Prudential Real Estate Investors (PREI) is the real estate
investment management business of Prudential Financial. PREI is
comprised of fund management centers in the US located in
Parsippany/Madison New Jersey, Atlanta, Chicago, New York and San
Francisco. Globally, PREI has offices in Munich, London,
Singapore, Mexico City, Rio de Janeiro, Sao Paolo, and Hong Kong.
PREI's specialized operating units offer a broad range of
investment opportunities and investment management services in the
United States, Europe, Asia, Latin America and Australia. PREI's
Principles of Business include, doing the right thing, building
bridges, valuing our people and working to win; we also place high
importance on sustainability.
As of December 31, 2011, PREI managed over $49.1 billion in
gross real estate assets ($31.1 billion net) on behalf of over 490
clients worldwide and ranks among the largest real estate
investment managers. For more information, please visit http://www.prei.com.
PREI currently has an outstanding career opportunity for an Asset
Manager working on behalf of a value-add real estate investment
fund. The role entails directing partners, property managers
and leasing brokers on a portfolio of assets that are
wholly-owned or in a joint venture. These investments currently
include office, retail and residential properties that have
different risk profiles that range from core to opportunistic.
The ideal candidate will be required to manage both
stabilized assets as well as future development projects,
including: construction, lease-up, financing, and closing newly
completed developments. The asset manager will work in
concert with the national disposition team to sell stabilized
properties. This position is based in Madison, NJ and reports
to a Principal located in the region.
PRINCIPLE DUTIES AND RESPONSIBILITIES:
- Provide general management and direction for a diversified
portfolio of properties. This includes frequent contact and
direction with property managers, operating partners or leasing
- Provide general management and direction through the
development process. Evaluate potential development
transactions in terms of overall deal strength as well as portfolio
suitability. Review initial documentation for transactions --
interacting with partners, lenders and attorneys. Monitor the
construction process and manage issues with partners and
consultants. Meet with management to set up initial
leasing/opening strategies. Review final documentation to
close into transactions upon completion of construction.
Establish ongoing systems with leasing and property managers to
monitor asset performance.
- Review periodic internal reports prepared by analysts and
respond to information requests from the home office.
- Oversee or assist in the budget process and preparation of the
annual strategic plan for each property.
- Review periodic property reports and track operating
performance. Prepare quarterly updates summarizing results.
- Provide assistance to the transaction team for both the
acquisition and disposition of properties.
- Negotiate contracts with property management and leasing
- Negotiate leases as appropriate.
- Supervise and train analysts.
- Prepare analyses of various investment decisions - leasing;
financing; acquisition; hold/sell.
- Review quarterly appraisals for factual accuracy and
consistency with other similar properties.
- Understanding of key real estate agreements including leases,purchase and sale agreements, management and leasing agreements,partnership agreements and loan agreements.
- Ability to work on various real estate investments (office,multi-family, retail, etc.) owned directly on a joint venture withpartners .
- Good knowledge of east coast real estate markets.
- Awareness of portfolio goals and ability to develop and monitorspecific plans for individuals investments that contribute to thesegoals.
- Ability to use financial and valuation software including Word,Excel, Argus and Resolve.
- Understanding of basic real estate terms and concepts such asnet leases, gross leases, contracts, rents, percentage rents,operating expenses, capital expenditures, recovery of expenses,property types.
- Understanding of basic finance concepts such as NOI returns,cash flow returns, internal rate of return, presentvalue/discounted cash flow, capital markets.
- Ability to perform market research.
- Strong interpersonal/communication skills; ability to developand ask questions. Ability to make presentations to seniormanagement, investment committee or clients, when necessary.
- Capability of simultaneously handling multipleassignments.
- Ability to direct and monitor the activities of others on asystematic basis.
- Ability to negotiate acceptable terms with a third party.
- Understanding of transaction due diligence process
- Bachelors degree required, emphasis in real estatepreferred.
- Candidates must have at least 5-7 years of related real estateexperience, preferably with a development orientation.