DIRECTOR - Real Estate Asset Manager

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Date: Sep 27, 2021

Location: New York, NY, US

Company: New York Life Insurance Co

 

 

When you join New York Life Investments, a wholly owned subsidiary of New York Life Insurance Company, you are joining a global investment company with a long history and passion for career development, innovation, collaboration, and diversity, equity and inclusion. We want employees to feel proud about being part of a company that is committed to doing the right thing. Through various resources and programs, you can grow your career while developing personally and professionally.

 

As a top 25 global asset management firm with more than $600 billion in assets under management, we have an important mission: to help build a better financial future for our clients, our employees, and our communities. We invite you to bring your talents to New York Life Investments, so we can continue to help people achieve their financial aspirations. To learn more, please visit LinkedIn, our Newsroom and the Careers page of www.NewYorkLife.com.

 

 

The Position

The Asset Manager will be based in New York. He/she will be primarily focused on the management of the Company owned and leased corporate facilities. This asset management position will be reporting directly to Daniel Davitt, Senior Director in charge of corporate real estate.

 

Responsibilities

 

The Corporate Real Estate Division (the “Division” or “CRE”) within Real Estate Investors is responsible for the management and operation of New York Life (“NYL” or “Company”) owned real estate assets, including the Company’s Home Office at 51 Madison Avenue, and the Company owned data centers in Clinton, NJ and Alpharetta, GA.  The portfolio is actively managed to provide a level of service that is consistent with institutional standards for a superior Class A office building, with an emphasis on asset preservation, sustainability and maximizing return on investment.

 

At just under 1,500,000 square feet of rentable square feet, including 300,000 square feet of leased third party office and retail space, the Home Office is the largest and most valuable real estate asset owned by the Company. The Division is focused on maintaining, preserving and enhancing the asset via a comprehensive program of maintenance, repairs and improvements to the property through delivery of a modern, functional, comfortable and efficient physical work environment for the benefit of employees and tenants. Included in the maintenance and repairs program are responses to specific building issues brought to the attention of the Division

 

The Division also provides support services to the Company’s Information Technology Division through the management of the 326,000 square foot data center in NJ and the 306,000 square foot data center in GA. The Company also leases approximately 330,000 square feet in 63 Madison Avenue (“63 Madison”), located adjacent to the Home Office. Working in conjunction with the ownership of 63 Madison, the Division provides facility management services addressing operating issues for the Company’s employees and provides engineering services with respect to the supplemental HVAC equipment installed by the Company to optimize comfort levels of Company employees at 63 Madison. 

In addition to maintenance and repairs, the operations of the above referenced properties include rent collection from third party tenants, as well as the payment of the operating expenses and taxes for each property. The Division is also responsible for improvements to the properties and works closely  with the Company’s Planning and Design Group on the design and execution of capital improvements and suite renovations or upgrades to the space used or occupied by Company employees.

 

The Real Estate Group’s Corporate Real Estate Division is responsible for developing short term and long-term capital expenditure plans for the Company’s corporate owned real estate and investment real estate assets. Annually the asset management group updates these plans and reaffirms the approval for the upcoming plan year. The corporate real estate portfolio consists of assets which include the NYC Home Office campus and the data centers located in Clinton and Atlanta.

 

The capital expenditure plans are developed and designed around several major themes that preserve and or create value to the assets as well as what is necessary to support the Company’s business activities. The plan presented is reflective of those component parts: those expenditures required to preserve the assets, those expenditures that are driven by the needs of New York Life as a corporate user and those expenditures that we consider value added capital investment. 

 

The Asset Manager will have full balance sheet responsibility for each aspect of  assets. He/she will be responsible for maintaining excellent working relationships with senior management across all areas of the Company, third-party consultants,  and internal NYL clients.  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 and leasing targets for each asset in the portfolio.
  • Work closely with and efficiently manage third parties, including brokers, property managers, consultants, 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.
  • 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 and capital requirements
  • He/she will track and report on the performance of the asset, against both budget and various business plan milestones.
  • The Asset Manager will work with both internal and external appraisal teams to 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.
  • 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 associates supporting his/her assets.
  • Operate effectively in a team environment, including flexibility and responsiveness.

 

 

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 track record in commercial real estate asset management, leasing, and/ or related disciplines, including professional designations such as IREM’s CPM or BOMA’s RPA certifications. Hands on equity/corporate real estate asset management experience:

  • Experience with institutional quality management of tenant improvements and interior base building construction, repositioning of assets and execution on property dispositions.
  • 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, risk management strategies and familiarity with sustainability or green building initiatives.
  • Strong analytic and quantitative skills, a finance driven approach to the business including confidence in working with Excel analysis. Use and familiarity with ARGUS and related valuation software programs is required. This role will have access to analytical support 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 and a direct and open communication style is preferred.
  • 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 timely 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.
  • Detail-oriented with a solid ability to think and communicate strategically.
  • Strength of character and flexible style, to work successfully with a range of people from peers, staff and the CEO, to investors and other outside professionals. Has the personal presence to deal effectively and independently with these constituencies. Works well within a mid-size organization.

 

Job Requisition ID: 84673

 

 

 

 

 

 

 


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