Director of Asset Management

Position: Director of Asset Management

Reports to: Principal

Location: Montclair, NJ

Position Overview

Our client is a Northern New Jersey-based real estate investment firm. Our client invests capital on behalf of institutional and high-net-worth limited partners with a primary focus on value-add strategies.  The successful candidate will lead a team of that oversees the ‘responsibilities’ below including acquisition on-boarding, property operations, capital and renovation projects, leasing, development and monitoring of asset-specific business plans, investor and lender reporting, and the disposition process. The candidate will report to and work closely with the firm’s principals.  The individual should be able to thrive in an environment that is highly entrepreneurial, both strategic and creative, and which requires strong skills in the areas of multitasking, prioritizing and communication.

Leasing

• Oversight of all lease efforts directly with existing tenants and with external brokers for new transactions
• Review and respond to proposals, negotiate lease terms, and speak with relevant parties directly
• Analyze proposed leasing transactions and track against underwriting
• Assist internal and external leasing teams on preparation of marketing materials, lease proposals, lease agreement negotiations
• Oversight of tenant expirations/notice dates database across the firm’s portfolio holdings. Take appropriate action with regard to lease terms and tenant communications.
• Coordinate access for and lead prospect tenant tours with leasing brokers

Execution / Strategy

• Build and maintain financial models to support investment and leasing decisions
• Synthesize information down to key decision points and situations needing attention from firm principals
• Continue to develop management policies and procedures to ensure that best practices are being employed and documented, and updated on a continual basis

Property Operations

• Develop annual operating and capital budgets in conjunction with property management team
• Review annual expense (CAM/RET) expense reconciliations
• Review monthly property operating reports, identify operational/financial issues, and coordinate changes in property management execution to meet operational goals and maximize investment value

Capital Projects / Major Repairs

• Develop scopes of work for tenant-driven fit-out projects and base-building capital upgrades
• Engage with architectural and/or engineering firms to develop plans for permitting and construction
• Spearhead competitive bidding process
• Prepare construction contracts
• Monitor construction progress through periodic site visits
• Review and process payment applications
• Ensure adherence to project budget and schedule
• Obtain project close-out documents, including certificates of approval/occupancy, warranties, as-built plans, etc.

• Develop knowledge of local markets and competitive properties; track market activity and maintain database of lease comps

Acquisitions / On-Boarding

• Provide pre-acquisition input including review of financial, operational and leasing assumptions
• Assist acquisitions team in the due diligence process, including review of property condition assessments, environmental matters and leases
• Manage coordination of post-acquisition activities and integration of asset into the portfolio.

Lender Reporting

• Coordinate with lenders on reporting requirements, periodic covenant calculations, draw requests and hedging activities
• Maintain key dates and milestones as set forth in loan documents
• Facilitate lender lease approval process when required

Investor Reporting

• Track, analyze and challenge return performance of individual investments against original underwriting.
• Prepare and present quarterly and annual asset management reports, business plans, cash flow forecasts and leasing updates to joint-venture partners

Qualifications

• Bachelor’s degree required with excellent academic record
• 7 to 10 years of experience minimum
• High level of proficiency with Microsoft Excel
• Working knowledge of Argus is preferred
• Experience with financial reports generated by Yardi/MRI or other accounting software
• Strong critical thinking and problem-solving skills
• Must possess meticulous attention to detail and take pride in their work
• Organized and efficient, with ability to define priorities; good at figuring out the processes necessary to “get things done”
• A confident, team player who listens to internal and external input but can take decisive action
• A leader who can analyze challenges and make considered decisions in a timely manner based on objectives, risks, implications, and costs.