Investment Asset Manager, Commercial Real Estate Job Listing at Prudential in Madison, NJ (Job ID PRI0001S)

Insurance, Finance

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 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 March 31, 2012, PREI managed over $51.3 billion in gross real estate assets ($33.4 billion net) on behalf of over 480 clients worldwide and ranks among the largest real estate investment managers. For more information, please visit http://www.prei.com.
 
Job Description:
 
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, hotel, and residential properties that have different risk profiles that range from core to value-added in nature.  The ideal candidate will be required to manage both stabilized assets as well as future development projects, including: construction, lease-up, financing, and closing ground-up 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 Madison.
 
Responsibilities:

• Provide management and direction for a diversified portfolio of properties.  This includes frequent contact and direction with property managers, operating partners and leasing brokers.


• 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 senior management.


• 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 firms.


• 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.

Qualifications:

• Candidates must have at least 5-7 years of related commercial real estate experience 
• Bachelors degree required, emphasis in real estate preferred.
• 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, hotel, etc.) owned directly or in joint ventures with partners.
• Good knowledge of US real estate markets.
• Awareness of portfolio goals and ability to develop and monitor specific plans for individuals investments that contribute to these goals.
• Ability to use financial and valuation software including Word, Excel, Argus and Resolve.
• Understanding of basic real estate terms and concepts such as net leases, gross leases, contracts, rents, percentage rents, operating expenses, capital expenditures, recovery of expenses.
• Understanding of basic finance concepts such as NOI returns, cash flow returns, internal rate of return, present value/discounted cash flow.
• Ability to perform market research.
• Strong interpersonal/communication skills; ability to develop and ask questions.  Ability to make presentations to senior management, investment committee or clients, when necessary.
• Capability of simultaneously handling multiple assignments.
• Ability to direct and monitor the activities of others on a systematic basis.
• Ability to negotiate acceptable terms with a third party.
• Understanding of transaction due diligence process