Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives®.
With $235 billion in assets under management as of September 30, 2024, we invest across three multi-strategy platforms: Credit, GP Strategic Capital, and Real Estate. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional investors, individual investors, and insurance companies differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation.
Together with over 1,050 experienced professionals globally, Blue Owl brings the vision and discipline to create the exceptional. To learn more, visit www.blueowl.com.
This role is in office Monday to Thursday/Friday.
The Role:
Blue Owl's Net Lease Real Estate Investment team is seeking a Vice President/Principal to join the Real Estate Due Diligence team. The ideal candidate will have at least 7-10 years’ experience with commercial real estate development projects.
Since its inception, our Real Estate platform has established itself as a leader in private equity real estate, offering flexible capital solutions to investment-grade and creditworthy tenants across asset classes and geographies. We seek to provide investors with predictable current income and the potential for appreciation while focusing on limiting downside risk.
Responsibilities:
On development projects, lead due diligence efforts to thoroughly evaluate potential construction sites and projects before committing to development.
Select, engage and manage external development and technical/engineering consultants on built-to-suit transactions throughout underwriting/due diligence process with a focus on project controls, technical feasibility, and project risks.
Identify potential risks that could impact the project’s feasibility and profitability including construction delays, cost overruns and site conditions. Develop recommendations for mitigation of risks.
Develop understanding of project costs and budget, including overseeing external consultant’s accounting of project costs spent to date and full tie out of budget and development model to construction documents.
Evaluate schedule risks including long-lead time procurement items.
Review and understand provisions of key contracts, such as GMP, with fluency, identifying off-market or problematic terms and ways to mitigate related risks.
Provide due diligence expertise on acquisitions of stabilized assets, including analysis of required warranties, projected capital expenditures and related risks.
Evaluate severity of any defects or workmanship issues in new construction assets, with the aid of external property condition consultants as needed. Negotiate with sellers as to any necessary purchase price credit relating to defects.
Additional projects or support to the team as needed.
Qualifications:
7-10 years’ experience in a commercial real estate setting managing/directing or evaluating development projects (e.g. built-to-suit transactions).
Strong understanding of construction practices, building codes, and project development processes.
Knowledge and/or experience with construction contracts, warranties, reading construction drawings & details, and specification reviews.
Ability to work without oversight and confidently exercise business judgment.
Strong project management skills and ability to manage multiple transactions simultaneously, handling multiple competing urgent deadlines.
Works with a sense of urgency as to all matters.
Exceptional organizational skills and attention to detail.
Availability outside of standard business hours (evenings and weekends) to meet transaction demands.
Ability and willingness to travel.
Bachelor’s degree required, preferably in architecture, construction, project management, engineering or similar field.
It is expected that the base annual salary range for this Chicago based position will be $150,000 to $200,000. Actual salaries may vary based on factors, such as skill, experience, and qualification for the role. Employees may be eligible for a discretionary bonus, based on factors such as individual and team performance.
Blue Owl is proud to be an Equal Opportunity Employer. We evaluate qualified applicants without regard to race, color, national origin, religion, sex, sexual orientation, gender identity, disability, protected veteran status, and other statuses protected by law.
