MIT Investment Management Company (“MITIMCo”) is committed to creating a diverse environment and is proud to be an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status.
MITIMCo is a department within MIT that manages over $38 billion for the Institute’s endowment, retirement plan and other pools of capital. MITIMCo’s Real Estate Group serves as an owner, operator, and developer of a high profile real estate portfolio located exclusively in Cambridge, Massachusetts. The portfolio has a current gross market value of approximately $3.4 billion and is comprised of multiple asset types with notable tenants including Bayer, Lab Central, Capital One, Apple, Cambridge Innovation Center, and Facebook. In addition to current holdings, the portfolio is expected to grow significantly over the coming decade through an extensive, mixed-use development pipeline of over 3 million square feet. This role offers an excellent opportunity for a real estate professional to take part in fostering a new, innovative, inclusive, and collaborative environment in Cambridge to support the university’s mission of bringing knowledge to bear on the world’s greatest challenges through science and technology.
The Senior Real Estate Officer will join a highly collaborative team to manage development projects, including ground-up capital projects, renovation projects, and turnkey fitouts, from feasibility studies to final completion. Project responsibilities include financial underwriting, investment/risk evaluation, due diligence, conceptual planning, design, permitting, leasing, contracting, and construction. The Senior Real Estate Officer will also support other real estate investment staff in acquisitions, financing, dispositions, asset management, and portfolio management.
Principal Duties & Responsibilities:
• Manage development of existing and proposed, direct-owned, investment real estate from conceptual phase through construction, including management of teams of architects, engineers, contractors, and consultants.
• Proactively develop business plans for projects to advance MIT’s core mission and produce outstanding returns.
• Manage and coordinate capital projects including oversight of tenant-performed improvements and turnkey projects. Specific duties include developing budgets, estimating, qualifying and selecting architects, engineers, and contractors; managing bid processes including negotiating contracts; ensuring compliance with codes and laws; and overall project management (monitoring cost, progress, schedule, etc.).
• Negotiate service provider contracts with legal counsel guidance as appropriate.
• Provide strategic input and study as needed on large-scale, mixed-use permitting and entitlement efforts.
• Develop qualitative, pro forma, financial sensitivity reviews and budgets for investment real estate development projects.
• Prepare investment memoranda and regular reports on project progress, including scope, schedule, and budget.
• Provide general support for real estate transactions and special projects as needed.
• Conduct certain due diligence (architectural, engineering, and environmental) for potential acquisitions as needed.
• Will report to the Director, Real Estate.
• Ability to work both independently and in a team environment.
• Functional supervision is exercised over third party development managers, general contractors, architects, surveyors, engineers (mechanical, electrical, plumbing, fire protection, structural, and environmental), professional vendors, contractors and other consultants.
Qualifications and Skills:
• Bachelor’s degree required.
• Minimum five years of relevant experience in urban commercial real estate development, real estate investment, construction management, architecture, or engineering.
• Experience with the development of urban mid-rise and high-rise office, laboratory, and/or residential projects in mixed-use environments.
• Greater Boston-area market exposure preferred.
• Proficiency in Microsoft Office (Word, Excel, PowerPoint) and Microsoft Project.
• Excellent quantitative and analytical skills.
• Exposure to Argus Enterprise preferred.
• Flexibility to shift between projects as new priorities emerge.
• Ability to thrive in a fast-paced environment and comfortable working through an iterative process.
• Demonstrated strong interpersonal and communication skills, both written and verbal.
• Ability to resolve complex problems in a thorough and timely manner, and establish the appropriate course of action with relevant stakeholders and minimal supervision.
• Comfortable interacting with high-level executives and the able to deal with confidential information and issues using discretion and judgment.
• Ability to work through all phases of the development process.
Apply through MIT’s online job bank via this LINK.