Vanderbilt University Assistant Director, Real Estate in Nashville, Tennessee
Assistant Director, Real Estate (Job Number: 1801013)
About the role:
The Assistant Director is part of the Facilities Real Estate Department at Vanderbilt University and is a key individual contributor responsible for oversight of the university’s real estate portfolio, leases, and strategic initiatives. Reporting directly to the Director, Real Estate.
The Assistant Director will be critical in overseeing VURE’s third party property management companies, managing all aspects of 3 rd party leases, managing VURE reports and presentations. Additionally, the Assistant Director will assist the Director with property acquisitions/dispositions, supporting strategic initiatives of Vanderbilt, Facilities, and VURE, and leading the VURE organization.
About the Work Unit :
Vanderbilt University Real Estate (VURE) is responsible for a portfolio of 41 buildings consisting of 1 million gross rentable square feet, 760,000 square feet of commercial space, 305 apartment units, University ground leases, 427,000 square feet of leased space, and the Vanderbilt Legends Club golf course and facilities. The Real Estate department supports the university in all real estate related matters including acquisitions and dispositions, tenant and department space planning, leases with 3 rd parties, and strategic initiatives.
VURE is part of the Vanderbilt University Facilities organization which works collaboratively to build, maintain, manage and operate campus infrastructure in a sustainable and cost-efficient manner to support the overarching academic mission and goals of the university.
Facilities annual budget exceeds $100 million in operating expenses and includes over 400 employees. Facilities manages major capital project expenditures totaling $125 million annually and facility renewal, replacement and large maintenance project expenditures totaling $20 million annually.
Duties and Responsibilities:
Act as the primary liaison between VURE, its third party management companies (commercial and residential), and its tenants.
Participate in weekly meetings with commercial management team to keep tabs on property issues. Determine when to escalate issues to Director.
Work with property managers to update and maintain capital plans, determine prioritization of expenses, and draft approval memos for major projects.
Serve as VURE point person for major renovation projects (the management company will be primary project manager). Lead internal project approval and contract execution process, engage all necessary internal VU stakeholders, provide updates to leadership, work with VURE accounting team on setting up and monitoring budget and expenses.
Serve as primary VURE tenant contact for space planning purposes (lead tours of potential spaces, evaluate available space for potential tenant groups, etc.), escalated property management issues, and miscellaneous tasks.
Ensure management companies’ priorities align with Vanderbilt Facilities initiatives (i.e. sustainability, accessibility, etc.).
Manage 3 rd party leases (both Vanderbilt as tenant and Vanderbilt as landlord)
Serve as primary point of contact and liaison between Vanderbilt departments and leasing partners.
Maintain lease database and information, including all pertinent expiration and renewal dates.
Manage lease negotiation and review process from initiation to execution with appropriate input from Vanderbilt’s brokers, general counsel, and risk and insurance offices.
Obtain necessary approvals for lease terms.
Manage the ongoing business relationship and contracts with landlords and vendors concerning any activity associated with Vanderbilt leases.
Work with accounting team on monthly payments, CAM payments and reconciliations, and any necessary payment changes.
Manage ongoing Real Estate reports, including:
Preparation of Quarterly Market Trends Report –analyze real estate market data, draw conclusions pertinent to Vanderbilt, and synthesize into an interesting report for executive level leadership.
Monthly significant activities report/dashboard updates;
Off-campus leasing summary;
Vanderbilt portfolio commercial lease list;
Assist accounting team in updating and maintaining financial models.
Support Director in property acquisitions and dispositions.
Analyze potential acquisition and disposition opportunities to determine expected property performance and impact on VURE portfolio.
Assist Director in overall acquisition process, including appropriate internal approvals, review of legal documents, and coordination of due diligence process.
Support Facilities and Real Estate strategic initiatives, including but not limited to:
FutureVU land use initiative implementation
Graduate and Professional Student Housing initiative
Represent VURE in Facilities Initiatives as needed.
Collaborate with a wide-variety of VU departments and stakeholders to support university initiatives as related to all aspects real estate.
Support Director in preparation of materials for meetings and leadership.
Act as Director of Real Estate during his/her absence.
Bachelor’s Degree is necessary
Master’s Degree is preferred
3-5 years of related experience is required
Experience with leases or property management a plus
Outstanding written and verbal communication skills are necessary
Proven ability to think critically, problem solve, and manage a variety of priorities in a fast-paced environment
Ability to produce high quality written reports, analytical materials, and presentations with little oversight and direction.
Strong attention to detail and ability to transfer knowledge from one situation to the next.
Ability to comprehend and interpret instructions, short correspondence, and memos and ask clarifying questions to ensure understanding.
Ability to use independent judgment, problem‐solving ability, self‐starting and ability to prioritize based on relevant factors.
Confidence, calmness, discretion, and patience are valued personal characteristics.
Ability to manage multiple tasks, meet deadlines, respond to requests on a
timely basis, and be flexible with changing business needs.
Key Characteristics of a Successful Team Member in this Unit:
Analytical & Detail-Oriented – Accurately assesses information and applies applicable law, policy and procedure. Considers the long term implications of actions today and advises employees appropriately. Even small mistakes can create big issues; attention to detail work indicates care about the outcomes.
Autonomous – Self-managing; self-motivated. Manages time, activities and outcomes well so that progress stays on track. Cleans up after themselves.
Hard-Working – Is industrious as well as efficient (busy isn’t the same as productive). Can juggle multiple competing priorities simultaneously without becoming overwhelmed.
Integrity – Holds oneself accountable; takes responsibility for failures as well as successes, recognizes that trust is required to hold a team together.
Reliable – Does what they say they will do, when they say they will do it. Shows up for work when expected. Doesn’t push the burden of work volume or deadlines to others.
Respect – Is friendly, tirelessly cordial, patient, polite, and genial. Comes in to work with a good attitude and is ready to help campus employees, managers, and colleagues through what may be a difficult and overwhelming time for them.
About Vanderbilt University
Vanderbilt is a renowned private institution founded in 1873 and located in the heart of Nashville, Tennessee. The university’s students, faculty, and frequently cite Nashville and the surrounding area as one of the many perks of being a part of Vanderbilt community. Vanderbilt University is a place where your expertise will be valued, your knowledge expanded, and your abilities challenged. It is a place where your diversity is sought and celebrated. It is a place where employees know they are part of something bigger than themselves, take exceptional pride in their work and never settle for what was good enough yesterday. Vanderbilt was recently ranked #1 in the Princeton Review at https://news.vanderbilt.edu/2017/08/01/vanderbilt-has-happiest-students-again-according-to-2017-princeton-review-best-colleges-rankings/ among 382 top colleges and universities for “happiest students” - as well as #2 for “best quality of life” and “great financial aid,” #5 for “best run colleges” and “beautiful campus,” and #6 for both being in a “college city that students love” and having “great campus/city relations.”
About Vanderbilt Benefits
In addition to offering a lively community that encourages learning and celebrates diversity, Vanderbilt University offers a competitive, flexible benefits package including health, dental, vision, life, accidental death & dismemberment, disability insurance, paid time off, and a 403(b) retirement plan with employer match. Vanderbilt offers tuition assistance to employees, spouses and dependent children. Also, after five years of service, Vanderbilt will pay up to 55% of the tuition for up to three dependent children to earn a bachelor's degree. Learn more about Vanderbilt's benefits at VU Benefits Overview at https://hr.vanderbilt.edu/benefits/6.1.17BenefitsOverview-Candidate-.pdf .
This position requires a Bachelors degree and four years of experience or the equivalent.
Primary Location: United States-Tennessee-Nashville
Organization: 37000 - Facilities: Office of the Chief Facilities Officer
Job: Fiscal Affairs Professionals