downfall? Top producers often supplied most of the operations overhead, thus supporting low-producing agents, which, subsequently, produced a high turnover rate in the residential real estate market. The Linigers business model eschewed the classic commission-split for a process by which agents would share office overhead and pay management fees in return for a wide variety of traditional real estate franchise services and high commissions. More recently, RE/MAX shook up the industry again with its August 2005 announcement that it will begin posting listings of all U.S. homes for sale including those of its competitors on its web site www.remax.com in a proconsumer move that could potentially lead to widespread changes for real estate information on the Internet.
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Vault Guide to the Top Real Estate Employers RE/MAX International, Inc.
GETTING HIRED
Local agents
More information on becoming a sales associate or agent can be found on the RE/MAX web site: www.remax.com/inside_remax/become_an_agent/index.htm. Local offices can be searched on the site for specific career availabilities.
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RREEF America L.L.C.

101 California St., 26th Fl. San Francisco, CA 94111 Phone: (415) 781-3300 Fax: (415) 391-9015 www.dbrealestate.com/rreef
THE STATS
Employer Type: Subsidiary of Deutsche Bank Managing Principal: Stephen M. Steppe
LOCATIONS
San Francisco, CA (HQ) Chicago, IL New York, NY
KEY COMPETITORS
Cushman & Wakefield Grubb & Ellis Jones Lang LaSalle
EMPLOYMENT CONTACT
www.dbrealestate.com/rreef/default. cfm?&CFID=26779749&CFTOKEN =28204705
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Vault Guide to the Top Real Estate Employers RREEF America L.L.C.
THE SCOOP
RREEF(er) madness
RREEF, founded in Chicago in 1975, is a real estate investment advisor that purchases, administers and sells real estate portfolios for its clients, and offers research and specialized services to institutional investors and private REITs. In addition, RREEF manages over 400 properties on behalf of its clients, and currently holds $18 billion in assets under management. Deutsche Bank, Europes largest lender, purchased RREEF for $490 million in March 2002. The companys name is an acronym for founder Claude Rosenbergs last name and the words real estate equity funds.
Billion-dollar buys
RREEF has been busy on the buying side of business as of late. During the spring of 2005, the company picked up real estate in the San Francisco area in two deals, including Pleasantons CarrAmerica Corporate Center for $197.3 million, and a 319,000 square foot Class A office complex in Walnut Creek for $91 million. In the first quarter of that year, RREEF closed on three of the largest 20 property transactions, more than any other investment firm. Then, in July 2005, RREEF made headlines again for its blockbuster $1.3 billion purchase of a 23 million square foot portfolio of industrial space from CalEast Industrial Investors, LLC, adding land in New Jersey, Minnesota, Oklahoma, Kansas, Massachusetts, Florida, Maryland, Georgia and Tennessee to its ever-growing portfolio.
GETTING HIRED
Browsing the listings

RREEF lists employment opportunities on its career web site, www.dbrealestate.com/rreef/default.cfm?&CFID=26779749&CFTOKEN=2820470 5. Each job listing offers individualized descriptions, qualifications and contact information.
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Tishman Speyer Properties

520 Madison Avenue New York, NY 10022 Phone: (212) 715-0300 Fax: (212) 319-1745 www.tishmanspeyer.com
THE STATS
Employer Type: Private Company Chairman: Robert V. Tishman CEO: Jerry I. Speyer
LOCATIONS
New York, NY (HQ) Boston, MA Chicago, IL Los Angeles, CA San Francisco, CA Stamford, CT Washington, DC Berlin Frankfurt London Madrid Paris So Paulo Sydney
KEY COMPETITORS
Boston Properties Brookfield Properties Equity Office Properties
EMPLOYMENT CONTACT
www.tishmanspeyer.com/work/index. aspx
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Vault Guide to the Top Real Estate Employers Tishman Speyer Properties
THE SCOOP
The shine from the top of the Chrysler Building

Tishman Speyer, founded in 1978 by current Chairman Robert Tishman and current CEO Jerry Speyer, buys, develops and operates some of the worlds most famous commercial real estate properties, including New Yorks Chrysler Building, Rockefeller Center and Lipstick Building; Berlins Sony Center; and Los Angeles Colorado Center. Overall, the company owns or has developed more than 65 million square feet in the U.S., Europe, Asia and South America, and has smaller interests in retail, entertainment and residential ventures.
Cultural connoisseurs
Art and architecture meet in a number of original ways on Tishman Speyer ground. The company maintains an art collection with pieces from world-famous artists such as Frank Stella, Julian Schnabel, Takashi Murakami and Andy Warhol. Rockefeller Center has been home to a number of these creations put on public display, including Jeff Koons Puppy, a sculpture of mans best friend created from hundreds of flowering plants, and Jonathan Borofskys gravity-defying Walking To the Sky, a piece featuring fiberglass figures walking upwards along a stainless steel poll.
They come from the Land Down Under

In October 2004, privately owned Tishman Speyer announced it was preparing an initial public offering of an interest in $1.8 billion real estate portfolio covering 7.3 million square feet of U.S. office space on the Australian LPT index. The portfolio was initially jointly owned by the Australian trust, the Singapore governments offshore property arm, GIC, and Tishman Speyer, but, by that December, Tishman Speyer had closed on an agreement with GIC to acquire majority interest in the portfolio which included twelve properties in eight U.S. cities. Tishman Speyer will hold 51 percent interest, and will manage and lease all of the properties, which CEO Jerry Speyer called an outstanding and diverse array of core assets in a December 2004 statement.
In a New York minute

In November 2004, Tishman Speyer beat out competitors Vornado Realty Trust and Boston Properties with a $175 million bid for The New York Times 750,000-squareVisit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
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Vault Guide to the Top Real Estate Employers Tishman Speyer Properties, L.P.
foot headquarters in New Yorks Times Square, which will be converted into office and ground floor retail space after the Grey Lady moves into new headquarters (also in the Times Square vicinity) in 2007. More recently, in April 2005, the company purchased the 58-story MetLife building for $1.7 billion, the most expensive single asset ever traded in New York City.
GETTING HIRED
Penchant for property

Tishman Speyer lists U.S.-based openings on its career web site, www.tishmanspeyer.com/work/browse.aspx. Applicants can also submit their resume and cover letter for future consideration via the site. For those interested in international positions, a resume and cover letter, along with preferred country of interest, should be sent to: recruitmenteu@tishmanspeyer.com.
Calling all grads

For graduate students, Tishman Speyer runs a Leadership Development Program and Leadership Development Summer Program. Recruiting for the LDP takes place annually in the fall, and offers participants a full-time position running 12-18 months. The summer internship recruits during January and February, and runs 10 weeks in length. Typical qualifications for these positions include. A strong leadership profile, passion for real estate, ability to work effectively with peers and executives, foreign language skills and experience abroad. Those attending schools at which Tishman Speyer does not recruit are advised to send a resume and cover letter to: tishmanspeyerresumes@knowledgeworkers.com.
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Trammell Crow Residential

2859 Paces Ferry Road, Ste. 1100 Atlanta, GA 30339 Phone: (770) 801-1600 Fax: (770) 801-5395 www.tcresidential.com
THE STATS
Employer Type: Private Company Chairman & CEO: J. Ronald Terwilliger
LOCATIONS
Atlanta, GA (HQ) Austin, TX Boca Raton, FL Charlotte, NC Costa Mesa, CA Dallas, TX Denver, CO Houston, TX Kirkland, WA Maitland, FL Morristown, NJ Needham, MA Portland, OR Raleigh, NC Rockville, MD San Mateo, CA San Ramon, CA Scottsdale, AZ Wilton, CT
KEY COMPETITORS
Gables Residential Trust JPI Lincoln Property
EMPLOYMENT CONTACT
www.tcresidential.com/employment
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Vault Guide to the Top Real Estate Employers Trammell Crow Residential
THE SCOOP
The housing authority

Trammell Crow Residential emphasizes three core services: acquisition, development and construction of multifamily housing. The company also has expertise in office, industrial and retail properties. Primary customers include users of commercial real estate and facilities, and investors in commercial real estate. Trammell Crow operates regionally through national and divisional partners, while subsidiary Trammell Crow Residential Services manages nearly 200 multifamily rental properties in roughly 20 states. Major markets include the Southeast and the West. The firm split from real estate management giant Trammell Crow in 1977. Since then, TCR has developed more than 200,000 multifamily units in major markets nationwide, and amassed over $3 billion in assets. Recent projects include the development of Old Town Village Fairfax, Va., a $65 million mixed-use property featuring retail, office and residential space, as well as a new library, set for completion in 2006, along with a $46.5 million 19-story condo tower and a $250 million twin tower development in Atlanta, Ga.
GETTING HIRED
Crow pros
Trammell Crow lists openings by location and by position on its career web site, www.tcresidential.com/employment. Each job listing offers specific position descriptions, qualification requirements and contact information.
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Trizec Properties, Inc.

10 S. Riverside Plaza, Suite 1100 Chicago, IL 60606 Phone: (312) 798-6000 www.trz.com
THE STATS
Employer Type: Public Company Stock Symbol: TRZ Stock Exchange: NYSE Chairman: Peter Munk CEO: Timothy H. Callahan 2004 Employees: 740 2004 Revenue ($mil.): $721.6
LOCATIONS
Chicago, IL (HQ) Atlanta, GA Dallas, TX Houston, TX Los Angeles, CA New York, NY Washington, DC
KEY COMPETITORS
Brookfield Properties CarrAmerica Equity Office Properties
EMPLOYMENT CONTACT
www.trizec.com/careers
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Vault Guide to the Top Real Estate Employers Trizec Properties, Inc.
THE SCOOP
Office space
Trizec is the nations second-largest real estate investment trust (REIT) behind Equity Office Properties Trust, with a portfolio of 52 office properties containing approximately 37 million square feet. Famous landmarks include Washingtons Watergate office building, Los Angeles Figueroa at Wilshire, and One New York Plaza; major tenants include Goldman Sachs and the U.S. Government. The company was launched as a publicly traded REIT in May 2002 as part of the reorganization of Canadian-based TrizecHahn Corporation. Trizec Canada Inc., also formed from the reorganization, holds a 40 percent stake in Trizec Properties, enabling non-U.S. investors to invest in Trizec through Trizec Canada. In 2004, Trizec converted to an umbrella partnership REIT (UPREIT). Current CEO Timothy H. Callahan came aboard in August 2002; Callahan was previously CEO of Trizecs rival, Equity Office Properties Trust.
Gaining market presence

Struggling to boost its bottom line in 2003, the company sold off buildings in noncore markets such as Memphis, Detroit, West Palm Beach and Minneapolis. CEO Callahan dubbed 2004 a stepping stone to recovery as the markets turnaround from the post-September 11 economic recession neared completion, Trizec recorded its third straight quarter drop in vacancies in March 2004 and saw its occupancy rate stabilize. The fall of 2004 brought more sales in St. Louis, Dallas, Sacramento and Columbia, S.C. as part of continued efforts to exit non-core markets, while three of Trizecs East Coast properties picked up Building of the Year honors from the Building Owners and Managers Association. By the second quarter ended June 2005, Trizec reported funds from operations (FFO) of $69.7 million, compared with a loss of $80.1 million the year prior, and a net income of $45.2 million, compared with a loss of $138.2 million for the second quarter of 2004.
Property prestige
Recent acquisitions include the April 2005 purchase of 1200 K Street, a 389,000 square foot office property located in Washington, D.C. for $190 million, which Callahan dubbed a premier property in the strongest office market in the nation, and the $365 million July 2005 purchase of Figueroa at Wilshire, considered one of downtown L.A.s most prestigious addresses. Since 2003, the company has sold $1.9
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Vault Guide to the Top Real Estate Employers Trizec Properties, Inc.
billion worth of assets, including 23 non-strategic office properties, while picking up four properties in Washington, D.C. and Los Angeles worth $1.1 billion. Other major markets include Atlanta, Chicago, Dallas, Houston and New York.
GETTING HIRED
Careers at Trizec
Trizec lists openings the career section of its web site, www.trizec.com/careers/index.cfm?fuseAction=list&imageToLock=2. Each job listing offers specific position descriptions and qualification requirements. Applications can be filled out online by uploading a resume and cover letter to the Trizec site.
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URS Corporation
600 Montgomery Stree, 26th Floor San Francisco, CA 94111 Phone: (415) 774-2700 Fax: (415) 398-1905 www.urscorp.com
THE STATS
Employer Type: Public Company Stock Symbol: URS Stock Exchange: NYSE Chairman & CEO: Martin M. Koffel 2004 Employees: 27,500 2004 Revenue ($mil.): $3,382.0
LOCATIONS
San Francisco, CA (HQ) Locations across the U.S. and worldwide.
KEY COMPETITORS
AECOM Bechtel Jacobs Engineering
EMPLOYMENT CONTACT
www.urscorp.com/Careers/index.php
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Vault Guide to the Top Real Estate Employers URS Corporation
THE SCOOP
Paving the roads for the future

With more than 300 offices in over 20 countries, URS Corporation is engineering success. As a global engineering design firm, URS dips its designs in just about everything from telecommunications to hazardous waste. Providing a wide range of engineering services, URS designs transportation systems (such as highways, interchanges, bridges, tunnels, toll facilities, intelligent transportation systems, parking facilities, and ports and marine structures) and other networks (including industrial processing and petrochemicals, general building and facilities, water and wastewater, telecommunications, technology and hazardous waste). Although URS designs and provides services in all these sectors, a majority of the companys income comes from the transport systems. Though corporate headquarters are housed in San Francisco, URS employs 28,000 workers around the globe.
A master engineer
URS services of planning, design and program, and construction management fall into seven general markets: surface transportation, air transportation, railroads/mass transit, industrial process/petrochemical, general building and facilities, water/wastewater and hazardous waste. Of these markets, approximately 90 percent of the URS revenue comes from North America. However, URS still operates facilities and conducts business through some 110 offices located in Central and South America, Europe and the Asia/Pacific region.
Begun with a broad view

URS was established in 1951 and later incorporated in 1957 as Broadview Research, a research group with a focus on physical and engineering sciences. During the 1960s, the company grew into a multidisciplinary professional services firm, and acquired Cambridge, Mass.-based United Research Inc. in 1968. The new addition led to a name change: United Research Services, later shortened to URS. Throughout the 1970s and 1980s, URS expanded at a rapid pace through internal growth and strategic acquisitions to develop its engineering, architectural and environmental businesses, including the purchases of Madigan-Praeger, Coverdale and Colpitts, John A. Blume & Associates, Hill Dreman Chase, and Dalton, Dalton and Newport.
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Vault Guide to the Top Real Estate Employers URS Corporation
Gaining government ground

Major buys in the 1990s, including Woodward-Clyde Group for $100 million in 1997 and Dames & Moore Group for $300 million in 1999, further solidified URS industry presence. In July 2002, the company picked up EG&G Technical Services, a provider of outsourced management and technical support services to the U.S. government, for $335 million to gain business from the federal government. The plan worked: seven months later URS secured an eight-year, $3.1 billion dollar contract with the U.S. Army through EG&G to provide support services.
Planes, trains and automobiles

URS has kept busy in recent years, designing city transit systems, building land transports, and revamping older models of pre-existing subways. Recent projects stretch from coast to coast, including: providing construction management services for the Downtown Seattle Transit Tunnel Project (set for completion in 2007); a streetcar line in Charlotte, N.C., connecting Center City (Charlottes primary employment center) with other popular Charlotte locations (due to begin service in 2009); and a two-year, $14 million contract to provide design services for construction of U.S. Highway 183-A in Central Texas. In addition, new government projects announced during the summer of 2005 include two five-year contracts provide environmental engineering services to the Navys Engineering Field Activity and aircraft maintenance and modification services for the U.S. Army. The business has boosted URS bottom line: first-quarter profit reported May 2005 jumped 46 percent, from $13.8 million in 2004 to $20.1 million, while revenue grew 11 percent from $830.3 million to $922 million.
GETTING HIRED
U R Hired
Visit the URS career web site at www.urs.apply2jobs.com, where you can check out open job positions, read about the benefits of working for the company and even submit a resume online.
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USG Corporation
125 S. Franklin Street Chicago, IL 60606-4678 Phone: (312) 606-4000 Fax: (312) 606-4093 www.usg.com
THE STATS
Employer Type: Public Company Stock Symbol: USG Stock Exchange: NYSE Chairman & CEO: William C. Foote 2004 Employees: 13,800 2004 Revenue ($mil.): $4,509.0
LOCATIONS
Chicago, IL (HQ) 32 cities nationwide and subsidiaries in 140 countries.
KEY COMPETITORS
Armstrong Holdings Georgia-Pacific Corporation Temple-Inland
EMPLOYMENT CONTACT
www.USG.com/careers
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Vault Guide to the Top Real Estate Employers USG Corporation
THE SCOOP
Building blocks and beyond

As the number one sheetrock manufacturer in the world, USG has built a strong reputation in the building industry. Divided into three main operations, North American Gypsum, Worldwide Ceilings and Building Products Distribution, USG does more than just make the building blocks of houses, skyscrapers and landmarks. It makes gypsum, ready-mixed joint compounds, abuse-resistant wall panels, poured gypsum underlayments, construction plaster products, fiberglass-reinforced cement board, ceiling suspension grids and ceiling tiles for both residential and commercial clients. Started in 1902 with the emergence of 30 regional gypsum manufacturing companies, the United States Gypsum Company began building and manufacturing products. From its first product, Pyrobar, to the phenomenon that is sheetrock, USGs reputation stands tall in a foundation built by a century of hard work. Warren Buffett, the billionaire chairman of Berkshire Hathaway, owns 15 percent of the company.
Asbestos damages
USG, along with its major domestic subsidiaries, filed for federal bankruptcy protection in June 2001 due to mounting asbestos litigation against its Gypsum subsidiary. The company ultimately fell after other asbestos defendants went bankrupt, thus significantly increasing its asbestos costs. Since 1994, USG has been named in over 250,000 asbestos-related personal injury claims, and paid over $450 million in litigation costs. In the first half of 2001 alone leading up to the bankruptcy filing, USG received 22,000 personal injury claims related to asbestos; personal injury costs rose dramatically from $30 million in 1997 to more than $275 million in 2001. The resulting dispute has led to a legal showdown with more twists and turns than an episode of a Dick Wolf courtroom drama. In November 2003, USG asked U.S. District Judge Alfred Wolin, a federal judge overseeing the case to step down, after it was discovered that Wolin hired legal advisors representing asbestos-exposure victims in another bankruptcy case. Judge Joy Flowers Conti replaced Wolin in September 2004. Two months later, negotiations between USG and the defendants came to an impasse, leading claimants to declare that there was no reasonable prospect of a consensual plan of reorganization. Claimants requested shares of the company and proceeds of an $860 million tax credit for a victims trust in a plan that would leave shareholders with nothing, with all shares and stock options cancelled.
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USG said it would fight the claimants request for permission to file the plan, believing that parties involved would be better served by an extension of our exclusive plan-filing period. Meanwhile, the U.S. government got involved in the asbestos mess in 2005, as Congress moves forth with a plan to introduce comprehensive asbestos legislation to provide compensation to asbestos victims without litigation. As of August 2005, the company remains under bankruptcy protection, though many of the administrative matters associated with the filing were resolved in 2001. The companys web site says it cannot predict a completion date, but hopes for one as quickly as possible, with a comprehensive and final resolution to U.S. Gypsums asbestos liability.
Off the wall results

Despite the ongoing legal troubles, USG has continued to forge ahead in recent years with new innovations. In June 2004, USG filed for a patent for its Fiberock gypsum board, and for two new gypsum panel products, Humitek and Aqua-Touch, which resist mold and mildew. And, at the start of 2005, USG announced a joint venture with Dietrich Metal Framing, a division of Worthington Industries, to develop products and systems for the building framing industry. For the whole of 2004, USGs earnings more than doubled from $122 million in 2003 to $312 million. Things keep looking up the companys second quarter of 2005 boasted net sales of $1.3 billion, a record for any quarter in USG history. CEO Foote maintains a favorable outlook for the remainder of the year, as demand for gypsum wallboard products is expected to remain strong on growth in the housing and residential remodeling markets.
GETTING HIRED
Jobs with gypsum

To start building a career with USG, visit their web page at www.usg.com/OpenPositionsAction.do. You can find a company overview, list of open positions and a link to apply online. In addition, the company also offers a Coop/Intern Program for college students in engineering, accounting, human resources, sales/marketing, and information systems.
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USG typically recruits at the following universities and organizations: Cal Poly San Luis Obispo, Georgia Tech, Iowa State, Louisiana State, Miami University (Ohio), Montana Tech, National Association of Black Accountants, National Society of Black Engineers, North Carolina State A&T, Penn State, Society of Hispanic Professional Engineers, Society of Women Engineers, Texas A&M, Texas Tech, University of Arizona, University of Missouri-Rolla and Virginia Tech.
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Vornado Realty Trust

888 7th Avenue New York, NY 10019 Phone: (212) 894-7000 Fax: (212) 894-7070 www.vno.com
THE STATS
Employer Type: Public Company Stock Symbol: VNO Stock Exchange: NYSE Chairman & CEO: Steven Roth 2004 Employees: 2,592 2004 Revenue ($mil.): $1,707
LOCATIONS
New York, NY (HQ) Alexandria, VA Chicago, IL Paramus, NJ
KEY COMPETITORS
Boston Properties Brookfield Properties Equity Office Properties
EMPLOYMENT CONTACT
E-mail: humanresources@vno.com
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Vault Guide to the Top Real Estate Employers Vornado Realty Trust
THE SCOOP
Covering the REIT coast

Vornado Realty Trust, one of the nations largest real estate investment trusts (REITs), owns property or real estate mainly in the New York area and the Capitol District of Washington, D.C. Total holdings cover approximately 90 million square feet, including 67 buildings in Washington, D.C. and 19 buildings in New York City. In addition, Vornado maintains a retail portfolio of 94 retail centers, including supermarkets, strip centers and malls in the Northeast and California, while Vornados Merchandise Mart segment owns 10 other properties in addition to producing trade shows. Prime properties include New Yorks Hotel Pennsylvania and One Penn Plaza, Chicagos Merchandise Mart and Washingtons Bowen Building. Business is divided into four main platforms: Manhattan Office Properties, Charles E. Smith Commercial Realty, Retail Properties and Merchandise Mart. For five years ended December 31, 2004, the Trusts annual return has averaged 25 percent compared with a negative return for the S&P 500 and a 22 percent average return for the NAREIT All Equity Index. Today, Vornados assets run upwards of $20 billion.
Trusting in Mr. Patience

Founder and current chairman and CEO Steven Roth has been called both Mr. Patience and utterly brilliant by industry insiders, and is well known for his keen eye for real estate opportunities. Roth gained control of Vornado, then the publicly held parent of a failing discount retail chain, in 1980, and got to work putting his own stamp on the firm by closing the chain stores and steering Vornado in a new direction real estate. The company converted to an REIT in 1993. Two years later, Roth picked up controlling interest in Alexanders Inc., a department store chain recovering from Chapter 11 protection, in a deal that cemented his reputation of making bank by investing in failed retailers. Alexanders flagship Manhattan-based store, across from the famed Bloomingdales, was vacated in 1999 and stood empty for over two years while redevelopment plan after redevelopment plan went bust and insiders assumed Roth was in over his head. The persistent chief delivered plans in 2001 for a whopping $630 million, 56-story glass, stainless steel and aluminum tower for mixed-use designed by well-known architecture firm Cesar Pelli & Associates. The resulting building, which today houses a Home Depot, Citibank and H&M shop, as well as more than 100 luxury condos and the world
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headquarters of the Bloomberg LP financial information firm, is seen as a smashing success.
Property profits
Roth has also helped build Vornado internally through a string of business acquisitions, most notably the 1998 purchase of Merchandise Mart for $625 million, and a 2001 merger with Charles E. Smith Commercial Realty. In June 2004, the company picked up 25 supermarkets in Southern California covering 766,000 square feet of space for $65 million. Three months later, Vornado unveiled a major renovation on an old Union Square building in New York City, revealing a vertical mall with tenants including Filenes Basement, DSW, Forever 21 and Whole Foods. In November 2004, Vornado picked up a 4.3 percent interest in Sears, sparking some chatter that Vornado would turn into a dark horse to break up the then-pending merger between Sears and Kmart. Vornado, however, threw its support behind the deal, which led to a sizeable profit on its Sears stake.
Kids at heart
Real estate value was also behind Vornados $6.6 billion purchase of kiddie mecca Toys R Us in March 2005 as part of a group of investors including KKR Group and Bain Capital. Should Toys R Us go bust, Vornado will be left with prime real estate to sell, re-lease or re-develop.
Wall Street is listening

More recently, Roth & Co. have been pounding the pavement of New Yorks Madison Avenue, picking up the 17,000-square-foot retail portion of the former Westbury Hotel for $113 million, and the building at 66th Street and Madison that contains 37 apartments and has 9,000 square feet of ground floor retail space for $158 million during the first half of 2005. Investors enjoy the wheeling and dealing Vornado shares jumped from $47 in the spring of 2004 to $85 by the summer of 2005.
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GETTING HIRED
Working at Vornado
Vornados web site lists job availabilities at two of its business platforms, Merchandise Mart (www.merchandisemart.com/career.html) and Charles E. Smith (smithcommercialrealty.com/careers.idx). Each separates job listings by location and function.
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Walton Street Capital L.L.C.

900 North Michigan Avenue Suite 1900 Chicago, IL 60611 Phone: (312) 915-2800 Fax: (312) 915-2881 www.waltonst.com
THE STATS
Employer Type: Private Company Principal Overseeing Strategic Direction: Neil G. Bluhn 2004 Employers: 45
LOCATION
Chicago, IL (HQ)
EMPLOYMENT CONTACT
Walton Street Capital, L.C.C 900 North Michigan Avenue Suite 1900 Chicago, IL 60611
CAREER LIBRARY
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Vault Guide to the Top Real Estate Employers Walton Street Capital L.L.C.
THE SCOOP
Street beat
Walton Street Capital, L.L.C. is a principal investment and asset management organization, sponsoring a series of performance-based, private equity real estate investment funds which have received total equity commitments of $1.8 billion from public and corporate pension funds, foreign institutions, insurance companies and banks, endowments and foundations, trusts, and high net worth individuals. The companys 17 principals average nearly 20 years of experience in the real estate industry and have participated in the acquisition, financing, management and disposition of over $25 billion in real estate and real estate operating companies. To properly align the interests of the principals and fund investors, the principals personally make a significant investment in the funds and are compensated through a back-end weighted compensation structure: fund investors must receive a return of their committed fund capital and a referred return before any performance fees are paid to the general partner. Walton Street also owns commercial, retail, industrial and hotel properties from California to New York, as well as in Hawaii and Australia.
GETTING HIRED
There is no employment contact or job listing on the companys web site. Applicants should send a query letter to: Walton Street Capital, L.L.C. 900 North Michigan Avenue Suite 900 Chicago, IL 60611
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About the Editor

Laurie Pasiuk graduated from Fordham University with a degree in English Literature. She started and edited the fiction section for Elsevier Sciences HMS Beagle before joining Vault as a staff editor.
CAREER LIBRARY
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The medias watching Vault! Heres a sampling of our coverage.

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REAL ESTAT EMPL

REAL ESTATE EMPLOYERS

2005 Vault Inc.

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REAL ESTAT EMPL

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EDITED BY LAURIE PASIUK AND THE STAFF OF VAULT

2005 Vault Inc.

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Vault Guide to the Top Real Estate Employers Table of Contents

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Vault Guide to the Top Real Estate Employers Introduction

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