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Director of Lease Administration, Commercial Properties

Company: The Lightstone Group, LLC
Location: Lakewood
Posted on: April 3, 2024

Job Description:

COMPANY OVERVIEW:Lightstone, founded by David Lichtenstein, is one of the most diversified privately held real estate companies in the United States. Headquartered in New York City, Lightstone is active in 26 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 209 existing properties, Lightstone's over $9 billion portfolio currently includes over 13 million square feet of industrial, life sciences, and commercial properties, over 25,000 residential units, and over 5,100 hotel keys. Lightstone's development portfolio includes over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.POSITION OVERVIEW: Lightstone currently owns and manages a large portfolio of properties across multiple asset classes. The Director of Lease Administration - Commercial Properties for overseeing all aspects related to the administration of leases, amendments and other tenant-related documents for a portfolio of commercial properties, principally consisting of industrial properties located throughout the United. Significant prior lease administration experience in a managerial role with industrial properties, attention to detail and good communication skills are amongst the required qualifications. This position is full time and exempt. The Director of Lease Administration - Commercial Properties will be based at the Company's Lakewood, New Jersey office. This position may require occasional travel and reports to the Company's Director of Lease Administration, Accounts Payable and Investor Relations. ESSENTIAL FUNCTIONS: The Director of Lease Administration - Commercial Properties will oversee a portfolio of commercial properties, principally consisting of industrial properties and is responsible for the following functions:

  • Manage day-to-day activities of commercial lease administration staff. Instruct, train and develop personnel.
  • Support Asset Management, Accounting and Legal in analyzing lease terms and by providing high-level reporting packages..
  • Support Asset Management and Legal with lease negotiation, including review of terms and recommended revisions prior to lease execution.
  • Tracking of proper implementation and compliance of lease terms; tracking of key milestones and landlord and tenant obligations.
  • Set up straight-line rent for lease terms. Establish procedures for Capex Amortization, proper CAM Pools, Accruals, etc.
  • Participate in the preparation/review of lease abstracts for tenant leases.
  • Review and approve set-up of all new leases and amendments/renewals to existing leases.
  • Performs "audits" of leases; including comprehensive review, comparison, and analysis of base rent, operating expense reconciliations statements, and other financial considerations within the lease to ensure expenses charged to client are in compliance with lease clauses and both tenants and landlord are in compliance with lease terms.
  • Oversee and assist in the maintenance and certification process for rent rolls and forecasting future income.
  • Track and monitor lease expirations and communicate status with Asset Management, Accounting and Legal.
  • Participate in the review/preparation of annual estimated billings for reimbursable expenses and related year-end "true ups."
  • Support Asset Management team in budgeting and tracking of tenant refurbishments and improvements, including monitoring deadlines and any landlord obligations for such items.
  • Review tenant remitted documentation, such as vendor invoices and lien waivers, submitted in connection with requests for reimbursement for tenant improvements and refurbishment allowances.
  • Participate in the review/preparation of annual budgets and periodic reforecasts.
  • Participate in the timely monthly, quarterly and annual lease administration closing process.
  • Participate in quarterly reviews and annual audits as required.
  • Review, evaluate and document internal controls over processing of lease administration related activities (e.g., billings, collections, etc.).
  • Support and liaise with other Accounting personnel, Legal, Property Managers, Asset Managers, Joint Venture Partners and Executive team. Manage high level communications involving tenants with Asset Management, Property Managers and Legal.
  • Monitor outstanding accounts receivable, assist in collection related-matters, conduct periodic accounts receivable meetings with Asset Management, Legal and other Accounting personnel. Oversee the determination of bad debt expense/allowances for doubtful accounts and accounts receivable write-offs.
  • Other duties and responsibilities, including special projects as assigned. Qualifications:
    • Minimum of 7 years of progressive experience in commercial lease administration, including industrial properties.
    • Bachelor degree or equivalent in accounting, finance, business or related field.
    • Public accounting experience and/or CPA designation preferred.
    • Substantial managerial/supervisory experience.
    • Excellent computer skills, including advanced proficiency in MS Office applications.
    • Extensive experience with MRI, Yardi and/or other real estate accounting software systems..
    • Experience with reading and abstracting commercial lease documents.
    • Excellent computer skills, including advanced proficiency in MS Office applications, particularly Excel, is required.
    • Well-organized with the ability to excel in a dynamic work environment.
    • Strong work ethic with the ability to work independently and with a team.
    • Ability to multi-task and manage a challenging workload while consistently meeting deadlines. PI3883173fe946-31181-34010209

Keywords: The Lightstone Group, LLC, Lakewood , Director of Lease Administration, Commercial Properties, Executive , Lakewood, New Jersey

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