Asset Manager-Leasing

Job Title: Asset Manager-Leasing

Reports to: Principals & CFO

Job Overview: The Asset Manager is critical to the success & growth of the Company. They will be responsible for ensuring that the Company’s portfolio becomes & remains stabilized, & that all parties’ (landlord, tenant, environmental consultants) responsibilities are met. This will entail working cross functionally internally & with the Company’s professionals (e.g. brokers, attorneys, consultants, municipalities) in order to effectuate & oversee leases, approvals, agreements, etc. They must be able to work strategically with appropriate internal parties (Principals & CFO) as they deem necessary to bring issues to closure. This position requires an employee who is motivated to complete tasks which are integral to the business’s operations, including implementing management policies related to property operations, & management of property managers. This position involves non-manual or office-based work.

The Asset Manager is expected to handle significant matters independently & utilize their professional judgement and discretion when performing the duties below.

Job Responsibilities & Duties:

·Responsible for driving occupancy portfolio wide

• Hire listing agents & negotiate broker contracts
• Lead weekly leasing calls both internally & with capital partners, as applicable
• Negotiate leases teaming internally & with counsel
• Field lease offers & RFP’s & respond within 24 hours

·Lease onboarding

• Ensure commissions are paid timely in coordination with accounting
• Obtain certificates of occupancy in coordination with tenant
• Ensure smooth transition of completed leases to operations & accounting including coordination & review of leases abstracted by consultants
• Ensure all Landlord &/or tenant obligations are satisfied

1. Guide landlord construction completion in the context of any requirements in the lease
2. Obtain certificate(s) of occupancy
3. Close out all other landlord obligations
4. Ensure all post execution/lease commencement tenant obligations are completed to include tenant required improvements, security deposit received, first month’s rent paid, etc.
5. Manage stabilized assets ensuring both tenant & landlord compliance with the lease, municipal requirements, environmental obligations, etc.

·Networking & market knowledge

• Network with brokers in markets to keep abreast of significant transactions & market trends
• Keep management team updated as to lease transactions & leasing market trends

·Operations/Property Management

• Oversee property managers (“PM’s”) operations of facilities, including maintenance, repairs, & safety inspections, ensuring compliance with laws/regulations & Sitex’s standards, including implementation of policies & operating practices to effectuate operational matters in accordance with the attached Exhibit C.
• Oversee the management of vendor & contractor relationships & negotiate contracts with a focus on balancing cost control, quality of work, & timelines
• Provide leadership & guidance to property managers with regard to tenant related matters. Effectuate oversight by touring all sites on a rotating schedule to ensure the following:

1. PM’s maintain strong relationship with all tenants
2. PM’s ensure tenants in occupancy are complying with lease terms & guide property managers in the negotiation of grievances including regarding:
3. -Maintenance of equipment & property/Cleanliness of property & landscaping/Compliance with approved uses & other laws/regulations & the lease
4. PM’s ensure that vacant properties are kept clean, well maintained & always ready for leasing tours
5. -Property managers maintain tenant files including all correspondence
6. -Property management maintains a capital equipment list identifying age, location, remaining useful lives & maintenance history

·Accounts receivable & tenant billings–Team with CFO to ensure property managers & accounting are working together to review accounts receivable monthly & provide leadership & guidance using professional judgement to assist with addressing issues

·Financial management & reporting  

• Through coordination with accounting, construction & property managers, assist with the preparation of capital & operating budgets including, as appropriate:

1. 5 year capital plans
2. Collaborate on acquisition underwriting as it relates to rent, downtime, & capital assumptions
3. Identify value add services for inclusion in the OPEX budget
4. Apply professional judgement & experience to provide guidance to the team regarding the budgeting of capital

Exhibit C

Job Description 

Job Title: Property Manager

Reports to: Asset Manager-Leasing

Job Overview: Property Managers are expected to handle matters independently & utilize their professional judgement & discretion when performing the duties below. The Property Manager must be able to work strategically with appropriate internal parties (Principals, CFO and/or Owner) as they deem necessary to bring issues to closure. This position requires an employee who is motivated to complete tasks which are integral to the business’s operations, including implementing management policies related to property operations, financial analysis for properties, & management of & responsibility for select capital projects related to properties. This position involves non-manual or office-based work as set forth below.

Job Responsibilities & Duties:

·Operations:

• Oversee operations of facilities, including maintenance, repairs, & safety inspections, ensuring compliance with laws/regulations & Sitex’s standards, including implementation of policies & operating practices to effectuate operational matters. 
• Manage vendor & contractor relationships & negotiate contracts with a focus on balancing cost control & quality of work
• Investigate, oversee & resolve matters related to tenants. Effectuate oversight by touring assigned sites on a rotating weekly schedule to ensure the following:
• Maintain strong relationship with all tenants
• Ensure tenants in occupancy are complying with lease terms and handle & negotiate grievances including regarding:

-Maintenance of equipment & property/Cleanliness of property & landscaping/Compliance with approved uses & other laws/regulations & the lease

• Ensure that vacant properties are kept clean, well maintained & always ready for leasing tours
• Maintain tenant files including all correspondence:
• Welcome letters
• Legal letters & related correspondence
• Access & other license agreements for events, etc
• COI’s
• Certificates of occupancy
• Other appropriate correspondence

· Handle all operations related to new tenancy & move-outs, including but not limited to:

• Prepare welcome letters, read & understand new and existing leases
• Coordinate tenant move-ins, transfer of utility accounts, etc.
• Work with leasing/asset management team to collect all items required by the lease including but not limited to:
• 1^st month’s rent;
• Insurance COI’s
• Security deposit
• For tenant move-outs:
• Investigate & review open accounts receivable to ensure all charges are properly billed & collected (i.e. repairs, maintenance, or other direct costs)
• Investigate & review leases & related documents to identify any tenant obligations for maintenance and repair, restoration, etc prior to move-out
• Handle move-out walkthrough with tenant & prepare move out checklist to include:

1. Open accounts receivable balances
2. Items requiring tenant restoration or repair & estimated cost to charge tenant
3. Reconciliation of the above with any security deposit or letter of credit held to determine the amount to release, hold/drawdown, or net bill to tenant
4. Ensure that tenant signs off on the checklist acknowledging its obligations, if any

· Accounts receivable & tenant billings. Work with accounting team to:

• Review accounts receivable monthly and follow up with delinquent tenants
• Coordinate with asset management & legal counsel as necessary to send appropriate lease compliant notices, late letters, default letters, etc.
• Ensure that all tenants are properly billed for both direct costs & CAM/INS etc. in coordination with accounting

·Financial reporting     

• Through coordination with accounting & asset management, prepare operating & capital budgets including, as appropriate:
• 5 year capital plans
• Understand leases to identify opportunities to perform & recover capital items from tenants
• Team with accounting to prepare monthly P&L variance explanations
• Approve all operational & capital improvement invoices for assigned properties (excluding capital invoices for redevelopment or other large scale projects run by the construction group)

·Capital Projects:

• Take primary responsibility for property level capital improvements other than redevelopment projects such as:

1. Roofs
2. Paving (including certain stormwater control systems)
3. Painting (interior/exterior)
4. Signage

• During periodic tours & the budgeting process, identify potential capital projects at all properties &

perform the following (non-redevelopment): 

1. Develop the appropriate scope of work for review & approval by asset management (engage with construction team consultatively as needed)
2. Obtain multiple bids to be leveled & de-scoped and make appropriate recommendations as to awarding the work
3. Oversee the contract issuance process to ensure documents are compliant with our standard form, include clear scopes of work, and all required documentation is obtained from the contractor (COI,

licenses, schedule, etc. as applicable)

• For significant capital projects:

1. Be an extra set of eyes and ears for the construction group ensuring that contractors are:

• On schedule & working,
• Performing the appropriate & complete scope of work
• Working in the best interest of the property & the safety & quiet enjoyment of other tenants at the property
• Make recommendations regarding the operations, profitability & marketability of properties managed

Qualifications:

-  Education level & experience–Bachelor’s Degree Preferred

-  Certifications/licenses–None required

-  Must be motivated & able to handle significant matters with little or no supervision or direction