Associate, Commercial Real Estate Asset Manager

The commercial real estate practice at Northern Trust is focused on managing complex commercial real estate investments held in trusts and estates as well as providing customized advice to clients on their commercial and agricultural properties. Property types include retail shopping centers, office buildings, industrial buildings, multifamily properties, agricultural and vacant land.

Commercial Real Estate Asset Managers represent owners of real estate and are responsible for managing the investment to achieve high returns while minimizing risk. Responsibilities of an asset manager include:

• Annual responsibilities may include preparation and presentation of Reg 9 reviews to Trust Real Estate Committee. This requires a comprehensive understanding of the property valuation and risks to ownership and includes formulating a recommendation of whether the property should be retained or listed for sale.
• Property Operations including collection of rents, CAM and other receivables; payment of invoices; tenant communications regarding lease renewals, delinquencies and rent increases; property taxes including payments, appeals and tracking tenant payments;, tenant and property insurance policy expirations and renewals, CAM calculations and reconciliations. .
• Other asset management responsibilities include engaging and overseeing property managers; interviewing and engaging leasing brokers to gain market knowledge and maintain property occupancy; engaging other vendors including contractors, appraisers, attorneys, and other service providers; providing construction oversite and managing property dispositions.
• Property Analytics including creating and approving budgets, reviewing financial statements, budget to actual variance analysis, property valuations, detailed lease review, market analysis, environmental risk review, and return on investment analytics.

The Associate will support Asset Managers by:

• Engaging vendors, contractors, appraisers, etc. Coordinating vendor site visits with property managers and tenants.
• Analyzing information and standard practices to make judgments.
• Process accounts payable in a timely and accurate manner,
• Working closely with and responding promptly to partners in various departments with respect to the management and/or sale of the asset;
• Review accounts receivable to insure successful collections,
• Completing administrative functions as needed or requested;
• Create and interpret reports as needed, and
• Utilizing prior experience in commercial real estate financial modeling and market analysis in the preparation of Property Analytics;
• Maintain the integrity of all property-level data;
• Utilizing prior experience with Yardi property management and accounting software to:
  • Set up properties,
  • Prepare budgets and budget to actual variance analysis,
  • Input detailed lease information and provide complete and accurate tenancy reports,
  • Review accounts receivable to insure successful collections,
  • Process accounts payable in a timely and accurate manner,
  • Create and interpret reports as needed, and
  • Maintain the integrity of all property-level data;
• Prepare budgets and budget to actual variance analysis,
• Set up properties,
• Utilizing Microsoft Office 365 skills including Excel, Word, Outlook, Forms, Teams, OneDrive and SharePoint.
• Input detailed lease information and provide complete and accurate tenancy reports,
• Following existing procedures and practices to achieve objectives, solve problems and meet deadlines.