Revealed: Median salaries at some of real estate’s biggest public companies

Earnings info is available for the first time

New York /
May.May 16, 2018 04:15 PM

Owen Thomas and Steve Roth

UPDATED, May 17, 11:20 a.m.: Typical employees at CBRE make, on average, nearly 20 percent more than their counterparts at JLL.

And the average worker at Boston Properties earns more than the normal employee at Vornado Realty Trust, who takes home more than the average earner at SL Green Realty.

Public companies across the United States are revealing how much typical employees make for the first time in their financial disclosures as part of the mandate from the 2010 Dodd-Frank Act.

The Wall Street Journal pulled together a database of median employee pay for more than 1,000 publicly traded companies collected by the firm MyLogIQ.

Among the big real estate investment trusts, the typical worker at Boston Properties – which has 740 employees – earned a median salary of $104,897, while Vornado had a median salary of $61,824 for its 3,989 employees.

Boston Properties CEO Owen Thomas, meanwhile earned a total compensation in 2017 of $10.06 million, according to public disclosures. Vornado’s Steven Roth brought home a total compensation package of $10.46 million during the same time (which does not include $2 million in stock dividends).

SL Green’s median salary was $57,508 for its 1,065 employees. Its CEO Marc Holliday earned $17.4 million last year, according to SEC filings.

(SL Green and Vornado’s median salary figures cover all employees. If building-service workers who are covered by collective bargaining agreements were removed from the calculations, the median salaries for the companies would be $135,857 and $75,320, respectively.)

When it came to big commercial real estate brokerages, CBRE had a median salary of $57,303 for its 80,000 workers, and the median salary for JLL’s 82,000 employees was $48,000.

The highest-paying real estate company on the Wall Street Journal’s list is New Jersey-based hospitality REIT Chesapeake Lodging Trust, which had a median pay of $347,750 across 14 employees. [WSJ]Rich Bockmann


Related Articles

arrow_forward_ios
The price of a new home in China’s largest cities fell for the first time since 2015
New home prices in China’s largest cities fall for first time since 2015
New home prices in China’s largest cities fall for first time since 2015
Real estate powers Blackstone’s best quarter ever
Real estate powers Blackstone’s best quarter ever
Real estate powers Blackstone’s best quarter ever
Terreno Realty CEO W. Blake Baird and an aerial of the property (Google Maps)
Terreno Realty pays $44M for NJ industrial site
Terreno Realty pays $44M for NJ industrial site
Madison Realty Capital Co-Founders Josh Zegen and Brian Shatz with a rendering of the River North development (Madison Realty Capital, FXCollaborative)
Madison Realty’s altered plans for SI complex approved
Madison Realty’s altered plans for SI complex approved
Pandemic forces mom-and-pop landlord to sell out
Pandemic forces mom-and-pop landlord to sell out
Pandemic forces mom-and-pop landlord to sell out
PBC's Eli Elefant and 452 Fifth Ave (PBC)
Elefant’s PBC to liquidate $2B in US real estate, including HSBC building
Elefant’s PBC to liquidate $2B in US real estate, including HSBC building
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
SL Green CEO Marc Holliday, Chelsea Piers Fitness CEO David Tewksbury and One Madison Avenue (Getty, SL Green)
Chelsea Piers is coming to SL Green’s One Madison
Chelsea Piers is coming to SL Green’s One Madison
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...