Senior Asset Manager - RE Equity San Francisco (8550BR) San Francisco, California
The Director, Asset Management (“Asset Manager”) will be primarily focused on the management of a portfolio of value-add and core/core plus assets, which may be owned outright or through joint venture partnerships. This senior asset management position is one of several managers reporting directly to David Cumming, Managing Director and Head of Asset Management for the Madison Core Property Fund. Responsibilities: The Asset Manager will have full balance sheet responsibility for each and every aspect of his/her assets, regardless of the ownership structure. As an officer of New York Life Real Estate Investors (“NYLREI”), advisor to several funds, this experienced manager will be held accountable for delivering upper quartile returns and utilizing the highest levels of industry best practices. Key responsibilities include: • Applying a proactive, hands-on management strategy to achieve specific income, expense, leasing and sales velocity targets for each asset in his/her assigned portfolio. Where applicable, the Asset Manager will have day-to-day responsibility for managing NYLREI’s joint venture partners. • As some assets will be value-add projects, the Asset Manager will be responsible for efficiently overseeing and managing the design, construction, asset repositioning and leasing process. Select and engage all third party brokers, managers, architects etc. in pursuit of the best management, leasing and sales teams for his/her assets. • Work closely with and effectively manage brokers, property managers, construction/project managers and attorneys to provide clear direction and skill-based leadership in executing on the asset’s business plan. • Work with NYLREI’s acquisitions officers on potential transactions - from due diligence and underwriting, through closing. Team with the acquisitions officer in creating the capital and operating budgets, developing a thorough business plan and presenting the project to NYLREI’s Investment Committee. • He/she will prepare income and expense projections, forecast capital requirements, perform risk-return analysis and develop hold/sell recommendations along with reporting performance of the asset, against both budget and business plan milestones – bringing critical matters to the attention of senior management in a timely manner. • Traveling as necessary to visit assets and become a market expert in numerous geographies and property sectors, as well as actively representing NYLREI in the marketplace. • Oversee all annual external and quarterly internal market valuations. • Oversee and directly manage the work assigned to analysts supporting his/her assets. • The Director is an officer level position within the real estate group. Therefore, this person will interact extensively with the head of the real estate group as well as the leaders in the different functional areas (acquisitions, accounting, portfolio management and client services) and others within NYLREI. This person will be expected to add significant value to the team as well as bring leadership, strategic thinking, mentoring, and a fresh perspective to the real estate group as a whole.
CANDIDATE QUALIFICATIONS / EXPERIENCE Experience: The candidate should have at least 10–15 years of in-depth experience in commercial real estate asset management, development and/or related disciplines. Prior experience with managing joint ventures is preferred, but not required. Education: The successful candidate must possess a college degree. An MBA or Masters Degree in Real Estate or related discipline is helpful. Specifically, candidates for this position should have the following experience and qualifications: • Hands on asset management experience in multiple real estate sectors (office, retail, industrial and /or multifamily) as well as in multiple markets, preferably in different regions across the country. • Extensive experience with institutional quality tenant improvements and interior base building construction. • This person should have among other skills, a detailed working knowledge of: real estate property management, asset sales, contract negotiations, and possess extensive experience in both gross and net leasing, re-positioning and risk management strategies. • Strong analytic and quantitative skills, a finance/credit driven approach to the business including confidence in working with Excel analysis. Experience with ARGUS is required. This person will have access to a shared analyst, who will assist with modeling, but should be financially adept at deriving the right deal structures to maximize returns. • This person will be expected to bring a strong institutional ownership perspective and experience to help sustain industry best practices as NYLREI continues to expand its real estate investment group. • Experience with Taft-Hartley investors is a plus. • Should have demonstrable leadership ability and an interest in mentoring others as the role may over time, become that of a “player coach”. Personal Skills & Attributes: • Excellent written, oral and presentation skills along with a direct and open communication style. • An owner’s perspective and fiduciary mindset. • Possesses a time-sensitive commitment to “drive” his/her team to enhance the performance of assets. • This person should have strong relationship skills and the ability to effectively communicate with their team, their partners, their tenants and the marketplace, while maintaining a client service orientation. • The successful candidate will be known for his/her high level of integrity, character and respect for others in both their personal and business relationships. Hard worker, willing to travel as appropriate, to enhance the value of his/her assets. • Well organized, efficient and with a history of productive deal flow.