Pros
1) The people are very smart and dedicated. Team members and others in the office are very supportive. 2) Exposure to a wide variety of people across the real estate industry. 3) The 3-year analyst program allows for planning for the future. After the program, it's "up or out" -- either get promoted or find another job/go to grad school. Staying on as a 4th year analyst is usually an option for good talent, but most find that option undesirable. 4) Real emphasis on getting work done, not just being in the office to demonstrate you are "working hard".
Cons
1) Working in a satellite office (San Francisco, HQs in New Jersey) means less face time with upper management. I felt this can inhibit advancing in the company. 2) You can only be promoted after three years -- but if there is no associate-level position available, then there is no possibility for advancement. 3) Work is done in silos - there is the transactions team and the asset management team. They keep work separate for the most part. There is little formal learning between the teams.