The successful candidate will oversee the asset management of a rapidly-growing 7 million square foot life science, research and innovation portfolio, as well as approximately 10 new development projects totaling $1.5bn in cost, expected to commence by the end of 2020. He/she will be responsible for driving net operating income, capital plans, and value creation at the portfolio. He/she will also review large complex leases and engage frequently with the leasing and property management team, as well as other departments (legal, accounting, etc) within the Company. He/she will be responsible for reporting and projecting on portfolio performance, an integral function that rolls up to the Company’s internal and external estimates of its earnings.
This line of business is Company’ number one capital allocation priority and a key growth engine for the company. As a result, the position is highly visible with Company executive management, the Board of Directors, partners and external audiences. His/her team will consist of 3 team members and is expected to grow.
In partnership with Wexford, best-in-class developer and property manager focused in the university space, this individual will work with highly sophisticated major research universities and cutting edge life science tenants such as Yale, Duke, Brown, University of Pennsylvania, Amicus Therapeutics and Spark on complex matters, with the goal of driving maximum shareholder value by meeting the needs of leading universities who want powerful knowledge communities on their campuses to supercharge research, innovation and economic activity.
This person will hold a critical, high visibility role at the Company and regularly liaise with all departments within the Company as it continues to grow in this innovative space.
1. Asset Management
- Maximize net operating income in portfolio through understanding of market, oversight of leasing, review and approval of annual capital and operating budgets
- Lead oversight of lease renewal and repositioning efforts, including driving necessary analysis, and strategy development
- Report, analyze and project portfolio and property performance trends, including comparison to budget and analyses of market conditions, to understand risks and opportunities
- Integrate economic, financial, market, and industry data from multiple sources to identify and respond to opportunities and risks within the portfolio (e.g., venture capital and NIH funding trends, individual tenant news, etc.)
- Articulate the implications of business and portfolio trends for the department and executive leadership team, including periodic internal business reviews
- Evaluate and identify disposition candidates
- Validate market demand and pricing for to-be-vacated space
- Monitor development and entitlement activities for both development pipeline and land portfolio
- Understand drivers of demand for life science and research and innovation space
- Stay abreast of developments, including political and regulatory, impacting tenants in portfolio
2. Build and Sustain Relationships, internally and externally
- Develop and sustain meaningful relationships with key executives at elite universities, early and late stage life science and biotechnology companies, third party manager/developer and brokerage/leasing firms
- As a result of trusted relationships and industry understanding, is an asset to Company’s investment objectives in both the pursuit of new investment opportunities and enhancing performance of the existing portfolio
- Work with third party manager to improve portfolio efficiencies, including through procurement initiatives, best practices, etc.
- Actively and consistently collaborate with other Company departments and executives to accelerate growth in the company’s top investment segment
3. Lead Department Processes and Initiatives, in collaboration with others
- Ensure department processes are efficient and effective; identify and implement strategic initiatives
- Set, track and monitor department performance against goals
4. Demonstrates Exceptional Talent Management
- Can hire, attract, grow, and retain top talent
- Provide employees with clear performance expectations and ensure individual goals are linked to business and company objectives
- Foster a positive work environment and model desirable team behavior
- Identify and address training needs; transfer knowledge and skills to team
- Provide constructive coaching, feedback and recognition consistently throughout the year
- Serve as an aspirational example of highly professional, productive asset management in the context of a public company.
- 10+ years of asset management or finance/real estate experience across the spectrum of life sciences, medical or office real estate, preferably with exposure to multiple markets; at least 3 years of biotech, innovation, lab and/or life science experience strongly preferred. Experience at a public company and/or with institutional clients such as universities a plus
- Proven ability to successfully lead/build a high-performing team
- Strong financial acumen, complex leasing experience and intellect
- Prior office, commercial leasing experience and strong familiarity with lease terms and conditions
- Ability to assess and understand life science and biotech tenants financial prospects; evaluate prospective tenants’ business plans and ability to honor potential lease obligations
- Comfort with ambiguity resulting from rapid growth of new business segment; ability to understand entrepreneurial environment of tenant clients
- Successful track record of working and thriving in an institutional, dynamic, fast-paced and changing environment that is results oriented and collaborative
- Understands GAAP and same store cash financial reporting implications on decisions; financially sophisticated
- Conversant in complex structures and concepts
- Public company, joint venture and/or university-based experience a plus
- Experience in ground up development and redevelopment
- Proven ability to effectively communicate with top executives, internally and externally