Director - Real Estate Asset Manager (San Francisco)

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Date: Feb 15, 2021

Location: San Francisco, CA, US

Company: New York Life Insurance Co

 

A career at New York Life offers many opportunities. To be part of a growing and successful business. To reach your full potential, whatever your specialty. Above all, to make a difference in the world by helping people achieve financial security. It’s a career journey you can be proud of, and you’ll find plenty of support along the way. Our development programs range from skill-building to management training, and we value our diverse and inclusive workplace where all voices can be heard. 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 service, supported by our Foundation. It all adds up to a rewarding career at a company where doing right by our customers is part of who we are, as a mutual company without outside shareholders. We invite you to bring your talents to New York Life, so we can continue to help families and businesses “Be Good At Life.” To learn more, please visit LinkedIn, our Newsroom and the Careers page of www.NewYorkLife.com.

 

The Company

NYL Investors LLC, a premier asset manager with $250 billion in assets under management, is a wholly owned subsidiary of New York Life Insurance Company, the largest mutual insurance company in the world.  New York Life Real Estate Investors (“REI”) is a full service, fully integrated real estate enterprise with more than 170 professionals where the principal focus is the origination, underwriting, and investment in real estate related debt and equity products including commercial mortgage loans, real estate equity investments, commercial mortgage backed securities and unsecured REIT bonds. Through its home office located in New York City, an equity group headquartered in San Francisco, and a regional field network with offices in New York, Atlanta, Chicago, Dallas, and San Francisco, REI provides a local market presence and a national reach.

 

The Position

The Asset Manager will be based in San Francisco. 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 a team of asset managers reporting directly to Thomas Hwang, Senior Director of Asset Management for the West region, who is also based in San Francisco.

 

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 and leasing targets 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 and tech service officers 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 asset, against both budget and various business plan milestones. 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 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.
  • 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.
  • 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 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 west coast.
  • Experience with institutional quality management of tenant improvements and interior base building construction, repositioning of assets, and execution on 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, 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.
  • Experience with Taft-Hartley investors is a plus.
  • 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.

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Job Requisition ID: 83169 


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