Job ID: 2023-17767 Type: Full-Time # of Openings: 1 Category: Facilities Management and Physical Plant
Reporting to the Director of the Real Estate Office(âœREOâ), at Princeton University, the Assistant Director, Real Estate plays a critical role as the second person in command at REO. REOâ™s mandate is to lead the strategic execution and administration of the Universityâ™s real estate activities. As Princeton has embarked on its Capital Plan II, REO manages all âœoff campusâ real estate holdings of Princeton University and leads the execution of real estate acquisition and divestiture transactions as well as the oversight and management of the Universityâ™s lease portfolio.
ESSENTIAL Duties andResponsibilities:
Real Estate Department Leadership
Be a valued thought partner to the Director of REO, providing thoughtful and objective guidance and perspective around key issues and opportunities facing the department.
Act as an effective representative of REO in key internal and externally facing meetings that the Director is unable to attend.
Provide mentorship and guidance to the staff to further develop their skills and capabilities. Encourage teamwork, proactiveness, and timely execution.
Play a proactive leadership role in identifying opportunities to improve processes within REO. Lead efforts towards designing new and improved processes and oversee implementation.
Play a leadership role in the data management sphere of the department and lead initiatives that optimize both data accessibility and data security.
Collaborate with the Office Manager on overseeing the development of the departmentâ™s annual budget to be approved by June 30 of each year.
Play a central role in agenda setting and execution follow-up of items surfaced and discussed at the Departmentâ™s weekly operating meeting.
In collaboration with the Director oversee the development and finalization of agendas for the Real Estate Committee Meeting and other selected important campus facing and externally facing meetings.
Strategic Alignment with University Goals and Campus Partners
Understand the Universityâ™s strategic goals as they relate to real estate and assist the University in meeting those goals through the well-considered management of its real estate assets.
Attend monthly meetings with the Vice Provost for Space Programming and Planning to understand the short- and longer-term space needs of the University and share updates on REO progress.
Partner with the Real Estate Services team to represent a cohesive team in all real estate transactions.
Build strong trust-based relationships with important campus partners within Facilities including the Office of Capital Projects, Engineering, Grounds and Buildings, the University Architect, Operations and Facilities Finance and Administrative Services (Finance and Business Office, Procurement Office and Space Planning & Information Systems).
Build strong trust-based relationships with important campus partners outside of Facilities including the Office of the Provost, Office the General Counsel, University Services, Office of Community and Regional Affairs, Finance and Treasury, University Advancement and the Department of Public Safety.
Collaborate with selected University departments to manage real estate tax issues.
Help to establish a protocol in alignment with other departments including Advancement and OGC to manage real estate gifts.
Lease Portfolio Management and Transaction Execution
In collaboration with a REO project manager lead management of the Universityâ™s lease portfolio including properties leased by 3rd parties to the University and properties leased by the University to 3rd parties.
Oversee the overall calendar of lease renewals and ensure leasing renewal strategies are aligned with dynamically changing University priorities.
Play a lead role in negotiating lease transactions working in collaboration with the REO project manager and operating through the departmentâ™s property manager.
Play an oversight role in the execution/documentation of leasing transactions in collaboration with the REO Project Manager and working in concert with the Property Manager, Office of General Counsel and outside counsel (if utilized).
Build strong relationships with property managers currently in place to manage properties owned by the University but leased to 3rd parties.
Play a lead role in framing and renegotiating relationships with property managers in collaboration with the Director of REO with the objective to optimize tenant service levels and University economics.
Prepare and update with 3rd party PMs, cash flows related to all non-residential real estate activities. and manage leases where the University is landlord and/or tenant.
Manage certain tenancies of third parties who provide valued services and/or generate income for the University working in collaboration with University Services.
Develop deep knowledge and insights into the local leasing market (supply and demand environment and pricing) in the Princeton region through analysis and assessment of available market data and through regular communication with relationships built with key stakeholders in the local real estate community.
Property Acquisition / Divestiture Strategy and Transaction Execution
Be a valued though partner to the Director of REO in assessing, analyzing and negotiating real estate acquisitions and divestiture transactions on behalf of the University.
In collaboration with the REO project manager lead due diligence efforts on prospective properties in partnership with other University departments and outside advisors.
Oversee preparation and fundamentally analyze complex real estate related proformas and other financial modeling sheets that quantitatively inform and drive the decision-making process.
Assist in developing an overall assessment and analysis of prospective acquisition and disposition transitions both in terms of strategic value to the University, financial implications and identified risks.
In collaboration with the Director of REO and the Project Manager participate in developing and implementing a negotiating strategies that are targeted at achieving University strategic objectives within an agreed upon financial framework.
Play a lead role in collaboration with the Director of REO presenting fully analyzed acquisition and disposition opportunities to the Real Estate Committee for approval.
Stay current on the knowledge of regulatory environment as it relates to acquisitions and sales
Post-acquisition, participate in activities around transitioning acquired properties to sponsors including filing for land use approvals and initiating other upgrade and improvement projects.
Stay abreast of local real estate market trends as they relate to understanding the acquisition/divestiture marketplace Princeton operates in and pay special attention to properties that the University has shown potential long term interest in.
Bring new creative ideas to the Director of REO around potential acquisition and divestiture opportunities that if pursued would further support the Universityâ™s strategic objectives.
Play a lead role in independently managing real estate projects as well as oversight of projects that Property Managers within REO are managing.
Oversee multiple concurrent real estate projects including estimating, bidding implementation, progress monitoring, and maintaining accurate project schedules.
Manage relationship effectively with project sponsors / customers to ensure their needs are being met during throughout of the project.
Oversee relationships with project partners who share in the execution of the project both within the University and outside vendors.
Ensure communication with project sponsors is informative, timely and accurate.
In collaboration with the Director of REO assign new projects to REO property managers with an eye towards effective department capacity utilization and with consideration of project manager capabilities and development needs.
Bachelorâ™s degree preferably in a relevant field such as engineering, architecture, real estate, or equivalent combination of education and experience.
A minimum of 10 years of experience in real estate commercial/industrial real estate transactions and/or leased real estate portfolio management
Strong knowledge of real estate finance, contract law, financial structuring & reporting, real estate partnerships and joint ventures.
Deep experience and a well-developed maturity in decision-making processes and managing diverse teams with competing needs or requirements.
Excellent oral and written communication skills
Ability to manage multiple complex projects with varying scope and multiple stages of completion
Effective organizational, prioritization and multi-tasking skills.
Strong leadership skills as demonstrated through past experience
Ability and passion for mentoring younger high performing real estate executives
Ability to be a valued thought partner to the Director of the Real Estate Office on a broad set of issues including assessing acquisition and disposition activities as well as developing longer term strategies that will benefit
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