Director, Real Estate Asset Managment

Location Designation: Hybrid - 4 days per week 

Our New York Life culture has laid the foundation for over 180 years of commitment to our employees, agents, policy owners, and the communities where we live and work. Here you become a valued part of a welcoming, inclusive, and caring organization with a long-standing legacy in stability and growth. The strength revolves around our diversified, multi-dimensional business portfolio that goes beyond life insurance.

As a Fortune 100 company and industry leader, we provide an environment where you can explore your career ambitions, offering opportunities to tackle meaningful challenges and stretch your skills while balancing work and life priorities.  You will be part of an inclusive team guided by our belief to always be there for each other–providing the support and flexibility to grow and reach new heights while making an impact in the lives of others.

You are our future, and we commit to investing in you accordingly.

New York Life Real Estate Investors (“NYLREI”), as part of New York Life Investment Management, is one of the country’s largest asset management firms and is one of the most active real estate investors, including commercial first mortgage lending for its general account, various real estate equity strategies, and a capital markets group acquiring real estate equity and debt securities.

REI brings an unparalleled level of knowledge, strength, and accountability to the financing process and has become a trusted provider of real estate capital and investment management services, with a long and successful track record of helping clients achieve their financial goals and objectives. REI is staffed by experienced real estate professionals whose commitment to customer satisfaction is matched by their market acumen, integrity, and flexibility. The group's vertically integrated, multi-disciplinary team allows the delivery of the consistent service our borrowers and investors have come to expect.

The Position

The Asset Manager will be based in Atlanta. He/she will be primarily focused on the management of a portfolio of core/core plus, value-add assets and ground-up developments, which may be owned outright or through joint venture partnerships. This asset management position will join two other Atlanta asset managers reporting directly to Alan Rubenstein, Senior Director, Head of East Region, Asset Management, who is based in New York City.

Responsibilities

The Asset Manager will have full balance sheet responsibility for each aspect of his/her assets, regardless of the ownership structure. He/she will be responsible for maintaining excellent working relationships with New York Life peers, all third-party team members and any joint venture partners.  This asset manager will ultimately be held accountable for delivering the best returns on investment and utilizing the highest levels of industry best practices.

Essential functions for this position include:

• The Asset Manager will apply a proactive, hands-on management strategy to achieve specific income, expense, leasing and capital improvements for each asset in their assigned portfolio.
• As some assets will be development and value-add projects, the Asset Manager will be responsible for proactive management during the entire scoping, pricing, permitting and execution of repositioning projects and leasing process.
• Work closely with and efficiently manage third parties, including brokers, property managers, construction/project managers and attorneys, to provide clear direction and skill-based leadership in executing on both the portfolio's strategy and the specific asset's business plan.
• Work with NYL's acquisition officers on potential transactions - from due diligence and underwriting, through closing and transition into the equity investment portfolio. Team with the acquisitions officer in creating the capital and operating budgets, developing a thorough business plan and presenting the project to NYL's Real Estate Equity Investment Committee.
• Where applicable, the Asset Manager will have day-to-day responsibility for managing NYL's joint venture partners. NYL is a hands-on investor in these ventures and the Asset Manager has the key responsibility to ensure that the partner is performing according to plan and that all interests remain aligned. While representing NYL's interests with the partner, the Asset Manager must also strive to maintain a collegial working relationship to enhance the opportunity for future ventures.
• The Asset Manager is responsible for the establishment of an accretive business plan and investment strategy with the objectives of maximizing property income, cash flow and long-term value. He/she will forecast income and expense projections, capital requirements, risk-return analysis and hold/sell recommendations.
• He/she will track and report on the performance of the assets, against both budget and various business plan milestones and return metrics. He/she will work with Portfolio Management as well as the accounting group to provide relevant data and bring critical matters to the attention of senior management.
• Become a market expert in numerous geographies and property sectors as well as actively represent NYL in the marketplace. Monitor ongoing current and future trends in demographics, job growth, economic drivers, product supply, as well as any other market forces.
• The Asset Manager will actively lead the quarterly valuation process for the assets in his/her portfolio, including the recommendation of value in the context of the market, capital markets, properties’ performance and capital expenditure needs.
• Visit assets regularly, maintain professional relationships with key tenants, tour competing projects and document all sale/lease comps and market changes as appropriate.
• Oversee all annual external and quarterly internal market valuations and periodic BOV’s.
• Select and engage all third-party brokers, managers, architects etc. in pursuit of the best management, leasing and sales teams for his/her assets.
• Oversee and manage the work assigned to analysts supporting his/her assets, and provide mentorship as appropriate.
• Support the Head of Asset Management and Portfolio Management Teams in their needs for discrete projects and reporting requirements
• Operate effectively in a team environment, including flexibility and responsiveness, teamwork and collaboration
• The Asset Manager is an officer level position within the real estate group. Therefore, this person will interact extensively with the head of the real estate group as well as the leaders in the different functional areas (acquisitions, accounting, portfolio management and client services) and others within NYL. This person will be expected to add value to the team as well as provide strategic thinking, mentoring of associates, and bring a fresh perspective to the real estate group as a whole.

Candidate Qualifications I Experience

The successful candidate must possess a college degree, while an MBA or master’s degree in real estate, or related discipline would be helpful. Ideally, the candidate should be a mid-career professional with

extensive experience and a track record in commercial real estate asset management, leasing, development and/ or related disciplines. Prior experience with managing joint ventures is preferred but not required.

• Hands on equity asset management experience in multiple real estate sectors (office, retail, industrial and/ or multifamily) as well as in multiple markets, preferably in different regions across the Southeast.
• Experience with institutional quality management of tenant improvements and interior base building construction, and the repositioning of assets and property dispositions.

• Fluent in the language and principals of institutional investment real estate.
• A working knowledge of debt and capital markets would be helpful.
• This person should have, among other skills, a detailed working knowledge of: real estate property management, asset sales, contract negotiations, and possess extensive experience in gross and/or net leasing, re-positioning and risk management strategies.

• Strong analytic and quantitative skills, a finance driven approach to the business including confidence in working with Excel analysis. Facility with ARGUS and related software programs is required. This person will have access to a shared analyst who will assist with some modeling but should be financially adept at deriving the right deal structures to maximize returns.
• An intuitive and detailed sense of the dynamics and risks of each transaction. This person should have the ability to "look beyond the numbers" at the broader trends and research data to forecast and develop strategies for a variety of investment types under management.
• This person will be expected to bring a strong institutional ownership perspective and experience to help sustain industry best practices as NYL continues to expand its real estate investment group.
• Excellent written, oral and presentation skills. Thoughtful listener. A direct and open communication style.
• A strong financial background with a solid understanding of real estate valuation metrics.
• Ability to think like a "principal" with concern for the long-term performance of the property.
• Must be a motivated, self-starter with ability to work with minimal supervision and to function in a team environment effectively communicating and sharing information with people in other departments within the company.
• Hard worker who is willing to travel as appropriate to enhance the value of his/her assets.
• Well organized, efficient and a history of productive deal flow with a sense of urgency and proven throughput of high-quality work.
• Detail-oriented with a solid ability to think and communicate strategically.

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Pay Transparency

Salary Range:  $160,000-$190,000 

Overtime eligible: Exempt 

Discretionary bonus eligible: Yes 

Sales bonus eligible: No 

Actual base salary will be determined based on several factors but not limited to individual’s experience, skills, qualifications, and job location. Additionally, employees are eligible for an annual discretionary bonus. In addition to base salary, employees may also be eligible to participate in an incentive program.

Our Benefits

We provide a full package of benefits for employees – and have unique offerings for a modern workforce, including leave programs, adoption assistance, and student loan repayment programs. Based on feedback from our employees, we continue to refine and add benefits to our offering, so that you can flourish both inside and outside of work. Click here to discover more about our comprehensive benefit options or visit our NYL Benefits Site.

Our Commitment to Inclusion
At New York Life, fostering an inclusive workplace is fundamental to who we are and how we serve our communities. We have a longstanding commitment to creating an environment where individuals can contribute their best and succeed together. This foundation is rooted in our core values of humanity and integrity, ensuring that every employee feels valued and supported. By embracing a broad range of perspectives and experiences, we achieve greater success and fulfill our promise of providing financial security and peace of mind to families across all communities. Click here to learn more about New York Life’s leadership in this space.​

Recognized as one of Fortune’s World’s Most Admired Companies, New York Life is committed to improving local communities through a culture of employee giving and volunteerism, supported by the Foundation. We're proud that due to our mutuality, we operate in the best interests of our policy owners. To learn more about career opportunities at New York Life, please visit the Careers page of www.NewYorkLife.com.

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Job Requisition ID: 91853