Another Source’s client, Stanford University, is recruiting a Director, Real Estate Portfolio Management to join their team at the Redwood City campus.
Here's a little about Stanford University and the position they are seeking to fill:
Stanford Real Estate (SRE) is a division within Stanford University with the primary mandate to invest and optimize the risk-adjusted value of the University’s income-producing lands and to deploy real estate expertise in meeting evolving University priorities. Stanford Real Estate, a department within Land, Buildings and Real Estate (LBRE), is governed by the Stanford Management Company Board of Directors and the Stanford University Board of Trustees. Stanford Real Estate plays an important role in supporting the University’s teaching, learning, and research missions by providing financial support for Stanford University.
The Director is primarily responsible for performance, value-creation strategy and transactions for the prestigious and world-renowned Stanford Research Park (SRP) portfolio. A preeminent real estate portfolio of Stanford University, Stanford Research Park is comprised of 10.7 million square feet of improved R&D and office buildings. SRP’s current market value (year-end, Fiscal Year 2020) is $4.0B, with an underlying, unencumbered fee simple value of $11B. The Director focuses on maximizing the near-term and long-term value and performance of this significant and complex real estate portfolio in Palo Alto, California. Known for our long-standing relationships and track record of success, SRE combines entrepreneurial spirit with an institutional approach to deliver value-add solutions to the world’s most innovative companies.
The Director will report to the Managing Director; the Associate Director, Asset Management and third-party Property Manager report to the Director. The ideal candidate is a highly motivated and self-directed leader; is practiced at originating strategic transactions of significant scale and complexity; is skilled at negotiations and directing financial analysis; possesses a relevant understanding of real estate industry trends; and is passionate about the mission of Stanford University. This position offers a blend of autonomy and the chance to collaborate with a variety of stakeholders. The Director serves as a University representative and is expected to build strong relationships with various parties, including the business community, Stanford affiliates, and community members.
- Ongoing implementation of the Stanford Research Park portfolio strategic business plan, which entails initiating recommendations and executing long-term strategic initiatives to create value and maximize risk-adjusted returns on the SRP portfolio. Such analysis would involve evaluating the highest and best use of properties returning to the University at the expiration of ground leases, initiating recommendations and implementing strategies to promote reinvestment in building inventory, either through acquisition or disposition of ground leases, direct purchases or redevelopments of sites.
- Continually monitor portfolio financial performance to identify and make recommendations on how to capitalize on opportunities and proactively mitigate risks.
- Originate transactions, structure and negotiate complex agreements to either purchase or extend ground leaseholds, seize direct leasing opportunities or market new long-term ground leases.
- Supervise and approve portfolio reporting, data collection, analytics, and annual portfolio valuation.
- Oversee annual business plan process and cash flow forecasting, including evaluation of changing scenarios and stress tests utilizing third party applications (Argus, etc.).
- Lead marketing strategy, due diligence and closing efforts associated with sales, purchases or leasing of assets, and engage consultants and advisors to assist with the effort as needed.
- Evaluate and approve requests by tenants and lessees for lease assignments, sublease approvals, lease extensions, and other contractual requests relating thereto, including analysis of any landlord-related rights and obligations.
- Ongoing implementation of long-term land use and programmatic planning for SRP, including conducting urban planning, architectural, economic, environmental, and other analyses designed to enhance the competitive advantage and income potential of the SRP portfolio.
- Direct and coordinate team of internal and external consultants with functional expertise, including legal, finance, lease administration, environmental, market research, and leasing.
- Make strategic recommendations and execute solutions for any ownership and management issues that arise in the Stanford Research Park, which often entails collaboration across cross-functional teams.
- Maintain positive relations and regular communications with SRP tenants and lessees and seek opportunities to align efforts and reinforce each other’s investment goals.
- Effectively work with various constituents to educate them about SRP and seek areas of alignment, which entails the ability to develop relationships and rapport.
Qualifications and Experience
Experience: A seasoned real estate professional with at least 7 years of experience in principal real estate investing, including portfolio management, asset management, and transaction underwriting and execution; and a strong track record in transaction structuring, document negotiation, conducting hold/sell analyses, performing due diligence and feasibility analyses, and developing and implementing long-term asset specific and portfolio-wide plans.
Education: A Bachelor’s degree is required. An MBA, Master’s Degree in Real Estate, law degree or other related post graduate degree is helpful, although not required.
- Broad, extensive experience in real estate asset management experience, capable of bringing a disciplined, organized, and institutional investment quality approach to overseeing the portfolio.
- Ability to develop and manage strategic business plans at both the individual asset level and the portfolio level.
- Contract and negotiating experience, including lease negotiations, purchase and sale agreements.
- Experience with property acquisition diligence, feasibility analyses.
- Experience overseeing renovations and property development.
- Experience overseeing ongoing property management.
- Demonstrated ability to interpret and relate University policies and regulatory controls.
- Strong understanding of present value/IRR calculations, excellent problem-solving skills, and the ability to think analytically.
- Strong ability to think, communicate and write strategically and succinctly.
- High moral character, capable of a high degree of discretion, judgment, professionalism.
- Excellent management, leadership, and mentoring skills.
- Highly-motivated self-starter who can work independently and on cross-functional teams and take initiative with a sense of urgency, all with minimal supervision.
- Demonstrated sensitivity to multiple stakeholders, and extremely effective interpersonal skills.
- High intellectual curiosity, critical thinker, able to resolve complex challenges with diplomacy.
- Able to see outside the immediate approach to plan several steps ahead and chart contextual, strategic solutions.
- Strong organizational and prioritization skills with the flexibility to adjust and adapt.
- Is a transparent, open communicator especially with immediate supervisor. Will quickly communicate challenges and recommendations.
Stanford is an equal opportunity employer and all qualified applicants will receive consideration without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status, or any other characteristic protected by law.
Another Source works with their clients, on a retained project basis, to maximize the recruiting process.
- Asset Management
- Investment Management
- Portfolio Management
7+ to 10 years