- Entry level
- No Education
- Salary to negotiate
PGIM Real Estate - Vice President, Asset Management-COR000RR
PGIM Real Estate is the global real estate investment business of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has gross assets under management of $69.2 billion ($49.5 billion net) as of June 30, 2018.
PGIM Real Estate currently has an outstanding career opportunity for a Vice President level Asset Manager for commercial real estate properties working on behalf of PGIM Real Estate’s real estate funds. The role entails directing partners, property managers and leasing brokers on a portfolio of real estate assets that are wholly-owned or in joint ventures. These investments will be located in the New York City metropolitan area and may have different risk profiles that range from core to value add. The ideal candidate will be required to manage both stabilized assets as well as potential redevelopment projects, including: repositioning, lease-up and financing. The asset manager will work in concert with the national disposition team to sell stabilized properties.
Duties & Responsibilities:
- Provide general management and direction for a portfolio of properties. This includes frequent contact and direction with property managers, operating partners or leasing brokers.
- Review periodic internal reports prepared by analysts and respond to information requests from the portfolio management team.
- Oversee the budget process and preparation of the annual strategic plan for each property.
- Review periodic property reports and track operating performance. Prepare regular updates summarizing.
- Provide assistance to the transactions team for both the acquisition and disposition of properties.
- Negotiate contracts with property management and leasing firms.
- Analyze lease terms, prepare lease proposals, and negotiate leases as appropriate.
- Understand general real estate trends and individual property markets / submarkets.
- Supervise and train analysts.
- Prepare analyses of various investment decisions - leasing; financing; acquisition; hold/sell.
- Review quarterly appraisals for factual accuracy and consistency with other similar properties.
- Bachelor’s degree required in finance, accounting, economics; emphasis in real estate preferred.
- Candidates must have at least 7-10 years of related real estate experience; experience working with joint venture with partners a plus.
- Understanding of key real estate agreements including leases, purchase and sale agreements, management and leasing agreements, partnership agreements and loan agreements.
- Awareness of portfolio goals, and ability to develop and monitor specific plans for individual investments that contribute to these goals.
- Ability to use financial and valuation software including Excel and Argus.
- Understanding of basic real estate terms and concepts such as net leases, gross leases, contracts, rents, percentage rents, operating expenses, capital expenditures, recovery of expenses, property types.
- Understanding of basic finance concepts such as NOI returns, cash flow returns, internal rate of return, present value/discounted cash flow, capital markets.
- Ability to negotiate acceptable terms with a third party.
- Understanding of transaction due diligence process.
Prudential is a multinational financial services leader with operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, asset management, and real estate services.
We recognize that our strength and success are directly linked to the quality and skills of our diverse associates. We are proud to be a place where talented people who want to make a difference can grow as professionals, leaders, and as individuals. Visit www.prudential.com to learn more about our values, our history and our brand.
Prudential is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, genetics, disability, age, veteran status, or any other characteristic protected by law.
Note that this posting is intended for individual applicants. Search firms or agencies should email Staffing at firstname.lastname@example.org for more information about doing business with Prudential.
Job Function Asset Management
Primary Location United States-New Jersey-Madison
Other Locations United States-New York-New York
About the company
For over 140 years, Prudential Financial (NYSE:PRU) has helped people grow and protect their wealth. We offer individual and institutional clients a wide array of financial products and services. Today, we are one of the world’s largest financial services institutions. We have over $1 trillion of assets under management as of March 31st, 2017, and approximately $3.7 trillion of gross life insurance in force worldwide as of Dec. 31, 2016. We have operations in the United States, Asia, Europe and Latin America. We also have one of the most recognized and trusted brand symbols: The Rock® , an icon of strength, stability, expertise and innovation. We measure our long-term success on our ability to deliver value for shareholders, meet customer needs, attract and develop the best talent in our industry, offer an inclusive work environment where employees can develop to their full potential, and give back to the communities where we live and work. (Pru.us/disclaimer)