Global real estate developer Tishman Speyer has teamed up with Project Destined for what’s billed as the first global partnership that aims to train students in underserved communities for a career in real estate.
Tishman Speyer said its executives in New York, Chicago, D.C., Los Angeles and London will guide teams of college students to explore the range of job possibilities in commercial real estate.
The real estate veterans will “actively encourage” and mentor the students to help them develop financial, technical, presentation and leadership skills, Tishman Speyer said in a statement. The skills are expected to help the students get a foot in the door through internships, certifications and full-time employment.
Project Destined is a social impact platform that works with businesses, entrepreneurs and schools to outfit youths in underserved communities with know-how in real estate, entrepreneurship and financial literacy. The group also has worked with real estate developers including Brookfield Properties as well as global mall giant Unibail-Rodamco-Westfield, according to its website. Project Destined and Trammell Crow launched a similar partnership last winter, though at a national level.
Since its founding in 2016, Project Destined said it has worked with more than 4,500 people in 35 cities across the United States, United Kingdom, Canada and Europe.
The Tishman Speyer partnership "will provide our students with a unique global network and perspective as well as the training and resources required to become leaders and owners in commercial real estate,” Project Destined co-founder Cedric Bobo, who previously served as an executive at investment giant Carlyle Group, said in a statement.
The partnership with Tishman Speyer will get students in each city to evaluate actual commercial real estate transactions. Grouped into teams, they will then take part in a pitch competition against other teams in their local market to earn scholarships.
The winning team from each city will then compete against one another for the opportunity to share $10,000 in scholarship money, Tishman Speyer said.
Dubbed the “Tishman Speyer Cup,” the inaugural event will be judged by Tishman Chief Executive Rob Speyer and other top executives of the firm, the developer said.
“The real estate industry offers a variety of fulfilling career paths, from development to finance, technology and dealmaking,” Joe Ritchie, Tishman Speyer’s managing director of business development and head of diversity, equity and inclusion, said in a statement. “Unfortunately, students in underserved communities have not historically been provided the chance to learn about the world of commercial real estate and thus don’t view it as an option.”