The Asset Manager will be responsible for actively managing a portfolio of office assets to develop strategy, optimize cash flow, and enhance value.
Business Planning, Strategy, and Transaction Management
Develop and implement strategic business plans for each asset that will govern its daily operations, position in the market, and ultimate disposition
Direct and steer Property Management team to assure financial performance, timely reporting, proactive and high-quality repairs and maintenance, and positive tenant relations
Model full life cycle of each asset from acquisition through disposition including investor returns under different scenarios
Assist with refinancing and disposition efforts through broker solicitation and selection, negotiation of legal agreements, and closing
Assist with conducting transaction analysis and support due diligence for new acquisitions
Financial Analysis, Oversight, and Investor Reporting
Lead the annual budget, business planning, and reforecasting process for each asset
Review monthly property management reports for variance against budget and strategy
Prepare monthly, quarterly, and annual reporting for investor clients and senior leadership
Create cash flow projections, analyze and recommend investor capital calls and distributions
Perform valuations of each asset on a bi-annual basis
Review third-party appraisals for accuracy and consistency
Develop analytical tools to allow leadership to better understand the state of the portfolio
Monitor and maintain compliance with all lender requirements
Monitor timely payment of taxes and insurance premiums
Monitor all escrow accounts and operating cash accounts to assure they are properly funded
Review property manager operating expense and CAM reconciliations for accuracy and provide final approvals to PMs prior to sending out tenant letters
Collaborate with other departments to improve and document processes and streamline reporting
Establish strategies to drive leasing performance at the Office and mixed-use assets
Manage relationships with leasing brokers, attorneys, and lenders to negotiate lease terms at or above proforma budget at the office assets
Review LOIs and other leasing documents
Draft landlord work letters for leases to be approved by owner
Review outside broker listing agreements
Track ROFOs and ROFRs of existing tenants
Work closely with property managers to transition new tenants into (office) properties
R&M and Capital Improvements
Forecast repair and maintenance budgets and oversee property management to implement a proactive and high-quality maintenance plan
Develop capital improvement strategies, to be approved by owner, and oversee design and construction management activities
Monitor construction progress and ensure TI and CapEx projects are closed out
Negotiate third-party contracts and oversee implementation of capital improvement and “value-add” programs within the portfolio
Educational & Professional Experience Requirements
4-6 years of commercial real estate experience with a focus on asset management activities including strategy, leasing, financing, managing improvements, capital investments, and dispositions
Experience managing office assets; additional experience with multifamily and industrial preferred but not required
Acquisitions and dispositions experience highly valued but not required
Bachelor’s Degree in Real Estate, Finance, Accounting, or related field
Knowledge of the Seattle, Portland, Salt Lake City, Denver, and Boise markets is particularly useful
Key Skills & Competencies
In-depth knowledge of real estate finance including underwriting, valuation, and debt and equity structures
Able to successfully work in a team-oriented environment and partner with internal colleagues, external suppliers, and cross-functional groups
Strong analytical, accounting, and critical thinking skills
High comfort level with the technology used to aid in collaboration, communication, and documentation
Excellent written and oral communication skills
Advanced knowledge of Excel including building templates for other users
Argus, Yardi and SharePoint skills strongly preferred
Our ideal candidate(s) will have a strong compatibility with Heartland culture in terms of intellectual curiosity, team-oriented nature, problem-solving capacity, desire to learn new skills as projects demand, a focus on high-quality work product, and ability to work in a fluid, fast-paced environment.
High level of integrity
Proactive self-starter with ability to both take direction and also set own action plan
Ability to learn and adapt quickly
Ability to manage multiple competing priorities and meet delivery deadlines
Ability to work effectively both independently and within teams
Ability to probe, ask the right questions, and dig beneath the surface to test the validity of information
Ability to think critically, solve problems and make well-reasoned business decisions
Strong work ethic
Desire to work with clients
Superior attention to detail
Ability to focus on a variety of tasks simultaneously
Manages property-level teams, including third-party property managers, leasing brokers, etc.
Collaborates with internal project teams
Collaborates with client personnel
Travel required to appropriately cover the assets and the market.
Market appropriate; experience and skills considered; comprehensive benefits package included.
Location & Hybrid Work Policy
This is a full-time position based in Seattle, Washington.
Heartland currently has a hybrid work policy, which includes the ability to work remotely within the State of Washington and an expectation of 2-3 days in office with clients and internal teams, site visits, etc. within the parameters of Heartland’s COVID protocols as well as applicable law. The hybrid work policy will continue to evolve over time.
COVID-19 Vaccination Policy
Heartland has an employee vaccination policy in effect and, if hired, any applicant must provide appropriate evidence of full vaccination prior to the agreed upon employment start date, subject to any applicable religious or medical exemptions required by applicable law.
Diversity, Equity & Inclusion Efforts
We are an equal opportunity employer. We recognize that our mission and values are best advanced by the leadership and contributions of individuals of diverse backgrounds, beliefs, and culture. Recruiting and mentoring staff to create an inclusive organization that reflects our region’s diversity is a priority, and we encourage applicants from all cultures, races, colors, religions, sexes, national or regional origins, ages, disability status, sexual orientation, gender identity, military, protected veteran status, or other status protected by law.
As advisors by trade, we know that innovative solutions emerge from unique perspectives, experiences and identities. As such, our team and our partners are our life force. We encourage employees to get involved and to feel comfortable voicing their opinions and sharing their ideas; our goal is for everyone to feel and be heard, included and acknowledged. To that end, we are committed to continue working to become a more diverse, equitable and inclusive organization. We know it is a journey and while we may not get it right all the time, we are committed to listening and learning in order to effect change in our organization and beyond.
About Heartland LLC
Heartland LLC (“Heartland”) is a Seattle-based real estate advisory and investment firm with over 35 years of experience creating value for clients, including families and family-owned businesses, non-profit organizations, corporations, and real estate development, investment and operating companies. Heartland combines strategy development and analytical rigor with execution capabilities in real estate brokerage, asset management, capital markets, and development services to positively impact the communities, organizations and families with whom we work.
In 2019, Heartland became a majority owned subsidiary of Laird Norton Company. Heartland, on behalf of Laird Norton Properties (LNP), the wholly owned real estate subsidiary of Laird Norton Company, a seven-generation family enterprise, provides comprehensive asset management services for the company’s 16-asset, ~2M square foot office and multifamily portfolio across 5 markets: Seattle, Boise, Salt Lake City, Denver and Portland. Heartland focuses on mitigating risk and unlocking value within the existing portfolio and is also responsible for identifying and executing new opportunities on behalf of LNP.
More information on Heartland can be found at www.heartlandllc.com