Senior Associate Director, Portfolio Management

Stanford Real Estate (SRE), a division within Land, Buildings and Real Estate (LBRE), plays an important role in supporting the academic mission of Stanford University. SRE’s mandate is to optimize the value of the University’s income-producing lands by combining real estate expertise with an institutional investment approach.

The Senior Associate Director is responsible for the management of certain commercial real estate assets in the prestigious Stanford Research Park portfolio.  The SRP Portfolio is comprised of 10.7 million square feet of improved R&D and office buildings, characterized by significant business complexity, value-creation potential, and risk mitigation requirements. SRP’s current market value is $3.6B, with an underlying unencumbered fee simple value of $10B.  The Senior Associate Director is accountable for executing the near-term and long-term strategic plan, approved by the Board of Directors. The Senior Associate Director serves as a University representative to internal and external stakeholders, requiring critical thinking, professionalism, judgment, and discretion. The Senior Associate Director reports to the Managing Director.

Core Job Responsibilities

I. Strategic Asset Planning and Transaction Execution 

Fulfill the SRP business plan to create property value and maximize risk-adjusted returns through planning and analysis for specific assets. Specific responsibilities include: 

• Develop and implement comprehensive long-term strategic asset plans. Evaluate highest and best use of properties, make written recommendations to hold or sell properties, and promote reinvestment in building inventory.
• Identify opportunities for value and income growth through leasing, development, acquisitions, and/or dispositions based on market conditions.
• Secure approvals by conducting robust decision analyses, including financial analysis, legal analysis, design plans and budgets, and other relevant analyses. Present recommendations to and seek guidance from the Managing Director. Draft presentations, reports, transaction proposals and memoranda.
• Direct leasing efforts and negotiations, and support transactions at the discretion of the Managing Director. Prepare term sheets, review legal documents, and understand lease terms, landlord and tenant obligations, and critical risk points. Coordinate due diligence and brokerage/marketing strategy.
• Coordinate team of internal and external subject matter experts, including legal, finance, lease administration, environmental, market research, leasing, construction management and development.

II. Asset Management and Business Development

Perform most aspects of managing and owning real estate assets, resolve complex issues, and demonstrate tangible results. Serve as primary point person to operators, ground lessees, tenants, and third-party property managers for SRP assets. Specific responsibilities include:

• Build strong relationships with internal and external stakeholders.
• Lead efforts to coordinate closely with team members responsible for financial management, financial analysis, lease administration, portfolio operations, development (including design and construction), environmental management, property management, and tenant programs.
• Develop strategies for business development, tenant recruitment, and marketing outreach.
• Responsible for business relationship management. Develop outreach strategies that maintain regular strategic communication with lessees and tenants and seek opportunities to align efforts and reinforce each other’s investment goals. Frequently visit properties and maintain current understanding of asset and tenancy status.
• Responsible for operational oversight; direct third-party property management operator(s), including overseeing execution of strategic asset plans, resolving issues, and planning and executing capital improvement projects.
• Supervise the preparation and management of annual operating budgets, capital expenditure plans, and forecasts for assigned properties.
• Oversee all requests for lease assignments, sublease approvals, lease extensions, and other requests relating thereto. Evaluate tenant rights, contractual obligations, and other legal analysis.
• Audit tenant credit and financial health and address issues of concern. Ensure compliance with all lease obligations; address non-compliance with support of Managing Director and legal counsel, as needed.
• Resolve complex issues that oversee solutions that require interdisciplinary collaboration and/or technical expertise. Manage projects and solutions collaboratively across internal and external stakeholders, within a commercially reasonable standard, and with a focus on demonstrated tangible and timely results.

III. Portfolio Performance and Asset Valuation

Analyze and report on portfolio performance through an understanding of the local market. Develop and oversee key performance metrics to ensure portfolio and asset performance, as follows:

• Continually monitor and perform detailed reviews of property-level operating metrics and asset financial performance to identify and make recommendations on how to capitalize on opportunities and proactively mitigate risks. Oversee data collection, analytics, and key performance metrics.
• Draft SRP reports and support the Managing Director in delivering monthly, quarterly, semi-annual and annual portfolio reports; conduct monthly asset review meetings with Managing Director.
• Conduct market research and track performance of portfolio’s competitive set.
• Oversee appraisals and internal valuations; provide guidance to portfolio performance team on market leasing and operating assumptions. Present valuations to Managing Director for approval.
• Work with property managers and finance team to review each property-level cash flow and capital budget; ensure maintenance of database and lease files.
• Evaluate property-level performance with periodic stress tests and coordinate periodic budget reforecasts as needed.

IV. Mentorship

Responsibilities include directing property management and mentoring analyst professionals; accountable for the performance of any direct reports.

Candidate Qualifications and Experience

Experience: At least nine (9) years of experience in principal real estate investing, including asset management, transaction underwriting, conducting hold/sell analyses and cash flow analyses, performing due diligence and feasibility analyses, and developing and implementing asset strategic plans.

Education: Bachelor’s degree in business administration or related discipline, or an equivalent combination of technical education, training, and experience, is required.  A Master’s Degree in Business Administration, Real Estate, Law, or other related post-graduate degree is desired, although not required.

Preferred Professional Experience

• Broad, extensive experience in investment real estate asset management experience, capable of bringing a disciplined, organized, and institutional investment-quality approach to overseeing the assets.
• Ability to develop and manage strategic business plans.
• Strong ability to communicate strategically and succinctly in written and verbal forms.
• Strong communication, presentation, and interpersonal skills, with the ability to interact effectively at all levels of the organization.
• Ability to work independently, manage multiple priorities, and meet deadlines in a fast-paced environment.
• Experience working with large landlords and local jurisdictions in the Bay Area.
• Experience with ground lease and direct lease negotiations, due diligence, and transaction structures and closings.
• Experience overseeing operations and property management, capital project planning and management (renovations and development), and overseeing project budgeting and cost control decisions.
• Experience with decision-making based on solid understanding of financial underwriting (e.g. present value/IRR calculations, yield returns, cash flow analyses, etc.)

Personal Attributes

• Effective interpersonal skills, including strong management, leadership, and mentoring skills.
• Highly motivated self-starter who works independently and on cross-functional teams; takes initiative with a sense of urgency, all with minimal supervision.
• Intellectually curious critical-thinker, able to resolve complex challenges with diplomacy.
• Able to make well-developed decisions with discretion, judgment, and professionalism.
• Able to plan several steps ahead, and define and chart contextual, strategic solutions.
• Strong organizational and prioritization skills with the flexibility to adjust and adapt.
• Transparent, open communicator, especially with immediate supervisors, will quickly communicate challenges and recommendations.

LOCATIONS:
Redwood City, CA (two days/week) and Palo Alto, CA (Thursdays)

Responsibilities

Core Duties:

• Perform most aspects of managing and owning investment real estate for designated assets, such as preparing and implementing long-term strategic plans for assets in the portfolio, budget forecasting and performance analysis, implementing value creation strategies, and serving as primary point person to operators, ground lessees, and third-party property management firms.

• Manage leasing efforts and negotiations, including preparing term sheets, coordinating due diligence, coordinating legal and brokerage services, executing marketing strategy, and leading negotiations with oversight by directors.

• Recommend actions and/or resolve complex issues that require cross-functional or interdisciplinary solutions or technical expertise.

• Develop and manage property strategies and solutions from initial concept to implementation with a focus on opportunities to create value for the university, lessees, and tenants. Make strategic written recommendations to secure support from the directors.

• Conduct robust decision analysis, including financial analysis, evaluating tenant rights, contractual obligations, and other legal analysis, as issues arise. Audit tenants’ fulfillment of lease obligations and creditworthiness, and address issues of non-compliance with support of directors and legal counsel, as needed.

• Perform detailed review of property-level operating metrics. Conduct market research and track performance of properties’ competitive set. Continually monitor asset performance to identify recommendations on how to capitalize on opportunities and proactively mitigate risks. Evaluate changing property-level performance with periodic stress tests. Prepare monthly performance reports.

• Responsible for directing operational oversight. Manage property operators as it relates to strategic decision-making, budget approval, and capital improvement projects execution.

• May supervise activities of junior-level asset management or analyst professionals. Responsibilities may include mentoring staff, career coaching, professional development, and responsibility for the performance of any direct reports.

Minimum Education and Experience

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 in institutional management and real estate asset investment.

Knowledge, Skills and Abilities:

• Experience including transactions, performing due diligence and feasibility analyses, supporting transaction closings, and cash flow analyses for properties.

• Strong understanding of present value/IRR calculations, excellent problem-solving skills, and the ability to think analytically.

• Self-starter able to work independently with minimal supervision under tight deadlines and in pressure situations.

• Extremely effective interpersonal skills.

• Exposure to risk management, accounting and lease compliance audits, and budgeting and cost control measures.