Vice President of Asset Management
MassDevelopment is accepting applications for a Vice President of Asset Management in our Real Estate Division. Due to COVID-19, this position will be 100% remote to start until normal operations are resumed at which time the position may be located in Boston or at one of our satellite office locations.
Under the general direction of the Senior Vice President of Real Estate Management, the VP of Asset Management is responsible for managing staff assigned to the Asset Management department and for managing the Agency’s owned assets and leased property portfolio.
Build and supervise a cohesive asset management team and management system.
- Train, motivate, and manage staff, providing focus on team building, retention, and succession planning at all levels.
- Establish and monitor department and individual goals.
- Develop and monitor annual operating budget for the department.
- Install best practices for efficiency and consistency.
- Develop and implement systems, tools, and processes for ongoing management, monitoring, assessment, and communications.
- Install clear and effective external and internal reporting mechanisms, ensuring superior communication with Senior Vice President of Real Estate Management, Executive Vice President of Real Estate, and other senior managers.
Responsible for managing the Agency’s equity real estate portfolio.
- Oversee the operations and financial performance of the real estate assets.
- Oversee land/building/unit sales and leasing.
- Negotiate and/or review lease terms and/or land disposition agreements, and recommend for approval.
- Maximize asset value and return on investment consistent with the Agency’s goals and mission.
- Preserve and enhance long-term asset value.
- Clearly communicate issues, problems, and recommendations to SVP, EVP, and to property managers.
- Coordinate risk-management functions to assure that the portfolio is properly insured for all applicable risks.
Responsible for creating and implementing a strategic plan for the asset portfolio and specific properties.
- Oversee preparation of five-year strategic and facilities plans incorporating sales, leasing, development, acquisition, and disposition.
- Investigate, analyze, and recommend strategies for, repositioning or disposition of assets as appropriate.
- Establish marketing, tenant mix, and tenant retention strategies; oversee brokerage activities.
- Communicate asset strategy to property manager and monitor its implementation.
Create and oversee operating and capital budgets for properties.
- Work with property managers to develop annual capital and operating budgets consistent with the strategic plan.
- Review monthly financials and quarterly forecasts. Notes and explains budget variances.
- Review and recommend for approval change orders or budget modifications.
- Monitor property performance to determine where improvements can be made and where problems exists or could develop.
- Maintain regular contacts with the Agency’s financial reporting group.
Responsible for the valuation, income projections, and lease analysis of individual properties and the portfolio.
- Oversee NP/DCF analyses, lease analyses, expense reduction analyses, and other analyses of alternatives as assigned.
- Maintain both updated appraised value reports and market information.
Select and manage external property managers who are responsible for managing Agency buildings and providing contractual services to the building tenants and owner.
- Prepare and issue RFPs/RFQs in accordance with Agency procurement guidelines.
- Monitor efforts of property managers relative to implementation of the asset manager’s strategic plan.
- Oversee consultant selection and execution and management of contracts.
- Work with property managers (both internal and external) to ensure that properties are maintained in a first-class manner; identify necessary operational changes or capital expenditures.
- Ensure that tenant CAM charges, utilities, and improvements are properly billed and paid per the terms of the lease and reconciled with the budget.
- Confirm that approved capital expenditures are properly carried out.
Select and manage brokers for the leasing and sale of Agency assets.
- Prepares and issues RFPs/RFQs in accordance with Agency procurement guidelines.
- Provide oversight of execution of scope of services.
- Ensure that appropriate due diligence is taken in the acquisition and disposition of property.
- Performs other functions as required.
- Bachelor’s degree with a concentration in general real estate or property management.
- 10-plus years of professional experience in commercial real estate asset and/or project management; a three-year minimum experience in a management role is required.
- Master's degree with equivalent training can be substituted for 10-plus years of professional experience.
- A combination of education and experience.
- A strong knowledge of real estate asset management, preferably with a mix of office, retail, R&D, and industrial properties, is essential.
- Experience with Excel, Word, PowerPoint, and Microsoft schedule.
- Detail oriented with superior written and oral communication skills.
- Ability to independently travel.
- Bachelor’s degree or Master’s degree with a concentration in public policy, finance, economics, or real estate preferred.
- Experience with Smartsheet or similar type of project-management software.
- MCPPO certified.
- Bilingual a plus.
Offering a wide range of finance programs and real estate development services, MassDevelopment supports economic growth, development, and investment across all sectors of the Massachusetts economy: public and private; commercial, industrial, and residential; and nonprofit, including health care, educational, cultural, and human-service providers. Our staff works in collaboration with developers, businesses, and banks to identify investors and leverage funds to support economic growth. For more information about MassDevelopment, please visit www.massdevelopment.com.
MassDevelopment offers a number of benefits including but not limited to: generous paid time off, 12 paid holidays, health and dental insurance, employer contributions into retirement savings plans, tuition and fitness reimbursement programs, and matching gift donations.
Equal Opportunity Employer
MassDevelopment is an Equal Opportunity/Affirmative Action employer. All qualified applicants will receive consideration for employment without regard to race, sex, color, religion, national origin, ancestry, age over 40, protected veteran status, disability, sexual orientation, gender identity/expression, marital status, or other protected class.
This posting remains open until filled.
Interested candidates should click below to apply