Commercial Real Estate Leasing Associate

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Commercial Real Estate Leasing Associate

University Overview

The University of Pennsylvania, the largest private employer in Philadelphia, is a world-renowned leader in education, research, and innovation. This historic, Ivy League school consistently ranks among the top 10 universities in the annual U.S. News & World Report survey. Penn has 12 highly-regarded schools that provide opportunities for undergraduate, graduate and continuing education, all influenced by Penn's distinctive interdisciplinary approach to scholarship and learning. As an employer Penn has been ranked nationally on many occasions with the most recent award from Forbes who named Penn one of America's Best Employers By State in 2021.

Penn offers a unique working environment within the city of Philadelphia. The University is situated on a beautiful urban campus, with easy access to a range of educational, cultural, and recreational activities. With its historical significance and landmarks, lively cultural offerings, and wide variety of atmospheres, Philadelphia is the perfect place to call home for work and play.

The University offers a competitive benefits package that includes excellent healthcare and tuition benefits for employees and their families, generous retirement benefits, a wide variety of professional development opportunities, supportive work and family benefits, a wealth of health and wellness programs and resources, and much more.

COVID-19 vaccination is a requirement for all positions at the University of Pennsylvania. New hires are expected to be fully vaccinated before beginning work at the University. For more information about Penn's vaccine requirements and the use of Penn Open Pass, visit the Penn COVID-19 Response website for the latest information.

Posted Job Title
Commercial Real Estate Leasing Associate

Job Profile Title
Coordinator C

Job Description Summary
The Division of Facilities and Real Estate Services (FRES) provides the expertise, business process, policies and standards required to plan, design, construct, operate, maintain and renew the physical assets of the University, excluding the health system. In addition, the Division, comprised of approximately five Departments, is responsible for the strategic planning, management and operation of non-academic University property, and collaborating with the neighborhood to create a safe, diverse and economically vibrant destination. With close to 12M square feet of space, FRES maintains 186 buildings on a campus of 276 acres, completes over 60,000 maintenance requests per year, and starts approximately 250 projects a year. FRES is comprised of the following Departments: Administration, Office of the University Architect, Design and Construction, Real Estate, Operations and Maintenance.

The University of Pennsylvania is implementing a campus transformation entitled Penn Connects ( http://www.pennconnects.upenn.edu ). This comprehensive, award winning effort is expanding the campus over the next 20 years, including the construction of new academic research and recreational facilities. In addition, the University has secured $300M in Century Bond funding and continues to upgrade existing facilities over the coming years. https://www.facilities.upenn.edu/

Job Description

University of Pennsylvania's Facilities & Real Estate Services team is seeking a Real Estate Associate. This highly dynamic role is a point of contact for the University's processes for leasing transactions related to Penn as a tenant. This position supports the Director of Portfolio Management and works collaboratively with Lease Administrator, design and construction staff throughout the commercial leasing process to assure the accuracy, timeliness and completeness of lease transactions on behalf of the University. A primary responsibility of this role is to assist in the overall real estate transactional processes from initial inquiry through lease execution. This includes but is not limited to establishing leasing goals, providing timely transactional guidance to client and team members and coordinating overall administrative direction among University professionals, corporate real estate, legal, business, finance and third parties. As part of the delivery process, this role also prepares the financial modeling, reports, budgets and or analyses for comparison of space alternatives.

The candidate must possess the following: a solid knowledge of commercial real estate leasing practices, a firm working knowledge of the commercial real estate economics and financial modeling (including present value calculations) along with the ability to read and interpret lease plans, surveys, and blueprints. They must have strong written and oral communication skills coupled with analytic, planning and organizational skills. The candidate who has the ability to successfully manage numerous projects/transactions simultaneously and who routinely and efficiently handles abstract and non-routine work assignments, would be well suited for this position. We are seeking a candidate who can demonstrate a proficiency with Microsoft Office including Excel for financial modeling / pro formas and Pivot Tables for report building. The real estate department currently utilizes MRI, Qube, Horizon leasing software for retention of transactional data, lease contract management and payment processing. So knowledge in this system is preferred; however, having experience with any on-line real estate software is required.

Job Duties / Responsibilities

Assist Director of Portfolio Management as the point of contact for Penn Tenant leasing requests, maintains record of all requests and assists with finding a solution with market knowledge of space availability within Penn's owned and 3rd party assets in University City District. Establishes leasing goals when space requirements are identified. Prepares financial analyses for comparison of real estate alternatives to determine optimum site and deal structure. Leads and executes leasing goals by collaborating with other real estate department staff, University professionals, corporate real estate staff or brokers, legal staff, and third-party landlords to bring a transaction to completion.

Executes best leasing practices from inception of a space request through completion of lease expiration; including gathering of space program, site selection/showings, tenant acceptance coordination with design and construction for tenant fit out work, and documentation at time of lease expiration. Communicates the deal terms with lease administrator for accuracy of within leases and assists with execution all leases on behalf of the University.

Create and maintain transaction data accurately and timely into MRI, Qube software; effectively and efficiently managing data input for multiple transactions.

Prepare various types of portfolio reports and communicate clearly to the various audiences; School / Centers, FRES and Central Administration. Reports include but are not limited to annual lease budgets and projections, variance reports, short / long term expiration reports / evaluation current and past rental rates / lease clauses and options to renew.

Compile a library of competitive market information and space inventory (availabilities) in West Philadelphia market and Penn owned portfolio. Utilize database and reporting capacities to track against local and national market trends.

Create monthly reports and monitor on all lease critical dates: renewal options, expirations for leasing strategies.

Create financial analysis for every transaction.

Evaluate Common Area Charges and create reports for year-over-year evaluation against market.

Create tenant client and landlord contacts within MRI/Qube/Horizon (software system).

Create annual lease obligation reports from software system for every lease across the portfolios.

Create and own each transaction within software's module, updating daily.

Create governance paperwork for lease approvals.

Manage the administration for preparation of lease execution.

Market research and maintenance of library of competitive market information and space availabilities.

Perform additional duties as assigned.

QUALIFICATIONS:

Ideal candidate must possess the following skills and qualifications:

Bachelors degree in any subject and at least 5-7 years of experience strongly preferred, or equivalent combination of education and experience. BA/BS preferred.

Ideal candidate will have over 5 years real estate experience with solid understanding of how to perform lease abstracts and to be familiar with Virtual Premise Inc software system; or equivalent combination of education and experience.
  • Ability to work on multiple endeavors simultaneously, prioritize, follow up informally and formally and bring endeavors to conclusion
  • Highly developed verbal and written communication skills
  • Ability to work both independently and as part of a team
  • Instinctually curious
  • High proficiency in MS Office products and software system for managing leases (MRI/Horizon/Qube)
  • Keen attention to detail
  • Strong organization and time management skills
  • Effective interpersonal skills with a focus on customer service


***For consideration, interested candidates should submit a resume and a cover letter expressing your interest in this position, is preferred.*** The position is budgeted up to $83K, salary offer to commensurate with background and experience for this position grade level.

Job Location - City, State
Philadelphia, Pennsylvania

Department / School
Facilities and Real Estate Services

Pay Range
$51,824.00 - $78,096.00

Affirmative Action Statement
Penn adheres to a policy that prohibits discrimination on the basis of race, color, sex, sexual orientation, gender identity, religion, creed, national or ethnic origin, citizenship status, age, disability, veteran status, or any other legally protected class.

Special Requirements
Background check required after a conditional job offer is made. Consideration of the background check will be tailored to the requirements of the job.

University Benefits
  • Health, Life, and Flexible Spending Accounts: Penn offers comprehensive medical, prescription, behavioral health, dental, vision, and life insurance benefits to protect you and your family's health and welfare. You can also use flexible spending accounts to pay for eligible health care and dependent care expenses with pre-tax dollars.
  • Tuition: Take advantage of Penn's exceptional tuition benefits. You, your spouse, and your dependent children can get tuition assistance here at Penn. Your dependent children are also eligible for tuition assistance at other institutions.
  • Retirement: Penn offers generous retirement plans to help you save for your future. Penn's Basic, Matching, and Supplemental retirement plans allow you to save for retirement on a pre-tax or Roth basis. Choose from a wide variety of investment options through TIAA and Vanguard.
  • Time Away from Work: Penn provides you with a substantial amount of time away from work during the course of the year. This allows you to relax, take vacations, attend to personal affairs, recover from illness or injury, spend time with family-whatever your personal needs may be.
  • Long-Term Care Insurance: In partnership with Genworth Financial, Penn offers faculty and staff (and your eligible family members) long-term care insurance to help you cover some of the costs of long-term care services received at home, in the community or in a nursing facility. If you apply when you're newly hired, you won't have to provide proof of good health or be subject to underwriting requirements. Eligible family members must always provide proof of good health and are subject to underwriting.
  • Wellness and Work-life Resources: Penn is committed to supporting our faculty and staff as they balance the competing demands of work and personal life. That's why we offer a wide variety of programs and resources to help you care for your health, your family, and your work-life balance.
  • Professional and Personal Development: Penn provides an array of resources to help you advance yourself personally and professionally.
  • University Resources: As a member of the Penn community, you have access to a wide range of University resources as well as cultural and recreational activities. Take advantage of the University's libraries and athletic facilities, or visit our arboretum and art galleries. There's always something going on at Penn, whether it's a new exhibit at the Penn Museum, the latest music or theater presentation at the Annenberg Center, or the Penn Relays at Franklin Field to name just a few examples. As a member of the Penn community, you're right in the middle of the excitement-and you and your family can enjoy many of these activities for free.
  • Discounts and Special Services: From arts and entertainment to transportation and mortgages, you'll find great deals for University faculty and staff. Not only do Penn arts and cultural centers and museums offer free and discounted admission and memberships to faculty and staff. You can also enjoy substantial savings on other goods and services such as new cars from Ford and General Motors, cellular phone service plans, movie tickets, and admission to theme parks.
  • Flexible Work Hours: Flexible work options offer creative approaches for completing work while promoting balance between work and personal commitments. These approaches involve use of non-traditional work hours, locations, and/or job structures.
  • Penn Home Ownership Services: Penn offers a forgivable loan for eligible employees interested in buying a home or currently residing in West Philadelphia, which can be used for closing costs or home improvements.
  • Adoption Assistance: Penn will reimburse eligible employees on qualified expenses in connection with the legal adoption of an eligible child, such as travel or court fees, for up to two adoptions in your household.



To learn more, please visit: https://www.hr.upenn.edu/PennHR/benefits-pay

To apply, visit https://wd1.myworkdaysite.com/en-US/recruiting/upenn/careers-at-penn/job/Left-Bank-Facilites--Real-Estate-Services/Real-Estate-Associate_JR00048285

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