Our client is a fully integrated, private equity real estate firm with a history of holdings and operations in major US innovation hub markets nationally. Established in 1994, the firm currently manages and operates entities holding approximately $6+ billion in fully-capitalized real estate projects. The firm has a focus on the office, data center, logistics, life sciences, and specialized R&D asset classes. They are the landlord to many large corporations including Apple, Amazon, Disney, Equinix, Target, Southern Company, San Diego Gas & Electric, LG, Wells Fargo, BAE systems and Samsung.
Our client's 25+ year successful track record is built upon three distinct investment strategies: (i) targeted value add (buy, reposition/lease up and exit), (ii) core plus (properties leased long-term to high credit tenants characterized by a significant portion of the return derived from operating cash flow) and (iii) opportunistic, ground-up development projects that includes full project life cycles of entitling, pre-development, building construction and economic stabilization. Properties are held in various partnership structures that include closed-end funds, open-end perpetual life vehicles, syndications, institutional separate accounts, and joint ventures.
Our client's mission is to be a trusted partner to our investors, tenants, creditors, employees, and communities while delivering top tier, risk-adjusted returns, and outperforming industry benchmarks. Culturally, the firm values intellectual curiosity, rigorous analysis, creative problem-solving, a collaborative spirit and a willingness to be accountable and to take initiative. They operate in an entrepreneurial environment and require their people to expect and deal with uncertainty.
Position Overview:
Our client is currently seeking an Associate/VP, Development (title to be commensurate with experience) to join the team in the Austin office which predominantly covers properties throughout the eastern United States and Texas. The role will be filled by an experienced real estate development professional overseeing a growing development platform focused on office, data center, life science and mixed-use projects combining residential and/or retail use with office use. The position will report to the firms Partner in Austin and work alongside the acquisitions and asset management team.
The candidate will be the overall head of development projects with responsibility for actively managing the developments, directing and managing staff and external resources on numerous active development/redevelopment projects in various stages. A successful candidate will be an experienced developer comfortable with working in an entrepreneurial environment where decisions must be made decisively within a limited timeframe.
Primary Responsibilities: • Work alongside the firms investments team to evaluate new developments in markets where the company is actively investing. • Perform site evaluations and make recommendations for site selections based upon existing and/or potential rezoning, site constraints and availability of outside resources needed to support the proposed project • Support repositioning of existing assets suitable for development and/or heavy capital programs for repositioning. • Develop conceptual plans and preliminary budgets and schedules to evaluate the financial feasibility of a project and to secure equity funding. • Support the acquisition process, including underwriting, due diligence, financial analysis review, and writing investment memorandums. • Direct all entitlement processes, including all design and other regulatory approvals. Facilitate community and public agency support. • Assemble and manage the appropriate design and construction project team of architects, engineers, consultants and contractors appropriate for the project type and market. • Manage project design and construction process. Secure building and other required other permits. Coordinate with future tenant and turnover to property management. • Ensure that the budget and schedule are on track, and the project is designed and constructed accounting for risks inherent in developments. • Supervise the preparation of project reports and interactions with equity partners and construction lenders. • Ability to manage and/or supervise multiple projects at various stages of development with complex entitlement processes. • Monitor development zoning, legislation, regulations and policies additions or changes applicable to current and prospective projects. • Cultivate relationships with industry peers, brokers, governmental planners, elected officials, community business organizations, architects, contractors and consultants to gain knowledge on all aspects of the development business.
Required Experience/Qualifications: • A keen understanding of the real estate development process. • 6+ years of commercial real estate development experience in office/R&D/life science development. Data center / mixed-use development experience is not required but a significant plus. Multi-family residential experience is a bonus. • A strong financial acumen with specific knowledge of how real estate developments are analyzed and financed. • Understanding all elements of value creation relative to the development process. • Fluency with project entitlements and implementation of approval requirements. • Great attention to detail and organization to assure efficiency and timeliness of getting deals completed as projected. • Decisiveness and process orientation sufficient to anticipate and address opportunities and problems that arise. • A record of working well with a variety of personalities and adapting communication style to the audience. • Strong business development skills, with a supporting network of relationships spanning city planners/officials, brokers, designers, consultants, contractors, tenants and joint venture partners/bankers. • High integrity and a history of open, honest, team?oriented service to all stakeholders of the organization. A practice of sharing information and ensuring that direct reports and staff are kept up to date.
Required Education: • Bachelor's Degree Real Estate, Civil Engineering/Construction Management, Finance/Economics, or other relevant business discipline. • Masters in Business Administration, Real Estate, Finance, or other relevant graduate degree preferred