About the position
PGIM Real Estate is the global real estate investment business of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $69.2 billion ($49.5 billion net) as of June 30, 2018.
PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate investment vehicles that span the risk-return spectrum across core, core plus, value-add, debt, securities, and specialized investment strategies. For more information, please visit http://www.pgimrealestate.com.
PGIM Real Estate currently has an outstanding career opportunity for an Assistant Vice President level Asset Manager for commercial real estate properties working on behalf of PGIM Real Estate’s real estate funds. The role entails directing partners, property managers and leasing brokers on a portfolio of real estate assets that are wholly-owned or in joint ventures. These investments may have different risk profiles that range from core to value add. The ideal candidate will be required to manage both stabilized assets as well as potential redevelopment projects, including: repositioning, lease-up and financing. The asset manager will work in concert with the national disposition team to sell stabilized properties.
Duties & Responsibilities:
- Provide general management and direction for a portfolio of properties. This includes frequent contact and direction with property managers, operating partners or leasing brokers.
- Review periodic internal reports prepared by analysts and respond to information requests from the portfolio management team.
- Oversee the budget process and preparation of the annual strategic plan for each property.
- Review periodic property reports and track operating performance. Prepare regular updates summarizing results.
- Provide assistance to the transactions team for both the acquisition and disposition of properties.
- Negotiate contracts with property management and leasing firms.
- Analyze lease terms, prepare lease proposals, and negotiate leases as appropriate.
- Understand general real estate trends and individual property markets / submarkets.
- 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.
- Bachelor’s degree required in finance, accounting, economics; emphasis in real estate preferred.
- Candidates must have at least 5-7 years of related real estate experience; experience working with joint venture with partners a plus.
- Understanding of key real estate agreements including leases, purchase and sale agreements, management and leasing agreements, partnership agreements and loan agreements.
- Awareness of portfolio goals and ability to develop and monitor specific plans for individual investments that contributes 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, property types.
- Understanding of basic finance concepts such as NOI returns, cash flow returns, internal rate of return, present value/discounted cash flow, capital markets.
- 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.
Prudential is a multinational financial services leader with operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, asset management, and real estate services.