Minneapolis, Minnesota
Posted: 29-Dec-22
Location: Minneapolis, Minnesota
Salary: 130,137.49 - 214,726.86
Internal Number: 353282
Description of Position
The Director of Leasing and Property Management directly oversees all leases and use agreements for the University’s internal and external real estate portfolio and the management of university facilities overseen by the real estate office. The Director is the key contributor for the systemwide strategic initiatives involving the leasing of real estate and adds strategic value by understanding academic program needs and the commercial real estate market to ensure that University needs are met with the identification and negotiation of leased space. This position serves as the University’s expert regarding lease agreements and the main point of contact for all major leases impacting the University.
This is a 12 month, 100% time position, which reports to the Assistant Vice President of Planning, Space, and Real Estate.
Essential Functions of Position
60% – Lease Transactions and Negotiations
Direct all leasing activities for the entire University of Minnesota System to ensure exceptional real estate services in support of the University’s mission. The position is responsible for various strategic activities including the negotiation, management, and processing of long- and short-term agreements for various University (systemwide) clients as both landlord and tenant. These include new leases (space, land, ground leases, mineral leases), lease renewals, amendments, exercising of options, terminations, utility license agreements and short-term access agreements.
The position provides strategic real estate leadership by working with clients and senior leadership to understand their objectives, advising on business terms and market conditions, researching fair market rents, completing due diligence and financial analysis, negotiating terms and conditions, drafting documents, coordinating the approval process and obtaining all approvals (including development of materials for Board of Regents' presentation when a total transaction value exceed $1,000,000), working with the Office of General Counsel to ensure the appropriate legal document is approved, and ensuring insurance requirements are met.
Leadership, Supervision, and Policy Direction – 15%
Provide departmental leadership, supervision, and guidance to the Leasing and Property Management Team (has direct supervisory responsibility for two Senior Real Estate Specialists, one Lease Administrator, and one Real Estate Property Manager.
The Director serves as the expert regarding policies and procedures pertaining to use and lease of real estate and is responsible for systemwide implementation of these policies and procedures.
15% - Property Management
Oversee and direct the operations and management of the Real Estate Office’s managed properties, including the management contracts for the University’s wholly-owned LLCs. The position directs the work of the Real Estate Office’s Property Manager to ensure facilities are operated, maintained, and improved effectively. The position reviews and approves, as appropriate, all operational services and facility use and directs repairs, maintenance, purchases, facility upgrades, building demolition and capital improvements.
10% - Lease Administration Oversight
Direct the management of internal lease portfolio (UofM as landlord) for 450+ long term leases/agreements and all agreements for the short term use of space and land. Direct the management of external lease portfolio (UofM as tenant) of 400+ leases consisting of approximately 1 million square feet of leased space and approximately 2,600 acres of leased land to ensure all lease administration activities are performed within the terms of the lease.
Responsibilities include enforcing the terms of the agreement with respect to landlord/tenant obligations to ensure timely payment/receipt of rent, in addition to processing and approving monthly payments for 70+ Leases to ensure rents are paid and resolving delinquent AR functions for leases where the University is the Landlord. The Director manages the resolution and implementation of updated rent adjustments and CAM credits/debits and ensures the Leasing Team accurately inputs and manages the terms of agreements in the Lease Inventory Database System.
Work Environment
Work is performed in a hybrid work environment – part time remote and part time in an on campus office environment
Hours are 8:00 – 4:30 or 8:30 – 5:00
Anticipated Salary: $120,000 - $140,000
Minimum Qualifications
• Bachelor's degree and 12 years of relevant real estate experience, with a minimum of 2 years of supervisory experience.
Qualifications Essential to the Position
• Exceptional record of commercial real estate leasing transactions; successful negotiating, drafting, finalizing leasing transactions
• Experience conducting financial analysis of proposed lease transactions
• Knowledge of and experience with higher education real estate practices policies, systems, and procedures is preferred
Knowledge/Skills/Abilities
• Expert knowledge of the commercial real estate market, leasing concepts, and contract writing and interpretation in institutional, commercial, and governmental settings
• Ability to work across diverse groups, both internal and external, to establish and maintain effective working relationships with team members, academic units, property owners, consultants, attorneys, etc.
• Ability to communicate effectively, succinctly, and persuasively in writing, orally and interpersonally.
• Strong financial and analytical skills, including ability to develop and compare lease budgets to provide high level, accurate data related to transaction costs
• Strong attention to detail.
• Excellent judgment and ability to work independently.
• Ability to coordinate multiple tasks and meet challenging deadlines.
• Demonstrated integrity and adaptability.
• Ability to effectively manage through ambiguous assignments.
• Awareness of, appreciation for, and responsiveness to the needs of a diverse workplace.
• Ability to develop and process information using MS Word and Excel.
• Effective Supervisory experience and ability to lead and manage a high performing team
