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Type of Role: Investments

Experience Level: VP/Principal/Director

Location: Tallahassee, Florida

Salary: $210K - $295K

The State Board of Administration (SBA) is primarily an asset management organization responsible for investing state and local government assets. Established by the state’s constitution, its mission is to provide superior investment and trust services while adhering to the highest ethical, fiduciary, and professional standards. As of June 30, 2022, the board had $228.0 billion under management; the largest fund under supervision is the Florida Retirement System (FRS) Pension Plan Fund ($180.0 million). Other major funds include the FRS Investment Plan Fund ($12.8 million), the Florida Hurricane Catastrophe Fund ($12.4 million), and the Local Government Surplus Funds (Florida PRIME) Trust Fund ($17.7 million).

Responsibilities

The Senior Investment Officer-Real Estate is responsible for directing and coordinating the day-to-day management of the State Board of Administration’s (SBA) real estate investment programs and leading the asset class team.  The Senior Investment Officer – Real Estate works with the Executive Director & Chief Investment Officer (ED & CIO) and other senior State Board of Administration (SBA) staff to fulfill the objectives of the organization.  The Senior Investment Officer-Real Estate reports to the Deputy Chief Investment Officer.

Supervises the implementation of the Real Estate portfolio, and allocates workflow and sets staff priorities

  • Oversees the acquisition, disposition and asset management process of direct-owned investments within the Principal Investments portfolio
  • Implements processes to be executed in conjunction with the members of the asset class team
  • Oversees the manager selection process, manager monitoring process and administration of the Externally Managed portfolio
  • Writes the annual workplan for approval by the ED & CIO in compliance with all policies

Monitors real estate market conditions and trends

  • Maintains regular communications with existing and other fund managers, investment advisors, placement agents, consultants, brokers, joint venture partners, etc.
  • Participates in industry organizations and conferences
  • Reads industry publications and research
  • Attends fund annual meetings and advisory boards
  • Meets with brokers and other industry professionals for local market information

Ensures proper portfolio construction

  • Oversees the portfolio construction process and the allocation of capital across the investment strategies within the asset class
  • Works closely with asset class consultant and staff
  • Monitors portfolio exposures
  • Utilizes pacing model to manage risk

Collaborates with ED & CIO, Deputy Executive Director (DED), DCIO, other SBA business units and asset class consultant

  • Works closely with SBA executives and staff and asset class consultant to develop strategic reviews, policies, and special projects
  • Ensures that information/data reported for Real Estate asset class is accurate and timely by coordinating with Accounting, Risk Management & Compliance, and asset class consultants
  • Collaborates with Senior Investment Officers on differentiated or cross-asset class investment opportunities
  • Serves as an active member of various SBA oversight and leadership groups

Facilitates efforts to support the SBA’s control environment

  • Works actively and constructively with Risk Management & Compliance, Office of Internal Audit, the Inspector General, and all applicable auditors
  • Maintains up-to-date asset class procedures

Demonstrates ability to effectively manage human and financial resources
Manages Human Resources

  • Complies with policies and procedures and utilizes available resources in order to recruit and hire qualified colleagues
  • Demonstrates commitment to diversity in recruiting and hiring qualified colleagues
  • Ensures colleagues are properly oriented to the department/unit and organization and trained to perform the essential functions of their positions
  • Evaluates performance of colleagues in accordance with policies and procedures and works with colleagues to develop annual specific,measurable, attainable, relevant, and time-bound (SMART) goals, to include goals for career development
  • Coaches, counsels and commends colleagues throughout the year related to performance of job functions and demonstrating key behaviors
  • Manages colleagues to ensure work is performed in a safe manner
  • Identifies and assesses department succession management needs, documents succession plans and develops colleague competencies for succession

Manages Financial Resources

  • Evaluates unit/department operations annually and prepares department budget in conjunction with the SBA’s and/or Budget Manager to meet anticipated needs
  • Evaluates, negotiates and monitors vendor contracts to ensure goods and services are provided in the most cost-effective manner
  • Manages department expenses within budgeted levels, monitors on a monthly basis and analyzes variances to determine causes
  • Completes expense reports and provides supporting documentation per established policies and procedures
  • Conserves department resources by efficiently utilizing time, equipment and supplies

Develops, implements and monitors strategic plans, or works in collaboration with SBA’s leadership team, to contribute to the success of the department/unit and the overall organization

  • Functions as a strategic business advisor to senior leaders regarding organizational strategic objectives
  • Develops, or assists the senior leader over the department with developing, a department strategic plan that contributes to the overall strategic objectives of the organization
  • Involves colleagues in the implementation of strategic objectives of the department
  • Ensures successful implementation/deployment of department strategic plans

Performs other duties as assigned

Qualifications

Ten years of related experience, with five years of the related experience in a supervisory role. A postsecondary degree may be used as an alternative for years of direct experience; 2 years for an associate’s degree, 4 years for a bachelor’s degree, 6 years for a master’s degree, 7 years for a professional degree, or 9 years for a doctoral degree.

Preferences:

  • A bachelor’s degree from an accredited college or university in finance, mathematics, accounting, economics, business, or a related field
  • Experience in the commercial real estate business, with real estate market dynamics, real estate value drivers, capitalization rates, market rents, appraisal values, and space markets

Knowledge, Skills and Abilities: 

  • Advanced knowledge of financial terms including the ability to read, interpret and translate real estate financial statements and real estate market data
  • Advanced analytical and quantitative skills
  • Detail-oriented and proficient with financial modeling
  • Advanced skills with Microsoft Office Suite
  • Exceptional written and verbal communication skills, including ability to articulate recommendations in a concise and timely manner
  • Skill in organizing and summarizing complex financial and legal information in writing
  • Solid personal assertiveness skills and ability to resolve issues effectively
  • Ability to comprehend, analyze and interpret complex documents
  • Ability to solve problems involving several options in situations
  • Ability to effectively interact with SBA senior leadership, business and corporate leaders
  • Ability to multi-task and efficiently negotiate changing priorities and responsibilities, and delegate work
  • High level of integrity and professionalism, including an overriding commitment to the team’s success as well as accountability for specific performance
  • Travels frequently to various locations throughout the United States and/or internationally. Involves work outside of normal business hours and working remotely to maintain contact with others and normal office-related duties

Hiring Range: $210,000 – $295,000

The State Board of Administration is an Equal Opportunity Employer

Successful completion of a pre-employment background check is a condition of employment with the State Board of Administration