Associate, Development - Bentall Kennedy (U.S.)

February 05, 2018

Bentall Kennedy (U.S.)

Bethesda, Maryland 20814

Associate, Development
Bethesda, MD
Company Summary

Bentall Kennedy is one of North America's largest real estate investment advisors and one of its foremost providers of real estate services. The company serves the interests of close to 500 investors and their 134 million square feet of properties throughout the U.S. and Canada valued at over $32 billion.  In September 2015 Bentall Kennedy became the exclusive real estate investment management platform of Sun Life Financial, an international financial services institution with over C$800 billion (US$640 billion) in assets under management. Sun Life operates in 26 countries worldwide, including a large group insurance business in the U.S., and Boston-based MFS Investment Management, which has US$440 billion in AUM.  Bentall Kennedy is a member of UN PRI and is a recognized global leader in Responsible Property Investing.

Bentall Kennedy (U.S.) LP, the U.S. affiliate of Bentall Kennedy, has a long history of developing quality buildings of lasting value. Our expertise encompasses the development and redevelopment of office, industrial, retail and multi-family residential properties. In executing development projects, our extensive local market knowledge is complemented by established relationships in the development community that effectively enhance our buying power. Organization-wide standards and procedures in all key areas of the development process ensure that Bentall Kennedy consistently adheres to industry best practices.  The company seeks superior returns for its clients consistent with the risks of investing in development, and will partner with experienced developers with strong track records, either in joint venture or on a fee basis.  In select situations, Bentall Kennedy’s in-house staff will act as the developer.  Bentall Kennedy is an active, hands-on owner with a collaborative style and the ability to take on complex and challenging projects.  The company focuses on a number of select markets throughout the United States.

Position Summary

The Associate of Development will report to the Vice President of Development for the Eastern U.S., and will assist in underwriting, closing, and overseeing the construction of development and capital improvement projects on behalf of multiple clients.  The Associate will work closely with Bentall Kennedy’s Acquisition and Asset Management teams during the underwriting and due diligence of each project.  This position also works closely with the firm’s portfolio managers who are accountable for the investment performance on behalf of our clients.  

This position is based in Bentall Kennedy’s Bethesda, MD office. 

Position Responsibilities


The Associate of Development will be integral to the acquisition of new developments, working in collaboration with Bentall Kennedy’s Acquisition and Asset Management teams to:

  • Assess the viability of plans, budget and schedule of prospective projects on behalf of a variety of clients.
  • Review project feasibility studies and seek input from Bentall Kennedy’s market research group.
  • Assist in the preparation of an initial review of development opportunities for presentation to Bentall Kennedy’s portfolio managers at weekly Pipeline discussions.
  • Assist in the preparation of Investment Memoranda to Bentall Kennedy’s Investment Committee for approval.
  • With assistance from legal counsel, review status of entitlements, zoning, title, survey, land purchase agreements, and construction contracts.
  • With assistance from consultants, review project costs and schedule, and environmental, geotechnical, and construction studies and reports.
  • Present summary findings of due diligence and recommendations to client for final approval.

Project Management

The Associate will assist in the management of development projects as Bentall Kennedy’s owner representative in cooperation with a JV developer partner or fee developer.  The Associate will work with third-party construction consultants and in-house accounting to ensure the timely funding and successful completion of all aspects of the development, including: 
  •  Resolve any issues to secure full project entitlement while leveraging the resources of joint venture partners, to include reviewing project design for submission to local planning commission, meeting with project architect, engineers, zoning counsel and local authorities to ensure compliance with zoning, identifying need for variances, and attending public hearings and meetings with local citizen groups.
  • Participate in design development, pre-construction, and value engineering process with developer, architect, and contractors to ensure functional designs that meet market demand and which can be constructed within budget and schedule.
  • In conjunction with Bentall Kennedy’s construction consultant, review developer’s proposed bidders and bid packages, review construction bids, select general contractor, review construction contract with advice from legal counsel, and ensure appropriate bonding and insurance coverage.
  • Attend progress meetings and monitor construction progress to ensure compliance with project budget, schedule and quality standards of client and insurance carrier.
  • Review and recommend approval of proposed change orders in consultation with the developer, architect, and construction consultant, and maintain accurate records of proposed and approved changes to contracts. 
  • Work with Bentall Kennedy’s capital controls team to review and approve funding requests and construction draws from developer and general contractor.
  • Provide input to the Vice President of Development regarding all major decisions, including any modification or restructuring of joint venture agreements, development services agreements, and any major service contracts.
  • Provide quarterly project-level status reports to clients on a timely and accurate basis.
  • Assist in the transition of the project from Development over to Asset Management as the project nears substantial completion, including contract and punch list close-out.
Essential Qualifications
  • 4-year undergraduate degree in civil engineering, architecture, construction management, or business is preferred.
  • 3+ years of experience in project management, development, and/or construction, working for a developer, general contractor, REIT, real estate advisor, or similar organization  
  • Skilled in creating development project budgets and schedules,, monitoring construction budgets and schedules, reviewing construction draws, tracking change requests and change orders, preparing quarterly status reports for senior management, and assisting in the close-out of contracts and punch lists 
  • Experience with Excel based real estate financial modeling
  • Experience with Argus is an asset
  • Experience with a variety of property types is desirable, including multifamily, office, and industrial