New York Denver
I. Table of Contents
II. Executive Summary
III. Search Process for the internship
1. Initial Search:
I did my first internship during the month of Januaryas I had no other choice but I immediately decided that I would do my second internship during the summer months as it would give me a wider choice of companies. The search for my second internship started during my first internship. I was asked to find information about several hundred CEO’s and HR Managers which I did successfully. I took this opportunity to keep the addresses and telephonenumbers of several of them in order to be able to contact them in my search for a second internship. However I didn’t use these contacts as Géraud Verstraeten who is also a student at UBI offered me an internship in the United States.
Géraud had mentioned that he had an internship opportunity in the United States during the first semester. I didn’t know at that moment what it was about until hereally offered me to do the internship with him at the beginning of the new semester.
2. Why I Chose The Pyne Companies?
Géraud explained to me roughly what sort of company it was and what the internship would be about. He told me that his father knew an American called Percy R. Pyne who works in the Real Estate business. Percy Pyne is the founder and chairman of Pyne Companies which is a realestate and consultancy company based in New York. (The Pyne Companies brochure) I was immediately interested as real estate has always been a sector where I could see myself working in the future. Moreover the internship would be in the United States, we would spend 2 weeks in New York working in their Wall Street office and 2 other weeks in Denver where P. Pyne has a partnership in the DenverWest Office Park. I accepted the offer with great enthusiasm.
I met P. Pyne for the first time at Géraud’s house during a dinner a few weeks before our internship. He explained us that we would mostly do translations for documents about a Luxemburg based real estate fund for properties in the United States, that we would have a lot of work and quite unusual for an American, he insisted that wewould wear a suit and tie every day. He confirmed us that we would spend 2 weeks in New York and 2 weeks in Denver. After dinner I drove him back to his hotel, which was a pleasant way of knowing P. Pyne a little bit better before starting the internship.
IV. The Company:
1. Company overview
The Pyne Companies Ltd. was founded in 1991 as a real estate investment and consultancy companywith the objective of creating and preserving value through direct participation in real estate based on a long-term investment return profile. They identify and acquire under-managed real estate assets and assist private and institutional investors in the repositioning, evaluation and acquisition of their real estate portfolios. They have established relationships with some of the most prominentreal estate investors and have built their reputation on achieving impressive results for their clients across the globe.
Since its inception, The Pyne Companies has transacted over $4 billion in real estate with approximately 7 million square feet in management assignments. (Pyneco website)
2. Pyneco’s partnership with the Denver West Office Park:
P. Pyne has known Edwin G. Andersson, whois one of his major business partners, for 25 years. They started off buying really cheap real estate together in Denver and Washington D.C. Over the years they continued this successful partnership and bought Wall Street 30 in 1999 and ultimately the Denver West Office Park in October 2001 after 2 years of negotiations.
The Denver West Office Park is a full office environment located 15...