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July 25, 2008

BlackRock Real Estate Internship: Hitting the Ground Running

Lawrence Ou '09
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I’m interning this summer at BlackRock in San Francisco, and things are busy, to say the least. There was a lot of acquisition in the early to mid-2000s when the company bought tons of properties, and now it’s time to make them perform. Also, with so many banks selling distressed real estate debt, we see a lot of potential opportunity. I’m really learning the inner workings of valuation, ownership structure and the macroeconomic factors in specific markets.

I’m working on a complicated deal right now, and I’ve been talking to the experts at the Milstein Center: Professor Lynne Sagalyn and Senior Vice Dean Chris Mayer. Lynne put me in touch with a CBS grad who is the head of a fund. The alum gave me 20 minutes of her time on the phone and was incredibly helpful.

I’m the only real estate MBA intern at all of BlackRock, which means I’m getting a lot of exposure to a wide range of things, and I’m not ruffling with 15 other MBA interns for a full-time offer. It does mean I don’t have peers per se, but there is an alum here, Akbar Tajani ’07, who’s taken good care of me.

I’m on week 4 of my internship, and I’ve been hearing from a lot of my fellow students who are hitting the ground running at their internships too. We’ve all had the common experience of feeling pretty stupid during the first couple of days, but now that I’ve gotten into my work here, I see that I’m really well prepared for this, and I’m glad to be here.