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Vice President, Asset Management - Office

Company is confidential
Salary
Competitive
Employment
Full Time
Real Estate Field
Location
Washington
 DC
Postal Code
20002
Country
United States

This job is no longer active.

Description


Position

Vice President, Asset Management - Office

Company

Confidential Client

Location

Washington, D.C.

Reporting Relationship

Senior Vice President, Asset Management

 

COMPANY BACKGROUND/CULTURE

The company is a leading Washington, D.C.-based investment company with a proven track record as an owner-operator and developer of office, multi-family and mixed-use projects in the DC Metro area.  Over 18 years, the company has completed over $2 billion in acquisitions and development. The company’s current portfolio consists of 993 residential units, 2 million square feet of office assets and 3 million square feet of active development projects totaling $1.375 billion.  The company has raised a discretionary investment fund and is actively finding opportunities to invest that capital today.

The company has developed, redeveloped and repositioned multiple assets with remarkable success. They have a history of adding significant value to the assets it owns by maximizing tenant retention and driving rent growth. The company has also developed strong institutional relationships with large investment management firms and US pension funds. The company’s attention to detail and active management style has enabled it to distinguish itself from the “commodity” real estate market.

The company’s core competencies include acquisitions, development, capital markets, asset management, leasing, property management, construction management, and facilities management for private and government organizations. The company executes on these competencies strategically and consistently within its portfolio, as well as on behalf of its investment partners who have come to realize the benefits of the brand. They deliver to their third-party investors the same level of quality service they provide to properties in their own portfolio.

KEY RESPONSIBILITIES

This individual is responsible for working with the Managing Director, Investments to oversee the company’s growing portfolio of office assets.  He/she is responsible for developing and executing the asset strategy plans to enhance value, increase returns and position the assets for growth.   This individual must have strong financial acumen with the ability to review financial analyses, discounted cash flow models, financial reporting and budgeting.  Additionally, he/she will be responsible for market assessments and research. 

 

Key responsibilities will include:

  • Serve as the company expert on terms and conditions of joint venture, property management and financing, including requirements of, and obligations to, the company.
  • Manage leasing, asset management, debt administration, and underwriting for the commercial portfolio.  Coordinate construction projects, and work closely with the property management and engineering teams.
  • Evaluate existing asset management policies and procedures, propose and implement agreed-upon changes to improve ability to execute each property’s business plan in a manner that’s efficient with respect to organizational resources and timing. 
  • Act as liaison with partners to ensure objectives ae being realized and information, including reporting, is being provided in a timely and accurate manner.  Review requirements set forth in relevant documents (e.g. JV Agreements, Fund Documents, Loan Agreements, etc.) to ensure compliance.
  • Evaluate property performance through analysis of rent rolls and monthly operating statements with the goal of surpassing or meeting the budget and business plan. 
  • Work with Property Management and Accounting to prepare and implement an action plan, and, if necessary, to proactively manage cash flow. 
  • Collaborate with colleagues regarding preparing, recommending, and implementing plans and strategies to maximize revenues and equity value, and to minimize expenses
  • Work with Property Manager and Construction to ensure timely execution of construction and maintenance projects, along with proper payment of construction draws based on whether work is completed and satisfactory; contract close-out; etc.  Oversee all tenant improvement schedules and work closely with team members to drive to execution of lease and move-in as quickly as possible.

Business Plans and Operating Budgets

  • Prepare / update annual business plan for each property.  Business Plan is to be in accordance with original underwriting to the extent possible, with any discrepancies highlighted and discussed.
  • Direct Property Manager’s preparation of the annual Operating Budget and multi-year Capital Budget, both in accordance with the Business Plan. 
  • Lead monthly reviews of detailed financial analysis and operational issues, by property, engaging Accounting and Property Management.
  • Collaborate with Acquisition Team regarding reasonableness of acquisition assumptions, expectations regarding issues discovered during due diligence, etc.
  • Work closely with Executive Director, Property Management for responding to tenant issues and resolving/addressing any tenant satisfaction issues.  Guide Property Managing in implementing Operating Budget.
  • Collaborate with Accounting and Property Management on client reporting.

Leasing

  • Collaborate with Vice President, Leasing and leasing agents to develop and implement leasing strategies for each property.  Evaluate performance of existing leasing agents and, if necessary, interview and retain new ones.  Respond to leasing letters of intent and negotiate leases. 
  • Support the evaluation of credit worthiness of potential tenants and provide input into lease negotiation and structuring.
  • Work with Vice President, Leasing, Property Management, and Accounting to track and maintain leasing assumptions for the portfolio; make updates to the portfolio models as necessary.
  • Foster good tenant relations by periodic in-person interactions; work with the Property Manager as lead on tenant relations.
  • Abstract leases and work with Property Management and Accounting to ensure that leases are entered into the reporting system.
  • Collaborate with General Counsel regarding need for (or adequacy of) standard form agreements for leasing listing agreements, leasing letters of intent, leases, AIA contracts for larger TI projects, etc. 

Debt administration

  • Work with loan brokers to obtain and refinance debt as needed.
  • Liaise with lenders to the extent needed to document compliance with covenants (e.g. DCR).
  • Liaise with partners to the extent needed to comply with requirements set forth in JV agreements (e.g. any consents required for actions such as refinancing, reporting requirements, etc.)
  • Periodically update estimated value of each property using Argus software.

 

PROFESSIONAL EXPERIENCE/QUALIFICATIONS

The successful candidate will be a proven real estate executive with demonstrated experience overseeing operations and driving growth through leasing and property repositioning of major urban commercial assets.

Additional background qualifications include:

  • 7+ years of experience preferred within the real estate investment management business and/or related commercial real estate fields creating value at the asset level
  • Highly-organized and detail-oriented with strong time-management skills. Ability to multi-task, think “outside the box”, prioritize, and thrive in a fast-paced environment and meet critical deadlines.
  • Understanding of commercial real estate fundamentals, financing principles, and capital structures surrounding the office leasing process, real estate operations, project management, underwriting, discounted cash flow analysis, return on investment principles and valuation
  • Ability to manage third party brokers, project management teams, property management staff and effectively interact with tenants
  • Prior experience implementing repositioning and redevelopment projects; ability to work in cross functional teams with development, construction and design professionals.
  • Consistently demonstrate good business judgment and decision making
  • Financial analysis comprehension (NPV, IRR, lease comparison, ROI, DCF modeling, payback, analyze financial statements, etc.)
  • Office sector experience is required
  • Must have true entrepreneurial spirit, and desire to excel
  • A team builder as the business grows
  • Strong written and verbal communication skills; prior experience interacting with institutional investors is a plus   

 

EDUCATION

Undergraduate degree required; an advanced degree or designation, MBA, JD, CFA will be a significant plus

 

 

 

Job Sector


Not specified

 

Experience


7+ to 10 years


This job is no longer active.

Asset / Portfolio Management Washington Full Time DC Accounting / Control, Asset Management, Finance Vice President, Asset Management - Office other