Assistant Director, Real Estate Operations & Transactions

JoinUChicago Medicine, as aAssistant Director, Real Estate Operations & Transactions in ourReal Estate department.

As UCM continues to evolve and grow from its roots as one of the nation’s top academic medical centers, and into one of the world’s most sought-after and highest-ranking academic health systems, we are looking for an Assistant Director - Real Estate Operations & Transactions.

As part of UCM’s Strategy & Growth division, this role will report to the Executive Director, Enterprise Real Estate & Ambulatory Development. The Assistant Director, Real Estate Operations & Transactions will play a strategic and hands-on role managing and supporting UCM’s growing, multi-state real estate portfolio.

Essential Job Functions

• Oversee all day-to-day real estate issues, acting as the main point of contact between UCM user groups and external parties.
• Assist in managing UCM’s real estate portfolio(s), including end-to-end management throughout the entire lease lifecycle (renewals, expirations, and negotiations, and ensuring accuracy and timely execution.
• Assist in building the internal infrastructure around processes, people, and technology to effectively manage the portfolio.
• Manage all landlord and tenant relationships.
• Collaborate with Facilities Management to coordinate timely resolution of building maintenance, repair, and tenant-related issues.
• Lead lease compliance, from a monetary perspective, and partner with internal stakeholders to ensure adherence to lease obligations and operational requirements, including but not limited to:
  • Review/approval of monthly rental income and expenses (A/P & A/R) for Base Rent, NNN’s, utilities, work orders, etc.;
  • UCM property tax Payments and compliance (outside of UCM lease agreements and monthly rent charges);
  • Prepare and analyze annual expense reconciliations from Landlords for accuracy prior to UCM making payment for;
  • Monitor, analyze, pay, and reconcile Association Dues at various UCM locations;
  • Organize, request, and submit requests for payments from Landlords for any Tenant Improvement Allowances (TIAs) owed to UCM in a timely manner, post-buildout(s);
  • Onboarding of new landlords/vendors in UCM’s accounting system (Oracle).
• Lead lease compliance, from a non-monetary perspective, and partner with internal stakeholders to ensure adherence to lease obligations and operational requirements, including but not limited to:
  • Interpretation of responsibilities between Landlord and Tenant per each lease/agreement;
  • Obtaining or coordinating various requirements for UCM per each lease/agreement (buildout plans, signage, parking, subleases, assignments, SNDA’s, Estoppels, etc.);
  • Manage insurance compliance per lease (obtaining or renewing COIs, coordinating and closing out insurance claims, etc.)
  • Coordinating property tax exemptions
  • Management and coordination of move-ins and moveouts (Commencement and Surrender of Possession letters, utility turn on/shut offs, reconciliation of accounts, etc.);
  • Track critical dates (Lease/Rent Commencement, Expirations, Options, Termination Rights, etc.).

Real Estate Transactions

• Assist and/or lead complex negotiations of real estate term-sheets, new leases, renewals, amendments, or terminations; ensuring favorable deal terms and mitigating risk / liability to the institution, and elevating issues in a timely manner for resolution.
• Conducts market and sub-market analysis on rents, demographics, supply & demand, sales comparables, lease/rent comparables to create informed, data driven decisions.
• Manages the due diligence process, including coordination of due diligence materials and closing documents for compliance with contract(s), lender requirements, and title companies.
• Serve as a cross-functional leader on all real estate transactions, keeping the appropriate parties (Ambulatory Development, Ambulatory Operations, Facilities, Accounting, Finance, Tax, Legal Affairs, Ambulatory Development) engaged and informed throughout the lease negotiation and buildout/construction process.
• Ensure standardization, consistency, and accuracy of deliverables included but not limited to business case preparations, market survey, tour book, RFPs, negotiation trackers, financial analysis, status reports, approval memorandums and signatures.
• Prepare transactions close-out files and checklists, ensuring a smooth transition to ambulatory/clinical operations, post-construction/buildout.
• Develop and maintain strong internal relationships with business leaders, cross-functional team leads, and thirdparty vendors (Brokers, Landlords, Service Providers, Rosk Management, Legal, Tax, etc.).

Required Qualifications

• Minimum of 3-5 years progressive experience in commercial or corporate real estate with a minimum of an undergraduate degree but preferably a master’s degree in business, real estate, or finance.
• Knowledge of commercial real estate documents and processes, including leases, subleases, ground leases, license/occupancy agreements, amendments, purchase and sale agreements.
• Strong financial acumen and experience with budgeting, forecasting, reporting, and financial analysis.
• Experience in the successful negotiation of real estate agreements. • Prior success in managing a multi-state real estate portfolio.
• Proven leadership, program and change management skills to support portfolio transformation.
• Prior experience engaging and influencing across business units to achieve optimal outcomes
• Ability to thrive in a fast-paced environment while managing multiple projects simultaneously.
• Strong organizational, time management, and project management skills, with the ability to work both independently and collaboratively.
• Excellent written and verbal communication skills, with the ability to convey complex information clearly to all levels of the organization.
• Proficiency in Microsoft Office Suite (Excel, Outlook, PowerPoint, and Word.

Position Details

• Job Type/FTE: Full-Time 1.0 FTE
• Shift: Days
• Unit/Department: Real Estate & Ambulatory
• CBA Code: Non-union