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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.
- Health, Life, and Flexible Spending Accounts: Penn offers comprehensive medical, prescription, behavioral health, dental, vision, and life insurance benefits to protect you and your family's health and welfare. You can also use flexible spending accounts to pay for eligible health care and dependent care expenses with pre-tax dollars.
- Tuition: Take advantage of Penn's exceptional tuition benefits. You, your spouse, and your dependent children can get tuition assistance here at Penn. Your dependent children are also eligible for tuition assistance at other institutions.
- Retirement: Penn offers generous retirement plans to help you save for your future. Penn's Basic, Matching, and Supplemental retirement plans allow you to save for retirement on a pre-tax or Roth basis. Choose from a wide variety of investment options through TIAA and Vanguard.
- Time Away from Work: Penn provides you with a substantial amount of time away from work during the course of the year. This allows you to relax, take vacations, attend to personal affairs, recover from illness or injury, spend time with family-whatever your personal needs may be.
- Long-Term Care Insurance: In partnership with Genworth Financial, Penn offers faculty and staff (and your eligible family members) long-term care insurance to help you cover some of the costs of long-term care services received at home, in the community or in a nursing facility. If you apply when you're newly hired, you won't have to provide proof of good health or be subject to underwriting requirements. Eligible family members must always provide proof of good health and are subject to underwriting.
- Wellness and Work-life Resources: Penn is committed to supporting our faculty and staff as they balance the competing demands of work and personal life. That's why we offer a wide variety of programs and resources to help you care for your health, your family, and your work-life balance.
- Professional and Personal Development: Penn provides an array of resources to help you advance yourself personally and professionally.
- University Resources: As a member of the Penn community, you have access to a wide range of University resources as well as cultural and recreational activities. Take advantage of the University's libraries and athletic facilities, or visit our arboretum and art galleries. There's always something going on at Penn, whether it's a new exhibit at the Penn Museum, the latest music or theater presentation at the Annenberg Center, or the Penn Relays at Franklin Field to name just a few examples. As a member of the Penn community, you're right in the middle of the excitement-and you and your family can enjoy many of these activities for free.
- Discounts and Special Services: From arts and entertainment to transportation and mortgages, you'll find great deals for University faculty and staff. Not only do Penn arts and cultural centers and museums offer free and discounted admission and memberships to faculty and staff. You can also enjoy substantial savings on other goods and services such as new cars from Ford and General Motors, cellular phone service plans, movie tickets, and admission to theme parks.
- Flexible Work Hours: Flexible work options offer creative approaches for completing work while promoting balance between work and personal commitments. These approaches involve use of non-traditional work hours, locations, and/or job structures.
- Penn Home Ownership Services: Penn offers a forgivable loan for eligible employees interested in buying a home or currently residing in West Philadelphia, which can be used for closing costs or home improvements.
- Adoption Assistance: Penn will reimburse eligible employees on qualified expenses in connection with the legal adoption of an eligible child, such as travel or court fees, for up to two adoptions in your household.
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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