Deputy Managing Director-Real Estate

Reporting to the Managing Director of Real Estate, this position is responsible for helping oversee the New York State Teachers’ Retirement System’s real estate equity and real estate debt portfolios and managing the team. This position will be responsible for all asset management and loan servicing activities necessary to maximize performance (within the System’s risk tolerance) of the public and private real estate equity and debt portfolios.Minimum QualificationsA bachelor’s degree and ten (10) years of institutional real estate experience with an investment management organization, pension consulting firm or plan sponsor, including:Five (5) years of leadership experience including managing and developing staff, and experience interacting at Executive/Board level, ANDFive (5) years of Real Estate Equity and Real Estate Debt investment management experience including managing all aspects of direct property, and direct and structured debt investments, managing global commingled fund investments across various property types, strategies and geographies, managing investments in public real estate equity and debt portfolios, identifying drivers of performance and opportunities for improvement, and making recommendations to an Investment Committee and/or Board.Preferred QualificationsCFA, CPA and/or CAIA Charter holder.Advanced degree in finance, economics, accounting, business or a related field.Strong professional network including advisors, portfolio managers, general partners, limited partners, and other real estate service providers (i.e. consultants, accountants, and appraisers).Participation in and/or leadership positions in industry organizations such as NCREIF, PREA, ULI and NAREIT.Experience serving on Limited Partner Advisory Committees.Strong analytical skills and experience assessing investment performance.Excellent oral, written and listening communication skills.Experience managing, mentoring, and developing professional staff.Experience developing, presenting and supporting investment recommendations to an Investment Committee and/or Board of Trustees.Ability to organize and prioritize work in a dynamic and complex environment to meet deadlines and daily requirements.High degree of professionalism, integrity, honesty and ethical behavior.Work ModalityThis position is subject to a hybrid work schedule.Job DutiesThe duties of the Deputy Managing Director, Real Estate include, but will not be limited to, the following:Assist the Managing Director of Real Estate with management and oversight of the Real Estate Equity and Debt portfolios.Assist the Managing Director of Real Estate with creating and executing on the Department’s strategic plan, including the evaluation of current strategies, diversification, allocation, market opportunities, and current and future staffing levels.In the absence of the Managing Director of Real Estate, represent Real Estate at Executive staff, committee, and Board related meetings.Coordinate and implement activities to evaluate, develop and enhance portfolio, asset management and loan servicing processes designed to maximize performance while focusing on preservation of principal.Participate in and/or lead efforts to engage, manage, evaluate and terminate (when necessary) outside service providers such as general real estate consultants, separate account managers, public security managers, insurance consultants, legal services, audit and tax service providers, appraisers, property managers and capital and leasing brokers.Evaluate NYSTRS' equity real estate advisors regarding development of annual property business plans and goals, operational and capital budgets, property level financing, and disposition strategies. Provide discretionary approval of business plans and significant property activities.Represent NYSTRS on Advisory Boards of commingled equity and debt real estate funds to monitor execution of the approved fund strategy, assess performance and risk, and perform other duties as described by the fund documents.Coordinate process to monitor manager performance and compliance with approved investment guidelines and strategy for domestic and global real estate public security managers (REITs and CMBS).Coordinate direct mortgage servicing to ensure borrowers adhere to requirements in the loan documents. Directly engage with borrowers and outside counsel when loans need to be modified, extended, or otherwise restructured.Supervise asset management and loan servicing team in relation to carrying out their responsibilities including analysis and reporting of performance drivers. Manage Department resources to ensure the team has the necessary tools, skills, and experience to effectively carry out their responsibilities.Coordinate and/or participate in market and property inspections as needed to assess supply/demand dynamics and/or address property specific issues.Participate in, and represent NYSTRS, at industry conferences, meetings and work groups to stay abreast of real estate investment trends, establish business relationships, and develop best practices in conjunction with our peers.Prepare management reports and make presentations to the Internal Investment Committee, Real Estate Advisory Committee and Board regarding performance and transactions.Coordinate with the Investment Operations and Finance Departments regarding custody, accounting and performance reporting for equity and debt real estate investments.Coordinate other functions on behalf of the Department including, but not limited to, audits (External property audits, Internal Audit, System Financial Audit, Regulatory Audit), budget and key initiatives, contract renewals and billings, FOIL requests, and outside legal engagements.Performs such other duties as assigned by the Managing Director of Real Estate.Periodic travel required.Salary GradeThis is a management position.Salary Range$195,128 - $219,618

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