Investment Banking Associate - Commercial & Industrial Real Estate Services (CIRS)

About the Group Blitzer, Clancy & Company in an award-winning, independent M&A and strategic advisory built on deep sector expertise for founders and investors navigating the transactions, opportunities, and strategic decisions that shape enduring businesses. Our CIRS team is one of the firm's flagship practice groups. We advise founders, family- and closely-held businesses, private equity sponsors, and global strategics on sell-side and buy-side M&A, recapitalizations, and strategic alternatives across the built environment - the operators, service providers, and technology platforms that design, build, maintain, and manage commercial and industrial facilities. Sub-sectors we cover: Facility & Workplace Operations: integrated facilities management, janitorial and environmental services, workplace experience, security services, and other outsourced building operations Engineering & Capital Projects: MEP, HVAC and mechanical services, engineering and technical services, workplace strategy, design-build, and project and development management Industrial & Manufacturing Services: industrial maintenance, technical field services, specialty trades, and services supporting complex manufacturing environments Aviation & Airport Services: airport and terminal operations, ground handling, passenger services, aviation facility services, and related technology Healthcare & Critical Environments: healthcare EVS, controlled environments, cleanroom and GMP-regulated facility services, and other services supporting life sciences and mission-critical facilities Education & Campus Operations: facilities management, building operations, campus services, and other outsourced services supporting higher education and institutional environments Commercial Property Operations: property and facilities management, CRE brokerage and advisory, building maintenance, exterior and landscape services, parking operations, and property technology Energy & Building Optimization: energy management, building optimization, energy services, sustainability solutions, smart-building technologies, and building decarbonization Position Overview Compensation Range: $185,000 - $225,000 / year We are seeking an Investment Banking Associate to join the Commercial & Industrial Real Estate Services Group in Washington, DC. Associates in this group are core members of lean, senior-led deal teams and play a central role in both transaction execution and client coverage. You will take ownership of major execution workstreams, oversee and develop junior team members, and work directly with clients, counterparties, investors, and firm leadership throughout the transaction lifecycle. Associates are expected not only to produce exceptional work product, but also to exercise judgment, anticipate issues, drive processes forward, and increasingly operate as a day-to-day point of contact for clients. This is a services-sector seat, not a real estate finance seat. The analytical work centers on operating businesses not property-level underwriting or REIT coverage. Because our teams are lean, high-performing Associates benefit from exposure to workflows typically reserved for more senior professionals at larger institutions. Key Responsibilities: Financial Analysis & Valuation Lead the development, review, and refinement of three-statement operating models, LBO models, buy-and-build/roll-up models, DCF valuations, and accretion-dilution analyses Oversee and review comparable company and precedent transaction analyses using the facilities services, building services, and CRE services universe; maintain the group’s comps and transaction databases Review Analyst work product for accuracy, analytical rigor, consistency, and presentation quality before materials are circulated to senior bankers or clients Lead the analysis of site- and customer-level P&L bridges; analyze customer concentration, contract retention and churn, win/loss and pipeline data, and organic vs. acquired growth Model and interpret labor economics - wage inflation, minimum wage and prevailing wage exposure, union and CBA considerations, turnover, self-perform vs. subcontracted mix, and headcount productivity Lead the preparation and review of confidential information memoranda, management presentations, teasers, and lender and investor materials Manage key aspects of sell-side and buy-side processes end to end: buyer and target universe development across strategics and sponsors, outreach tracking, IOI/LOI analysis, bid comparison, and negotiation support Own day-to-day diligence execution, including virtual data rooms and diligence request lists, and coordinate directly with legal, accounting, tax, insurance, and commercial diligence advisors Lead preparation for management presentations, buyer meetings, and diligence sessions, including on contract portfolios, labor and compliance matters, and customer references Drive transaction workstreams, timelines, and deliverables across internal and external teams; identify potential execution issues and proactively develop solutions Review IOIs, LOIs, purchase agreement economics, financing proposals, and other transaction materials; synthesize key economic and structural considerations for senior bankers and clients Sector Coverage & Business Development Maintain living coverage of the commercial and industrial real estate services landscape: strategic acquirers, sponsor-backed platforms, active buy-and-build programs, and emerging independents Track M&A activity, valuation multiples, and capital flows across facilities services, specialty trades, and CRE technology; oversee the preparation of and contribute perspective to internal market updates Lead the development of pitch books, market landscape studies, and strategic alternatives analyses for prospective clients Play an active role in origination through target screening, sector thesis development, prospective client research, and preparation for senior-level business development meetings Develop informed perspectives on sector trends, valuation, buyer behavior, consolidation strategies, and emerging areas of opportunity within CIRS Qualifications Required Bachelor's degree with a strong academic record, preferably in Finance, Accounting, Economics, Real Estate, Engineering, or a related quantitative discipline 3-5 years of relevant transaction experience, with prior investment banking experience strongly preferred; transaction advisory, corporate development, or private equity experience will also be considered Demonstrated proficiency in financial modeling, valuation methodology, and accounting fundamentals, with the ability to independently review and improve junior team members’ work product Advanced Microsoft Excel and PowerPoint skills; ability to produce and review accurate, presentation-quality work product under tight deadlines Exceptional written and verbal communication skills, including the ability to synthesize complex analysis into clear conclusions Ability to operate with significant autonomy, anticipate next steps, and exercise sound judgment when priorities or transaction dynamics change Preferred Prior exposure to facilities services, building services, business services, industrial services, engineering and construction, or another labor-intensive, contract-based services vertical Understanding of the outsourced services model: contract structures, route density, self-perform economics, and multi-site operating leverage Experience with roll-up or buy-and-build M&A programs, including add-on modeling and pro forma synergy analysis Experience interacting directly with founders, management teams, private equity sponsors, strategic acquirers, lenders, and third-party advisors Prior responsibility for managing Analysts or other junior transaction professionals Familiarity with CapIQ, PitchBook, Grata, FactSet, Bloomberg, or comparable research and data platforms What We Look For We hire for ownership. The Associates who thrive in this group are intellectually curious about how service businesses actually run, rigorous about accuracy, comfortable operating with limited direction, and able to keep their composure when a process gets difficult. Our clients are frequently founders and operators who have spent decades building their businesses; we expect our Associates to bring judgment and commercial intuition to that relationship, not just execution. What We Offer Deep specialization in one of the most active consolidation markets in business services, with the deal flow to build genuine sector expertise early Direct, sustained exposure to senior bankers, clients, and decision-makers on live transactions Cross-border experience across North America, Europe, and Asia Pacific, and adjacency to the firm's life sciences, industrial automation, and aerospace and defense practices A meritocratic environment where responsibility is allocated based on demonstrated capability, not tenure Competitive base salary plus discretionary performance-based bonus Comprehensive benefits including medical, dental, and vision coverage, 401(k), and paid time off Blitzer, Clancy & Company is an equal opportunity employer. We are committed to providing equal employment opportunities to all applicants and employees without regard to race, color, religion, sex, pregnancy, national origin, age, disability, genetic information, veteran status, sexual orientation, gender identity or expression, marital status, family responsibilities, personal appearance, political affiliation, or any other characteristic protected by applicable federal, state, or District of Columbia law. We believe diverse backgrounds, experiences, and perspectives strengthen our firm and our ability to advise clients. Employment decisions at Blitzer, Clancy & Company are based on qualifications, merit, performance, and the needs of the firm. #J-18808-Ljbffr Blitzer, Clancy & Company