Clarion Partners is one of the largest real estate investment managers in the Americas and has managed real estate investments on behalf of institutional investors for more than 30 years. Our investment philosophy focuses on fundamental research within a broad operating platform of 10 offices strategically located across the United States and Latin America. Clarion’s investment capabilities span the spectrum from core to opportunistic investments in both the equity and debt sectors.
RESPONSIBILITIES/DUTIES: This position is based out of New York or Washington, DC, where the asset manager will be responsible for a portfolio of retail assets. Responsibilities include the oversight of third party property managers, leasing agents, construction managers, etc. Duties include oversight of the strategic planning, management, leasing, financial analyses, operating and capital budgets, returns on an IRR and time weighted basis, and reporting on a quarterly and annual basis with regards to the performance of each asset. Responsible for the review and feedback of assets that are to be acquired by the firm.
Key Tasks and Responsibilities: Leasing: • Analyze financial terms of lease proposals, using effective lease/rent calculations and net present value for leases. Determine if leases are consistent with current market conditions and meet with long-term asset expectations from a financial perspective. • Draft and negotiate real estate lease proposals and leases, and make appropriate recommendations to senior management when necessary. • Collaborate with the leasing team to create a strategic and tactical marketing/merchandising plan for each asset. • Understand the property’s position in the context of the market and primary competitive set to ensure the property is priced appropriately and that leases are consistent economically with the property’s peer group. • Work with tenants and brokers to attract, qualify and maintain tenants and achieve favorable lease terms. • Work with and manage attorneys to effectively resolve legal issues.
Management: • Develop strategic business plans for each asset, which will govern its daily operations and ultimate positioning in the market place. • Oversee third party property managers, construction managers, consultants, and others involved in property operations. And make changes if a team is not working out • Identify, develop and implement value added strategy with respect to existing assets as well as potential acquisitions. Strategies may include, but are not limited to, renovations relating to repositioning, and lease up as well as ground up development. • Manage the tenant improvement process in an efficient and timely manner • Develop and implement capital improvement plans, when appropriate, consistent with Business Plan and position of the asset in the market. • Develop, draft and present material recommendations regarding the property’s operations, capital plan or investment strategy to portfolio management team • Review monthly property management reports • Understand architectural plans and contracts, engineering studies, schedules, and work with attorney to draft language when appropriate to protect the landlord.
Financial Analysis/Valuations: • Prepare and/or approve quarterly asset valuations • Oversee general property level analysis functions (i.e., CAM reconciliations, PM contracts, RFPs, construction and vendor contracts). • Prepare, review and approve budgets, which will implement your strategic business plans. • Perform economic analysis of all potential lease transactions to verify consistency with budget and/or proforma. • Review and comment on third-party appraisals and brokers’ opinions of value.
Market Analysis: • Conduct in depth market research in order to fully understand the position of each asset in its respective market from a leasing and investment perspective • Work with Clarion’s Research team to update demographic and market information (lease and transaction comps) for each asset’s annual business plan or quarterly reports if necessary • Develop and maintain strong relationships with local leasing and investment brokers in order to facilitate leasing and investment activity. • Act as a resource to the Acquisitions Team as they perform preliminary underwriting on assets in the geographic region.
Acquisitions: • Assume responsibility for the acquisition/due diligence process, including the selection of appropriate property managers and leasing agents, initial capital and operating budgets as well as review and approve acquisition underwriting assumptions. • Participate in the evaluation and review of each asset to be acquired by the firm. Work with the Acquisition Team to develop a final underwriting model • Prepare an Asset Management statement / recommendation within Investment Committee memos. • Perform in depth market research to support all underwriting assumptions incorporated into the acquisition model. • Assist the acquisitions team in lease review on major/key tenants, and review lease abstracts, capital improvement budgets, and operational budgets. • Oversee the physical inspection of the asset in order to understand the impact of any deficiencies on underwriting. • Conduct tenant interviews and understand the financial position of the primary tenants.
Other: • Manage the reporting process (business plans and monthly and quarterly reports) in an efficient and timely manner. • Provide periodic property updates to the portfolio management team • Prepare annual portfolio review materials including preparing and delivering written and verbal annual portfolio reviews to the portfolio management team • Assist in the financing or a sale of the asset as required • Visit asset no less than quarterly
Qualifications: • 4 year college degree • Minimum 7-10 years retail asset management or acquisition experience. Construction and development experience a plus • Must be a self-starter with strong analytical and communication skills and have the ability to proactively recognize, investigate and communicate all issues • Superior verbal and written communications skills along with strong presentation and executive reporting skills • Excellent leadership ability, be a confident communicator with the level of maturity and presence necessary to interact with the senior management of the firm, as well as joint venture partners and external constituents • Strong problem-solving orientation, and have the ability to identify and execute a strategic solution • Very driven, entrepreneurial, hard-working and results-oriented individual • Excellent Microsoft Office skills (Excel, Word & PowerPoint), Financial Modeling and familiarity with Argus • Ability to think strategically • Willing to travel