What are the responsibilities and job description for the ASSOCIATE, ASSET MANAGEMENT (COMMERCIAL OFFICE) position at Related?
Responsibilities
The Asset Management Associate will create forward-looking financial information and financial analysis to support decision making for Related Ross' West Palm Beach portfolio of commercial office assets. The position will have responsibility for actuals, forecast, budget, and multi-year cash flow projections for 5 existing office assets (as well as future office projects once they transition from development to operations). The Associate will work cross-functionally to model and manage the financial performance of each property, including leasing strategy, expense recoveries, capex projects, and capital markets activities. The Associate will manage the execution of retail and food & beverage projects within the existing commercial office asset portfolio and will assist in new acquisition opportunities as they arise. The role involves significant interaction with senior level executives and is integral to existing and future projects at the company.
Responsibilities
- Maintain a highly accurate and detailed financial model for each property that will be used to support the property's required financial reporting functions.
- Assist in compiling property-wide business plans and strategic plans, consolidated annual budgets, quarterly reforecasts, and monthly performance reporting (budget vs. actual commentary, key performance indicators, and key property initiatives)
- Market research and analyses : benchmark economic activity in target markets by tracking rents, sales per square foot, operating costs, competitive supply and economic expansion activity
- Assist with financial and lease-related analysis projects; specifically ARGUS and Excel cash flow modeling, modeling of complex NNN recovery calculations, gathering updated leasing and expense information from various parties.
- Present monthly results to senior executives; requires familiarity with and understanding of all aspects of the property's financials.
- Create budget variance analyses with detailed explanations of variances.
- Conduct scenario analyses based on different leasing, operational, capex, and financing strategies.
- Assist in Investor Relations functions including quarterly investor memos, annual asset valuations, and ad hoc investor requests.
- Maintain a Project Tracker to track key decisions and action items to maintain compliance with all venture and partnership agreements, loan documents, management agreements, property entitlements, and other property documents.
- Assist with and coordinate expense draws to be submitted to lenders, keeping a close eye on all property expenses.
- Assist in cash management activities and determination of routine partnership distributions. Requires an understanding of equity distribution waterfall modeling in Excel.
- Assist with the preparation of investment sales, equity and debt offering memorandums for recapitalization events.
- Manage capex and food & beverage projects for the existing office portfolio.
- Assist the Development team with new acquisition opportunities.
- Maintain financial projections for the Related Ross management company, including property management, construction management, and leasing commission revenue streams.
Qualifications
Benefits :
Related values diversity in backgrounds and experiences. We are proud to be an equal opportunity employer and are deliberate about the team and culture we are building. We aim to ensure competitive total compensation that is commensurate with experience, workplace geography, and market standards.
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Overview
Formed in 1972, Related is the most prominent privately-owned real estate firm in the United States. Headquartered in New York City, the company has offices and major developments across the world. Related owns and manages a premier portfolio of assets valued at over $60 billion, including the 28-acre Hudson Yards neighborhood on Manhattan's West Side.
Related believes in investing in its talent and cultivates a positive, team-oriented environment where every voice is valued. Employees are encouraged to boldly take on new challenges, transcend the status quo, and demonstrate strong entrepreneurial spirit. In its relentless commitment to excellence, Related works to foster an innovative approach in its team members so that they can positively impact the communities in which they conduct business. Learn more about Related at www.related.com.
Related Ross is a leading South Florida-based mixed-use real estate and lifestyle company defined by innovation and the most prominent privately-owned real estate firm in the United States. Related Ross focuses on the development and management of successful mixed-use projects with thoughtful urban innovation, rich consumer experiences, and wellness, arts & culture and shared experiences at its core. Learn more about Related Ross at www.relatedsoutheast.com.
