Lendlease and Google have signed a partnership agreement to jointly undertake the master planning, entitlement and development of four new neighborhoods in the San Francisco Bay Area cities of San Jose, Sunnyvale and Mountain View, over the next 15 years, with an estimated end development value of approximately $15 billion. These four districts will be genuine mixed-use neighborhoods and will be comprised of more than 15 million square feet of office, residential, retail, hospitality and community development space. Under the agreement, Google will focus on the delivery of the office components and Lendlease will be the developer, builder and owner of the residential, retail, hospitality and community components. The project will ultimately bring approximately 15,000 new units (mix of condo, multi-family, co-living and affordable housing) to a region that is in need of residential investment. Master planning has already begun and subject to planning approval, delivery of the project should begin as early as 2022.
As the analytical lead on a large scale high profile project, this role will build and maintain analytical tools that the development team needs to make informed decisions that optimize the project by quantifying the financial impacts of various development scenarios for large scale mixed use master planned communities. Our team uses the financial model as a clearinghouse of the most up-to-date information on the project (program, statistics, budgets, revenues, etc.). As such, this is a highly collaborative role that will require an individual with strong communication and influencing skills that will partner with the development management team, consultants and the client to ensure that masterplan modelling iterations are conducted in a timely and effective manner, that outputs are presented clearly to facilitate timely decision making and negotiation.
Essential Job Functions, Duties and Responsibilities
The following statements are intended to describe the general nature and level of work being performed by individuals assigned to this position. They are not intended to be an exhaustive list of all duties, responsibilities and skills required of personnel so classified .
- Support the Commercial Director and the Development Director in the analysis and review of development scenarios to facilitate timely insight and decision making working in a highly collaborative environment, both internally and with our Partner.
- Build, organize, and maintain the current development program and phasing model in accordance with the direction of the development management team such that the model inputs, mechanics and outputs are transparent and intuitive for any user.
- Play a significant role in preparing and presenting Semi Annual Commercial Assessment (Pro-forma) Review packs (rationalizing currency and reasonableness of assumptions) to be signed off by both Lendlease and our Partner.
- Run various analyses as required by the needs of our Partner.
- Quantify the financial impact of decisions and develop optimized solutions for affordable housing and other public benefits.
- Provide input into investment paper submissions including the generation of appendences, utilizing the Lendlease Research and market sources to summarize macro and micro market dynamics (i.e. supply/demand, cap rates, rental rates, trending percentages, sales pricing, etc.).
- Develop pro-forma models, including all assumptions and other inputs developed from or in connection with other internal and external sources, proper design / operation of the model and the design and presentation of model outputs.
- Under the direction of the Commercial Director, provides guidance and support to junior team members
- Prepare timely analysis and responses to questions requested by Lendlease or our Partner.
- Maintain a detailed database of comparable projects and market data.
- Work with 3rd party consultants and internal subject matter experts to update and document our underwriting assumptions.
General Background and Minimum Requirements
- Bachelors or higher degree in relevant major. MRED, MBA or other relevant Master’s Degree preferred
- Five or more years of real estate underwriting experience preferred with management level reporting exposure. Preference for candidates that have worked for large real estate developers, investors, investment banking, or real estate consulting firms.
- Ability to manage and summarize large amounts of data across two global organizations
- Strong oral and written communication and influencing skills, including proficiency in preparing report output in Microsoft Suite of products or similar software to facilitate timely decision making.
- Ability to prioritize projects and deliverables, and incorporate a logical and systematic approach to all required analyses.
- Understanding of, and ability to create and control presentations and spreadsheet based financial models.
- Familiarity with: mixed-use developments, infrastructure projects, residential rental, residential for sale, retail, and office development and underwriting standards.
Lendlease is an equal opportunity, affirmative action employer.
All qualified applicants will receive consideration for employment without regard to their protected veteran status and will not be discriminated against on the basis of disability.
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