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VP Asset Manager, Leading the Repositioning of a NYC Trophy Class A Office Asset

Company is confidential
Salary
Competitive
Employment
Full Time
Work Place
Office
Real Estate Field
Location
New York
 NY
Postal Code
10019
Country
United States

This job is no longer active.

Description


Our client is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $14.5 billion.

They recently acquired an iconic, Class-A office building in midtown Manhattan and need a strong office leasing executive to oversee the leasing and repositioning of the asset.

Job Description

The Vice President, Asset Management – Commercial is part of our client’s Asset Management Group, which manages all of the company’s direct equity, preferred equity, and debt portfolio investments.

The position will interact with all of the company's various functional areas within the commercial portfolio with particular emphasis on New York City office leasing. The asset manager will be responsible for an office portfolio in the New York tri-state area and over time may absorb responsibilities in additional markets and product types. The position enjoys high visibility with the executive management team.

The successful candidate must have in depth knowledge of strategic planning in a commercial real estate context, commercial asset management, finance, accounting, real estate transactions, macroeconomics and marketing with a strong emphasis commercial leasing. This individual will be working in a rapidly growing, dynamic, and collaborative environment with responsibility for continually representing the owners’ financial interest through the entire investment cycle.

The VP, Asset Management is responsible for managing all phases of the asset management process for an assigned portfolio of properties. Over the entire life-cycle for each investment, the asset manager will work closely with our client’s Property Management team, third party agents and consultants to ensure that each asset meets acquisition proforma objectives, key business plan elements, capital improvement deadlines, and overall investor goals. 

It is anticipated that the asset manager will oversee individual properties and may oversee portfolios that consist of multiple properties. The asset manager will also be asked to assist with and/or lead projects to enhance performance across Our client ’s commercial property portfolio.

Among the position’s responsibilities, the VP, Asset Management - Commercial will also work closely with our client ’s Transactions team on due diligence and the formulation of business plans for new investments, assist the Transactions team with asset dispositions, and manage complex real estate issues for our client ’s portfolio as they arise (i.e., real estate tax appeals, counter-party negotiations under various easement, condominium and association agreements, periodic entitlement or zoning issues with public agencies, complex environmental close-out negotiations, etc.).

Key Responsibilities

  • Manage leasing process including negotiation of LOIs and leases in conjunction with third party leasing agents, attorneys, and property management staff. Work with property management and construction team to ensure terms of executed leases are being met including any TI or landlord work requirements.
  • Leverage relationships with outside tenant brokers to identify and secure prospective tenants.
  • Support third party agents by meeting with prospects, tenant brokers, and attending tours.
  • Track leasing/absorption to ensure leasing objectives are being met as outlined in the business plan.
  • Review property data including leasing reports, construction progress reports, and aged delinquencies, etc., and work with Property Management and third-party agents to improve operational performance.  Identify and troubleshoot issues relating to commercial leasing, occupancy and turnover, opportunities to improve rents and implement other income initiatives, and controlling expenses. Oversee real estate tax appeal issues. Stay abreast of micro, local, and regional market trends and meet or exceed market-based performance benchmarks.
  • Provide strategic oversight of capital improvement programs related to building lobby, amenities, marketing center, Whitebox/prebuilt programs, and property capital programs to support expense savings and ESG initiatives. 
  • Monitor, review, and evaluate financial operating results and work with Property Management to implement changes as needed to enhance asset value, cash flow, and profitability.   Manage capital improvement and other reserve balances.  Ensure that quarterly and annual cash distribution targets to investors are met.
  • Conduct site visits on a regular basis and meet with Property Management and third party agents to review and assess operations, leasing, capital improvement programs, and property physical condition.
  • Manage the annual budget review and approval process for the assigned portfolio and for new acquisitions.
  • Ensure regulatory and lender compliance requirements, working with Property Management and the finance team, implement initiatives as needed to ensure compliance.
  • Work collaboratively with the Transactions, Property Management, and Investor Relation teams on new acquisitions.  Participate directly in development of strategic business plans for new investments and be responsible for the asset management elements of the acquisition process including vetting and signoff on all operating and capital improvement underwriting assumptions, developing scope of work for renovation and capital improvement projects, establishing target rent and operating expense levels, finalizing operational and capital budgets, documenting operational plans and investment goals/objectives, and on-boarding new acquisitions into the portfolio.
  • Support the Transactions team on dispositions and refinancings.  Participate in sell/hold/refinance decision making, assist with review of broker BOVs and capital transaction analysis, and monitor/address operations during the sale/refinancing process to ensure a successful outcome.
  • Effectively present information to and respond to questions from groups of executives, investors, lenders, and partners.

Professional Experience/Qualifications

  • A minimum of 7 to 10 years of experience in relevant redevelopment, asset management, commercial leasing/brokerage, and/or acquisition work experience in the real estate industry. Commercial real estate experience is required, though other sector experience is appreciated.
The ideal candidate is a leader will possess the following skills/attributes:
  • A minimum of 5 years of direct commercial asset management experience, with demonstrated experience asset-managing office assets in Manhattan.
  • Direct experience managing commercial leasing initiatives including oversight of third party brokers and negotiating letters of intent and leases for office and retail properties.
  • Extensive working knowledge of commercial real estate concepts including lease analysis, CAM reconciliations, and Argus modeling.
  • Exceptional knowledge of real estate markets.
  • Superior analytical and problem-solving skills, with a demonstrated track record of providing creative and innovative solutions to real-time challenges.
  • An investment mindset with a thorough understanding of financial calculations/metrics and analytical skills. Must be well-versed in project proformas and understanding deals, and able to articulate, both orally and in written form, the case for a specific project. Should have both an intuitive and a detailed sense of the dynamics, risks, and financing/capital structure of each transaction.
  • Proficiency with Word, Excel, Argus, and MRI a plus.
  • Strong presentation, negotiation and communication skills.
  • Sound decision making ability with the experience to balance consensus against authority as appropriate.
  • A team player with strong leadership skills who can operate effectively within a matrix management environment.
  • Excellent organizational and time management skills. Ability to provide clear direction and balance competing priorities. Able to work with time sensitive, detail-oriented material and meet multiple deadlines across various markets. Experience managing multiple projects successfully through constantly changing priorities.
  • The ability to travel frequently, i.e., 30%-50% travel.
Education

  • The successful candidate will have a strong academic background with a college degree. An MBA or a Masters in Real Estate or other relevant fields is strongly preferred.
 

Job Sector


 

Experience


5+ to 7 years


This job is no longer active.

Asset / Portfolio Management Office New York Full Time NY Asset Management, Brokerage / Sales, Leasing Vice President, Property Operations other