What are the responsibilities and job description for the Associate Manager, Asset Management position at Darden?
Job Overview
The Associate Manager, Asset Management plays a key role in optimizing the value of the existing restaurant real estate portfolio by managing and executing the lease renewal and extension program. In addition, this role is involved in other asset management functions, including lease terminations and asset dispositions, and resolution of property and facility issues. The Associate Manager, Asset Management interacts regularly with landlords and developers, real estate brokers, neighboring property owners and municipalities as well as Operations Leaders and across RSC functional teams.
Roles And Responsibilities
The Associate Manager, Asset Management plays a key role in optimizing the value of the existing restaurant real estate portfolio by managing and executing the lease renewal and extension program. In addition, this role is involved in other asset management functions, including lease terminations and asset dispositions, and resolution of property and facility issues. The Associate Manager, Asset Management interacts regularly with landlords and developers, real estate brokers, neighboring property owners and municipalities as well as Operations Leaders and across RSC functional teams.
Roles And Responsibilities
- Identify lease renewals and extensions each fiscal year; present fiscal lease option and renewal plans to Operations Leaders, Development and Finance Leaders for approval
- Maintain tracking system for all lease renewal/extension deadlines
- Participate in the annual Development Team portfolio market review to assist in establishing lease renewal/ extension strategy
- Establish and implement plans to reduce occupancy costs by negotiating rent reductions and other concessions, and restricting leases after reviewing existing lease terms, market conditions and other factors for each location
- Negotiate lease renewals and extensions in advance of option exercise and lease termination deadline
- Negotiate new restaurant leases for rebuilds and relocations in case of fire or casualty, as needed
- Negotiate new leases or lease modifications for expanding or contracting office and warehouse space, as needed
- Address property and facility issues, common area and visibility issues, signage requests and parking concerns with landlords, developers, neighboring properties and municipalities; partner with Facilities Team and Operations to resolve issues as needed
- Negotiate lease terminations for closed or relocated restaurants and office/warehouse space; partner with Facilities Team to ensure compliance and proper turnover to landlord
- Ensure security, utilities and maintenance/repair of closed restaurant properties and office/warehouse space is addressed
- Work with broker network to sell or sublease closed restaurant properties, surplus properties and office space
- Negotiate letters of intent/contracts/leases for the sale or sublease of closed restaurant
- Partner with Law Team to evaluate condemnation offers to ensure appropriate/fair resolution and minimal impact to restaurants
- Review CAM, property tax and percentage rent audits as necessary; assist Accounting and Tax Departments with issue resolution
- Minimum 8 years of real estate development or legal experience
- Experience negotiating real estate business deals
- Bachelor's degree in real estate, legal studies, business, finance or related field, or equivalent experience
- Outstanding communication and negotiation skills; ability to influence others and build strong relationships at all levels
- Excellent organizational and prioritization skills; ability to multi-task and work in a fast paced environment
- Ability to identify issues, problem solve and act decisively to resolve issues
- Ability to exercise sound business judgment
- Self-motivated and independent
- Flexible; ability to adapt to changing business environments
- Experience in the restaurant, retail or multi-unit real estate environment preferred
- Proficient in Tango Lease Administration Database or other similar database
- Proficient in Microsoft Office Products (ie Power Point, Excel, Word, etc.)
