Heartland is currently seeking candidates for a full time Asset Manager. (FLSA Status: Exempt)
Position Description- The Asset Manager will be responsible for actively managing a portfolio of office assets to develop strategy, optimize cash flow, and enhance value.
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.
ASSET MANAGER ESSENTIAL DUTIES & RESPONSIBILITIES
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
- Interdisciplinary capabilities
- Desire to work with clients
- Superior attention to detail
- Ability to focus on a variety of tasks simultaneously
- Strong self-motivation
- Team orientation
Reporting, Supervisory & Collaboration Responsibilities
- Reports to Director of Asset Management
- 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.
Application Process & Contact Information
Applications accepted on rolling basis
Applications shall include the following:
Applications should be sent via email to:
Carrie Christensen, Operations Manager