Real Estate Development Associate
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
Real Estate Development Associate
Job Profile Title
Associate Director E
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/
The Development Associate is responsible for assisting Director of Development with the advancement of real estate development projects including: managing, coordinating, and administering the project development process from initial concepts, feasibility studies, market research, acquisition, design, permitting, financing, construction, and transition to operations or sale; including performing other duties as assigned (including preparation of solicitation of interest, request for proposals and associated documents).
Because Penn utilizes ground lease development and partnership strategies (to leverage Penn land in creating real estate development projects which include off-campus residential, office, warehouse, and lab/innovation space), the development process includes identifying resources, implementing strategy and overseeing progress from inception to completion.
The Development Associate's role will include assisting with analysis and planning of 3rd party real estate development projects from inception to completion; which includes understanding and assisting with the RFQ/RFP process, proposal review and analysis, lease review and analysis, financial modeling and tracking of all aspects of design and construction from inception to completion. A “High” Proficiency in Excel is a requirement (i.e., being able to use Excel functions, macros, etc) in order to create detailed financial models for investment return analysis and presentations to Senior Management/Trustees. Also, Proficiency in Power Point is a requirement (i.e, being able to use/create Power Point presentations for Senior Management/Trustees). ),
The Development Associate will also assist in overseeing the acquisition and disposition of assets on behalf of the institution. The Development Associate will also assist the Director of Arts and Culture in conjunction with these activities, on an as needed basis.
Project Management: Assists the Development Director with analysis, management and coordination (between the development, construction and operations teams) of all projects and achieving milestones with projects. Assists with the preparation, management and coordination of internal and external deliverables for the formulation of development presentations and business plans for approval by Sr. Management.
Procurement: Drafting and managing RE Developer solicitation of interest and similar RFPs, compiling results and preparing presentations, analysis and recommendations.
Financial Planning: Coordinates due diligence and transactional documentation for analysis, acquisition and financing, including ensuring accuracy and consistency of documentation, and facilitating document/information flow for various committee presentations (i.e., RESC, FCP and other committees).
Reporting & Analysis: Assists in the preparation of regular reports (monthly or quarterly as appropriate to the specific projects) summarizing project progress, issues, pro forma, schedule, etc. to keep Sr. Management well informed.
Network Development: Develops and maintains rapport and credibility with project team members, real estate consultants, City officials, et al to ensure effective implementation of projects.
Operations: Assist with the oversight of the Arts and Cultures program at the Rotunda on an as needed basis. Other duties as assigned.
Bachelors degree in any subject and at least 5-7 years of experience strongly preferred, or equivalent combination of education and experience. Advanced education/certification a plus. Professional must have experience working in fast-paced environments, ability to understand complex legal documents, knowledge of real estate finance, public finance and/or project finance. Prior experience in working on a full range of development responsibilities from project conceptualization/planning through site planning and zoning through construction management. Strong organizational skills, presentation abilities and excellent verbal and written communication skills. Proficient in MS Office software. Must have excellent interpersonal skills, team-oriented yet self-starting work style, ability to work independently and high ethical standards.
Candidates should submit a cover letter expressing interest in position and a resume outlining background and experiences.
Job Location - City, State
Department / School
Facilities and Real Estate Services
$72,837.00 - $116,539.66
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.
Background check required after a conditional job offer is made. Consideration of the background check will be tailored to the requirements of the job.
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-Development-Associate_JR00048496
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