Department: Facilities Mgmt EV Salary/Grade: EXS/16
Job Summary: The Director of Real Estate Asset Management reports to the Vice President for Facilities and is responsible for directing real estate asset management activities for Northwestern University. As a senior advisor to the University’s administration and departments, this position provides advice and guidance on real property matters and strategic real estate asset management and development efforts. As part of the Facilities Leadership Team, this position is responsible for collaborating with the other Directors and Senior Directors to ensure that the facilities management needs of the University are being met. Specific line accountabilities are for all activities related to the development, management and the relationships related to off-campus commercial and residential based real estate portfolios, as well as for asset management strategies for owned-assets on-campus.
These activities include:
Leading real estate strategic planning and, oversight of acquisition, sale, and leasing of all Northwestern’s owned and leased real property assets (including gifts of real estate);
Developing and maintaining effective working relationships with the University and community partners, attorneys, community organizations, and other parties while representing Northwestern on all real estate opportunities;
Developing area plans and site selection criteria, to enable strategic opportunities for the university related to real estate asset management;
Directing and coordinating the selection, negotiation, and purchase/leasing of real estate in support of development opportunities and in alignment with the university’s long-term vision;
Preparing comprehensive market/site feasibility and evaluation packages and proposals including book and cash flow financial models, including IRR and NPV calculations, budgets and analyses for comparison of leasing, ownership, investment and financing alternatives;
Managing leasing portfolio with third parties and affiliates where Northwestern is either a tenant or a landlord;
Working closely with other Facilities departments – Finance (Lease Administration), Planning, Operations and Maintenance, Capital Programs and Infrastructure Planning – to ensure integration across service lines;
Preparing annual operating and capital budget for off-campus, leased and owned properties, including real estate property taxes and leasehold PINs, as appropriate;
Directing, planning, organizing and evaluating the staff and activities for Real Estate;
Maintaining expertise in real estate ownership and financial matters through keeping abreast of current and future trends that may impact the university;
Maintaining current market knowledge through gathering and analysis of relevant market data.
The role will support the department’s mission and values by exhibiting the following: integrity, collaboration, innovation, respect, accountability, civility and inclusiveness. The incumbent will strive to provide excellent service when performing job responsibilities, and will adhere to safety rules and promote safe work practices.
Working Condition: This position requires driving a vehicle on University business.
Specific Responsibilities: Planning and Leadership
Development of real estate strategic plan in alignment with the university’s 7-Year Facilities Capital Plan and Financial Framework plan.
Leads oversight, initiatives and strategies by evaluating, researching and analyzing asset portfolio for optimal asset execution and overall financial performance.
Development of area plans and site selection criteria, to enable strategic opportunities for the university related to real estate development.
Maintain relationships with internal constituents and external partners to understand requirements of future real estate asset management needs and identify opportunities.
Oversees the development, coordination, integration, communication, implementation, and evaluation of real estate policies and procedures.
Directs, plans, organizes and evaluates the management of portfolio activities, third party service providers, analytics and reporting.
Lead Facilities staff who perform leasing activities including marketing, negotiations, tenant relations, and management of residential properties.
Oversee the responsibility of the Real Estate Department, consisting of full-time staff members and third-party service providers such as brokers and property management companies. Includes the management, leasing and sales/acquisitions of University Hybrid properties, off-campus space, and income producing properties.
Hiring of effective team of in-house personnel and third-party advisors, managing and evaluating direct reports; and oversees the management of indirect reports.
Developing organizational and staff capabilities by building an effective team, training, coaching and supporting a high performing team.
Perform supervisory duties including oversight of staff, delegation of assignments, creating an effective team approach to delivery of services, empowerment of staff, staff development, and performance evaluation including hiring and firing decisions.
Oversees the development, coordination, integration, communication, implementation and evaluation of operating policies and procedures for real estate assets within the real estate portfolio.
On-going Real Estate Professional Activities
Responsible for the preparation of annual real estate operating and capital budget, including the financial and analytic framework that supports Real Estate strategy.
Prepares real estate financial and pro-forma analyses, including lease versus buy comparisons, valuations, cash flow and present value analyses.
Researches, gathers and disseminates due diligence materials and other background information, including financial information.
Lead participant in the negotiation of most real estate transactions including the development of term sheets, leases, and business agreements.
Develops and tracks real estate metrics, including Key Performance Indicators, occupancy costs per square foot among other metrics, and evaluates options for reducing occupancy costs and improving asset performance.
Prepares Requests for Proposals (RFP’s) and assist in selection of consultants, service providers and development partners.
Identifies and manages project teams, which may include internal partners, third-party service providers, architects, attorneys and other professionals.
Foster a culture of excellent customer service for university schools and departments.
Improve service delivery and customer satisfaction through the regular measurement and analysis of Key Performance Indicators.
Serve as a trusted advisor and subject matter expert to university schools and departments related to real estate services and asset management issues.
Staying abreast of industry related developments and trends.
Participates in national affiliations to share experiences, learn best practices from others, and influence policy formulation.
Performs other duties as assigned or required
Successful completion of a full 4-year course of study in an accredited college or university leading to a bachelor's or higher degree; OR appropriate combination of education and experience.
Minimum 10 years direct experience real estate transactions including evaluation, sale, leasing and management of owned and leased properties.
Minimum 10 years direct experience negotiating lease terms and relevant experience reviewing legal documents.
Minimum Competencies: (Skills, knowledge, and abilities.)
Excellent written and verbal communication skills.
Excellent organizational skills, management of own time, and respect for the time of others.
Financial analysis skills in support of property valuations, ownership and development strategies.
Proven ability to think both strategically (e.g., long-term needs) as well as tactically (e.g., current needs/schedule trade-offs).
Proven ability to effectively control and/or participate in multiple projects of varying priorities in a fast-paced environment in a consistently professional manner.
Ability to establish and maintain respectful and effective relationships with management, co-workers, and customers.
Ability to work effectively with a range of responsible parties throughout the University, either as a project leader or as a team member, to advance projects to timely and successful completion.
Demonstrated ability to analyze problems from multiple points of view, to lead consensus building within groups with differing views, and to translate consensus into planned action.
Ability to act on own initiative to further organizational and University goals.
Preferred Qualifications: (Education and experience)
Successful completion of a Masters of Business Administration course of study in an accredited college or university leading to a degree in real estate, business or related field; OR appropriate combination of education and experience.
Experience in higher education real estate and knowledge of Evanston and Chicago real estate markets are preferred.
Illinois Relator’s License preferred.
Background and comprehension of the real estate industry and, in particular, investment management, with a solid understanding of asset management for value maximization.
Ability to effectively build relationships with stakeholders and negotiate with the university’s best interest in mind.
Excellent verbal, written, interpersonal, analytical and project management skills.
Financial analysis and property valuation skills.
Ability to identify, organize and complete multiple assignments and tasks with general guidance, direction and supervision.
Preferred Competencies: (Skills, knowledge, and abilities)
Northwestern University is an Equal Opportunity, Affirmative Action Employer of all protected classes, including veterans and individuals with disabilities. Women, racial and ethnic minorities, individuals with disabilities, and veterans are encouraged to apply. Hiring is contingent upon eligibility to work in the United States.
Internal Number: 39332
About Northwestern University
Northwestern University is a major private research university with 12 academic divisions located on three campuses in Evanston, Chicago, and Education City in Doha, Qatar. We have approximately 2,500 full-time faculty members, 17,000 graduate and undergraduate students, and over 5,700 full and part-time staff. Northwestern University combines innovative teaching and pioneering research in a highly collaborative environment. It provides students and faculty exceptional opportunities for intellectual, personal and professional growth.