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Leasing Associate

2 months ago

Torrance, California, United States Simon Property Group Full time

Job Location:

Del Amo Fashion Center

PRIMARY PURPOSE:

This role is essential for maintaining a high volume of successful leasing transactions within both new and established regional shopping centers. Simon Property Group has been recognized as Fortune's Most Admired Real Estate Company on multiple occasions in the past decade. This position offers a valuable opportunity to collaborate with a leading real estate developer and one of the premier leasing teams in the industry.

PRINCIPAL RESPONSIBILITIES:

The responsibilities of the ideal candidate will encompass, but are not limited to:

Identifying and engaging potential tenants; promoting the benefits of establishing a presence in SPG centers; addressing inquiries from retailers interested in leasing opportunities. Assessing prospective tenants by analyzing their financial documents and verifying references; negotiating lease terms on behalf of SPG to ensure maximum returns for property owners, including aspects such as space allocation, base and percentage rent, lease duration, additional charges, and construction allowances; collaborating with supervisors for necessary approvals. Coordinating with the Legal department to prepare documentation that reflects the agreed-upon terms specific to each property; initiating tenant space preparations; notifying the construction team to provide shell drawings and construction guidelines to tenants. Conducting market research to identify potential tenants; visiting existing retail locations within the community and surrounding areas; reaching out to retailers via phone or in-person to gather further information and gauge interest in leasing space; reviewing industry publications to discover potential national and regional tenants while staying informed on market trends. Evaluating retailers for their suitability as tenants in specific SPG centers; assessing merchandise types, brand offerings, pricing strategies, service levels, store design, and overall store presentation; maintaining a database of potential tenants for future reference; assisting Mall Managers in identifying desirable retailers to occupy vacant spaces. Developing leasing strategies for new centers; analyzing center performance and consulting with the relevant VP of Development to determine necessary rent per square foot; collaborating with Property Management for estimates on CAM charges and taxes, and with Energy Engineering for central system costs; reviewing market research and consulting with local retail experts to identify preferred tenant types; pinpointing optimal locations for tenants based on merchandise mix and customer traffic. Participating in leasing conventions and industry events to represent SPG and its properties; generating interest in SPG locations and sharing updates on new and existing developments with interested parties; seeking out potential tenants and exchanging insights on industry trends. Communicating with and updating partners, lenders, and other stakeholders regarding leasing activities as necessary. Preparing annual budgets for the center for review and approval by senior management.

Problem Solving Environment

Constraints: The incumbent operates under broad managerial guidance to achieve both short-term and long-term objectives. The individual should be self-motivated, autonomous, and capable of exercising independent judgment.

Difficulties: The primary challenge of this role is to lease spaces for optimal use, ensuring timely openings and terms that yield the highest returns for property owners. This position requires significant travel (50%) and a flexible work schedule.

MINIMUM QUALIFICATIONS:

Bachelor's Degree 2-4 years of experience in retail leasing or sales Proficient understanding of merchandising mix and retail operations Familiarity with lease structures and terminology Strong negotiation and closing skills Excellent oral and written communication abilities.

Salary/Wages – The salary range for this position is $125,000 - $150,000. Actual compensation within that range will depend on various factors, including individual skills, experience, and qualifications.

Benefits – Simon offers a comprehensive benefits package, including medical, dental, and vision coverage, 401(k), life and AD&D insurance, disability insurance, flexible spending accounts, and paid time off (for full-time positions).

ICP Bonus - This position is eligible for a bonus. Bonus amounts are determined annually based on factors such as position, achievement of individual performance goals, overall company performance, and management's assessment of individual performance.

Discretionary Bonus – This role may qualify for a discretionary bonus, awarded at management's discretion based on performance evaluations.