Stanford University Hiring for Associate Director, Asset Management at Land, Buildings and Real Estate, Redwood City, California, United States Full Time

Associate Director, Asset Management🔍Land, Buildings and Real Estate, Redwood City, California, United StatesNew📁Facilities📅4 days ago Post Date📅100441 Requisition #

Welcome to Land, Buildings & Real Estate

Land, Buildings & Real Estate (LBRE) is the operational core of Stanford University’s physical campus. LBRE constructs and maintains the Stanford campus, where advancements across the academic spectrum are made possible. Our work is founded upon the collective value of dedication, innovation, expertise, teamwork, and continuous improvement. We are committed to serving the university’s academic mission, as well as preserving and enhancing Stanford’s 8,180 acres, and pride ourselves on supporting the teaching and research of the university as “Caretakers of a Legacy.”

What you will do in this role:

Associate Director, Asset Management

(Commercial Real Estate Portfolio)

The Associate Director will be responsible for asset management of a diverse portfolio of commercial real estate assets, including offices, hotels, and residential assets, located on university lands along the Sand Hill Road and El Camino Real corridors (“Portfolio”). Valued at $1.8B (FY23), the Portfolio is comprised of the Stanford Shopping Center, the Rosewood Sand Hill Hotel, the 2725-2775 Sand Hill Road and 2855-2885 Sand Hill Road office complexes, the Vi at Palo Alto Senior Housing Project, the Oak Creek Apartments, the Middle Plaza office and retail complex, the Stanford Park Hotel, the Sheraton Palo Alto Hotel, the Middle Plaza commercial space, and the Mayfield Place apartment complex.

The Associate Director will be accountable for executing long-term strategic plans for assets within the Portfolio, selected at the discretion of the Managing Director, to create value and maximize risk-adjusted returns, building relationships with tenants and lessees and executing transactions, and working with property-level operators to yield an optimal balance of revenue generation and risk-mitigation. The Associate Director will serve as a University representative on marketing and leasing the Portfolio of assets to external stakeholders, delivering decisions and communications with professionalism, judgment, and discretion. Additional responsibilities include playing a critical role in enhancing the performance of the Portfolio, including developing business plans, directing financial analysis, producing annual budgets and valuations. The Associate Director will report to the Managing Director.

Core Job Responsibilities

Strategic Asset Planning and Transaction Execution

• Support the strategic business plan to create real estate value and maximize risk-adjusted returns through planning and analysis for specific assets characterized by significant business complexity, value-creation potential, and risk mitigation requirements, which requires subject matter expertise.
  • Prepare long-term asset strategic plans for approval by the Managing Director. Requirements include evaluating the highest and best use of properties, making written recommendations to hold or sell properties or promote reinvestment in building inventory (e.g., for capital improvements, repairs and maintenance).
  • Develop asset strategies and solutions from initial concept to implementation with a focus on opportunities to create value for the university, lessees, and tenants.
  • Conduct robust decision analysis. Direct transaction-specific financial models; provide quality control and error-spotting on financial models; present recommendations to Managing Director and seek guidance on next steps. Draft presentations and transaction summary memoranda as needed.
  • At the direction of the Managing Director, direct leasing efforts and negotiations, or support transaction execution, including preparing term sheets, coordinating due diligence, coordinating legal and brokerage services, and executing marketing strategy. Coordinate team of internal and external consultants with functional expertise, including legal, finance, lease administration, environmental, market research, and leasing.
  • Lead closing efforts associated with sales, purchases or leasing of assets.
  • Support the Managing Director on external outreach and policy-related elements of Portfolio.

Asset Management and Business Relationship Management

• Perform most aspects of managing and owning real estate comprised of a limited set of assets subject to a third-party ground lease or directly owned by the university. Such responsibilities include serving as primary point person to operators, ground lessees, and third-party property management companies for specific assets.
  • Responsible for directing operational oversight, preparing annual budgets, and planning and executing capital improvement projects.
  • Oversee third-party property management firms and manage property operators as it relates to strategic decision-making, budget approval, and capital improvement projects.
  • Perform detailed monthly review of property-level operations and performance.
  • Recommend actions and/or resolve complex issues that require cross-functional or interdisciplinary solutions or technical expertise.
  • Manage projects and solutions collaboratively across teams and demonstrate tangible results.
  • Conduct robust decision analysis, including financial or market analysis, and evaluate tenant rights, contractual obligations, and other legal analysis.
  • Audit tenants’ fulfillment of lease obligations and creditworthiness, and address issues of non-compliance with support of Managing Director and legal counsel, as needed.
  • Manage various strategic initiatives as assigned.
  • Responsible for business relationship management and deal origination for specific assets. Develop and analyze outreach strategy that emphasizes positive tenant relations, marketing, and regular strategic communications with lessees and tenants.
  • Evaluate and approve requests by tenants and lessees for lease assignments, sublease approvals, lease extensions, and other contractual requests relating thereto, including analysis of any landlord-related rights and obligations.

Portfolio Performance & Asset Valuation

• Develop and oversee complex annual business plans, cash flow forecasts, and key performance metrics.
  • Supervise, approve, and draft various Portfolio reports; oversee data collection, analytics, and key performance metrics; ensure maintenance of database and lease files.
  • Evaluate and approve direct-owned asset appraisals and internal valuations; provide guidance to portfolio performance team on major leasing and operating assumptions; direct portfolio performance team on edits to appraisals/valuations; present to Managing Director for approval.
  • Continually monitor and perform detailed review of property-level operating metrics and Portfolio financial performance to identify and make recommendations on how to capitalize on opportunities and proactively mitigate risks.
  • Work with property managers and finance team to review each property-level cash flow and capital budget (inclusive of multi-year forecasts); ensure lease reporting requirements are met.
  • Conduct market research and track performance of properties’ competitive set.
  • Evaluate changing property-level performance with periodic stress tests, and coordinate periodic budget reforecasts as needed.
  • Conduct monthly asset review meetings with Managing Director to monitor status.

Mentorship

• Responsibilities may include mentoring staff, career coaching, professional development, accountable for the performance of any direct reports.

The successful candidate will embrace the following:

LBRE Core Values of Leadership, Exploration, Gratitude, Accountability, Community and You, and Diversity, Equity, and Inclusion in their management style and help to build an organization where these qualities serve as the foundation for successful and rewarding careers for all employees. https://lbredei.stanford.edu/

LBRE views a strong culture of diversity, equity, and inclusion as one where everyone can thrive. It is a culture of trust and respect, where staff can be their authentic selves, feel safe and work in a place that they feel they belong. We strive to create a community that draws upon a wide pool of talent to unify excellence while fully embracing individuals from varied backgrounds, cultures, races, identities, life experiences, perspectives, beliefs, and values.

To be successful in this role you must bring:

• Bachelor’s degree in business administration or related discipline, or an equivalent combination of technical education, training, and experience. Seven years of related, progressively responsible experience.
• A seasoned real estate professional with at least 5 years of experience in principal real estate investing, including portfolio management, asset management, and transaction underwriting and execution; and a strong track record in transaction structuring, document negotiation, conducting hold/sell analyses, performing due diligence and feasibility analyses, and developing and implementing long-term asset specific and portfolio-wide plans.

Preferred Professional Experience

• A seasoned real estate professional with at least 5 years of experience in principal real estate investing, including portfolio management, asset management, and transaction underwriting and execution; and a strong track record in transaction structuring, document negotiation, conducting hold/sell analyses, performing due diligence and feasibility analyses, and developing and implementing long-term asset specific and portfolio-wide plans.
• Broad, extensive experience in real estate asset management experience, capable of bringing a disciplined, organized, and institutional investment quality approach to overseeing the portfolio.
• Ability to develop and manage strategic business plans at both the individual asset level and the portfolio level.
• Contract and negotiating experience, including lease negotiations, purchase and sale agreements.
• Experience with property acquisition diligence, feasibility analyses.
• Experience overseeing renovations and property development.
• Experience overseeing ongoing property management.
• Demonstrated ability to interpret and relate University policies and regulatory controls.
• Strong understanding of present value/IRR calculations, excellent problem-solving skills, and the ability to think analytically.
• Strong ability to think, communicate and write strategically and succinctly.

Personal Attributes

• High moral character, capable of a high degree of discretion, judgment, professionalism.
• Excellent management, leadership, and mentoring skills.
• Highly motivated self-starter who can work independently and on cross-functional teams and take initiative with a sense of urgency, all with minimal supervision.
• Demonstrated sensitivity to multiple stakeholders, and extremely effective interpersonal skills.
• High intellectual curiosity, critical thinker, able to resolve complex challenges with diplomacy.
• Able to see outside the immediate approach to plan several steps ahead and chart contextual, strategic solutions.
• Strong organizational and prioritization skills with the flexibility to adjust and adapt.
• Is a transparent, open communicator especially with immediate supervisor. Will quickly communicate challenges and recommendations.

Pay Range:

The expected pay range for this position is $126,000 to $165,000 per annum.

Stanford University provides pay ranges representing its good faith estimate of what the university reasonably expects to pay for a position. The pay offered to a selected candidate will be determined based on factors such as (but not limited to) the scope and responsibilities of the position, the qualifications of the selected candidate, departmental budget availability, internal equity, geographic location, and external market pay for comparable jobs.

At Stanford University, base pay represents only one aspect of the comprehensive rewards package. The Cardinal at Work website (https://cardinalatwork.stanford.edu/benefits-rewards) provides detailed information on Stanford’s extensive range of benefits and rewards offered to employees. Specifics about the rewards package for this position may be discussed during the hiring process.

Additional Information:

Physical Requirements

• Frequently sitting, perform desk-based computer tasks, lift/carry/push/pull objects that weigh up to 10 pounds.
• Occasionally stand/walk, twist/bend/stoop/squat, grasp lightly/fine manipulation, use a telephone, lift/carry/push/pull objects that weigh up to 11-20 pounds.
• Rarely kneel/crawl, climb (ladders, scaffolds, or other), reach/work above shoulders, grasp forcefully, writing by hand, sort/file paperwork or parts, lift/carry/push/pull objects that weigh >40 pounds.

* – Consistent with its obligations under the law, the University will provide reasonable accommodation to any employee with a disability who requires accommodation to perform the essential functions of the job

Working Conditions:

• May be exposed to active laboratories or outdoor environments.
• May be exposed to extreme hot and cold temperatures, be exposed to high voltage electricity, radiation or electromagnetic fields, lasers, noise > 80dB TWA, allergens/biohazards/chemicals /asbestos, or heavy metals or work on roofs at heights greater than 10 ft.
• May drive vehicle day and night.
• Must wear personal protective equipment as defined/required by job assignments.
• May work extended hours, evenings and weekends.

Work Standards

• When conducting university business, must comply with the California Vehicle Code and Stanford University driving requirements.
• Interpersonal Skills: Demonstrates the ability to work well with Stanford colleagues and clients and with external organizations.
• Promote Culture of Safety: Demonstrates commitment to personal responsibility and value for safety; communicates safety concerns; uses and promotes safe behaviors based on training and lessons learned.
• Subject to and expected to comply with all applicable University policies and procedures, including but not limited to the personnel policies and other policies found in the University’s Administrative Guide, http://adminguide.stanford.edu.

Why Stanford is for You

Imagine a world without search engines or social platforms. Consider lives saved through first-ever organ transplants and research to cure illnesses. Stanford University has revolutionized the way we live and enrich the world. Supporting this mission is our diverse and dedicated 17,000 staff. We seek talent driven to impact the future of our legacy. Our culture and unique perks empower you with:

• Freedom to grow. We offer career development programs, tuition reimbursement, or audit a course. Join a TedTalk, film screening, or listen to a renowned author or global leader speak.
• A caring culture. We provide superb retirement plans, generous time-off, and family care resources.
• A healthier you. Climb our rock wall or choose from hundreds of health or fitness classes at our world-class exercise facilities. We also provide excellent health care benefits.
• Discovery and fun. Stroll through historic sculptures, trails, and museums.
• Enviable resources. Enjoy free commuter programs, ridesharing incentives, discounts and more!

*The job duties listed are typical examples of work performed by positions in this job classification and are not designed to contain or be interpreted as a comprehensive inventory of all duties, tasks, and responsibilities. Specific duties and responsibilities may vary depending on department or program needs without changing the general nature and scope of the job or level of responsibility. Employees may also perform other duties as assigned.

*Stanford is an equal employment opportunity and affirmative action employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, protected veteran status, or any other characteristic protected by law.

Additional Information

• Schedule: Full-time
• Job Code: 4367
• Employee Status: Regular
• Grade: J
• Requisition ID: 100441
• Work Arrangement : Hybrid Eligible