MIT Investment Management Company (“MITIMCo”) is a department within MIT that manages over $18 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 billion and is comprised of multiple asset types with notable tenants including Pfizer, Novartis, 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, 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 Real Estate Development Associate will manage development projects, including ground-up capital projects, renovation projects, and turnkey fitouts, from feasibility analysis to final completion. Project responsibilities include financial underwriting, investment/risk analysis, due diligence, planning, design, permitting, leasing, and construction. Real Estate Development Associate will also support other real estate investment staff in acquisitions, financings, dispositions, asset management, and portfolio management.
Principal Duties and Responsibilities (Essential Functions):
• 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.
• 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.
• Develop qualitative analysis, pro forma analysis, financial sensitivity analysis, and budgets for
investment real estate development projects.
• Prepare investment memoranda and regular reports on project progress, including scope, schedule,
• 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 independently and in a team environment.
• Functional supervision is exercised over general contractors, architects, surveyors, engineers (mechanical, electrical, plumbing, fire protection, structural, and environmental), professional vendors, contractors and other consultants.
Qualifications & Skills:
• Bachelor’s degree required; master’s degree in real estate, finance, business administration, or related field preferred.
• Minimum three years of relevant experience in urban commercial real estate development, real estate investment, construction management, architecture, and/or engineering.
• Experience with the development of urban mid-rise and high-rise office, laboratory, and/or residential projects.
• Greater Boston-area market experience preferred.
• Ability to work effectively and collaboratively in a team environment.
• Proficiency in Microsoft Office (Word, Excel, PowerPoint) and Microsoft Project.
• Excellent quantitative and analytical skills are essential.
• Experience with Argus Enterprise preferred.
• Self-motivated and hardworking.
• Ability to be flexible to shift between projects as new priorities emerge.
• Able to thrive in a fast-paced environment and feel comfortable working through an iterative process.
• Demonstrated communications and interpersonal skills, includes strong writing skills.
• Ability to resolve complex problems in a thorough and timely manner, determining the appropriate
course of action with minimal supervision.
• Comfortable interacting with high-level executives. Able to deal with confidential information and
issues using discretion and judgment.
How do you apply?
Apply through MITs online job bank via the following link:
http://jobs.mit.edu/external and enter Keyword MITIMCo
Please note that MIT does not provide visa sponsorship for technical, administrative, or library full-time or part-time regular positions. Additionally, MIT does not provide visa sponsorship to recent graduates and practicing professionals for internship training, practical experiences, or other non-teaching, non-research affiliations.