About the Position
The Asset Management Director will be responsible for managing specific assets within a subset of the firm’s existing portfolio. This position involves general asset management functions including; owner’s representative decision making, leasing, property management, construction, reporting. Additional responsibilities include overseeing third-party property management and leasing teams, developing property business plans, valuations and budgets, complying with all reporting requirements, answering operational questions from Tidewater’s Partners and Lenders, and assisting the acquisitions team with both acquisition and disposition efforts (as may apply). Tidewater invests across asset classes; accordingly, this position is anticipated to come with exposure to a wide range of real estate product types (office, residential, retail, industrial, etc.).
We are looking for a proactive, high-energy, team player that will take pride in their primary responsibilities, but also be able to step in and work with the team on a variety of projects and initiatives. Tidewater is an exceptionally entrepreneurial firm, and this role provides the opportunity for growth through the ability to learn new functions while assisting across various aspects of the business. Such additional aspects include but are not limited to the Investments and Development verticals of the business, as well as other organizational functions critical to Tidewater’s success.
Property Management Oversight
- Creating and/or reviewing operating budgets and financials for various product types, verifying assumptions, understanding value drivers, and comparing to underwriting.
- Oversight of Property Manager-led construction projects, including consistent monitoring of project schedule, milestones, and deliverables. Work to sometimes be conducted in collaboration with Tidewater’s Construction Director (as available).
- Review third party property valuations or preparation of internal valuations for the assigned portfolio; Coordinating refinance and sales processes for designated assets including engaging brokers, evaluating bids, negotiating contracts, managing due diligence and coordinating closing.
- Coordinating insurance purchase and annual renewals, understanding coverages and confirming compliance with portfolio/third party requirements.
- Reporting for Equity Partners and Lenders by producing quarterly narratives and creating reports with operations and financial information. Providing future cash flow projections, updating business plans, comparing results to budget and underwriting and understanding deviations.
- Maintain and monitor property management activity and reporting schedules.
- Reviewing weekly, monthly and quarterly reports produced by the third party Property Managers for deviations from budget and business plan and identifying opportunities to improve performance.
- Participate in pre-acquisition due diligence; manage the selection of property management and leasing teams by securing proposals, conducting interviews and preparing management agreements.
- Coordinating the transition of newly acquired properties into the company’s systems, including assisting with acquisition and loan closing, on boarding in house and 3rd party property managers, establishing day 1 protocols and bidding out service contracts as applicable.
- Review of Property Manager’s performance including the setting and monitoring of goals for revenue and expense management and evaluation of potential alternative Property Managers.
- Development and monitoring of annual property and joint venture cash distribution schedule.
- Regularly review the portfolio for ways to add value through renovation or repositioning of the asset.
- Developing management, leasing and capital investment strategies as well as income/expense budgets for each asset.
- Development of leasing plans including outreach to tenants and brokers and oversight of third-party brokerage team.
- Evaluating lease terms and proposing offer structures.
- Negotiating lease agreements and ancillary contracts in collaboration with third party attorneys.
- Budget and forecasting expense management to maximize recurring net income.
- Ensure seamless tenant move-in including integration with building systems and oversight of tenant construction and landlord TI work as needed.
- Communicating with existing tenants regarding tenant issues.
- Oversee TI disbursement process under lease terms.
- Oversee Property Manager’s preparation of annual statements and ongoing collection of rent & reimbursements (including preparation of CAM estimates & reconciliation).
- Oversight of ASHRAE Utility Audit and Property Manager’s completion of related capital projects.
- Establish best-in-class asset management practices and processes.
- Monitoring market trends in value, supply/demand fundamentals and managing costs to identify acquisition and disposition opportunities.
- Local travel required consisting of regular property visits within the Bay Area.
- BA/BS degree with a record of academic excellence.
- Results-driven professional with 7-10+ years of experience in asset management of large and complex commercial real estate assets.
- High level of business insight as it relates to marketing, leasing, property operations, accounting and reporting with the ability to understand financial statements, investment proformas, as well as IRR and NPV calculations and analysis.
- Advanced knowledge of Excel, PowerPoint, and Word; ARGUS proficiency preferred.
- High level of attention to detail, accuracy, and ability to work under tight deadlines.
- Strong written and oral communication skills.
- Highly organized and able to process multiple concurrent projects.
- Significant experience in managing and leading leasing teams.
- Significant experience in managing and leading property management teams.
- In-depth experience in lease negotiation and structuring.
- Strong real estate valuation and underwriting skills.
- Basic understanding of standard real estate legal documents such as leases, management agreements, joint venture agreements, construction contracts, and appraisals.
- Asset Management
- Portfolio Management
- Property Management
5+ to 7 years
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