Real Estate Director

CVS Health • Boston, MA

2d • $100,000 - $231,540

About The Position

We’re building a world of health around every individual — shaping a more connected, convenient and compassionate health experience. At CVS Health®, you’ll be surrounded by passionate colleagues who care deeply, innovate with purpose, hold ourselves accountable and prioritize safety and quality in everything we do. Join us and be part of something bigger – helping to simplify health care one person, one family and one community at a time. Position Summary We are currently seeking a dynamic Real Estate professional with a strong record of accomplishment in the capacity of Director of Real Estate. This position will require extensive retail real estate experience in NYC and the surrounding markets. In this role, you will report to the Vice President – Real Estate and will be responsible for the overall management and execution of the Real Estate development process, including strategic planning and site selection, deal negotiation, executive/corporate presentation, project budgeting, entitlement and permitting for potential CVS Health locations and formats. The candidate will also be responsible for the Asset Management of existing CVS stores throughout their assigned territories, working closely with the Store Operations, Legal, Lease Administration, Facilities/Maintenance and Surplus Property departments within the organization. Duties inclusive of, but not limited to, negotiating lease restructures and extensions, cross-access and parking agreements with landlords/property owners, alleviating restrictions with competing retailers, eminent domain/condemnation matters and negotiating Landlord consent for existing store projects. Additionally, will be responsible for surplus property disposition as assigned.

Requirements

• A minimum of five to eight years retail real estate experience in challenging markets.
• Extensive knowledge of principles, policies, and practices relating to real estate transactions.
• Proven lease negotiation skills.
• Strong communications (both written and verbal) and presentation skills.
• Knowledge of real estate markets, industry analysis and best practices.
• Demonstrated leadership and track record of successful engagements/initiatives requiring coordination of cross-functional team members with varied backgrounds and skills.
• Financial/P&L analysis and budget preparation experience.
• Proficient with Microsoft Office and other systems necessary to carryout day to day duties (ie. GIS).
• Ability to travel up to 30%
• Bachelor's Degree or equivalent years of work experience

Responsibilities

• Develop a Real Estate Strategy for assigned territory that aligns with the overall Enterprise strategies and initiatives.
• Essential to building a sound strategy will be to develop a strong working relationship with the Business Leaders, brokers, landlords and developers within assigned territory.
• Key components of this strategy include: Growing and protecting Market Share Evaluating existing fleet to determine if they should be relocated, repositioned or closed. Evaluating potential acquisition opportunities.
• Master the utilization of our analytics tools in order to efficiently determine the key markets to target.
• Manage the existing store and related assets in assigned territory.
• Manage the lease renewal process for each store to ensure that we are maximizing opportunities to reduce rent expense for each location.
• Work with Landlords to reduce rent expense by renewing early where our strategy dictates.
• Must be able to have tough negotiations for underperforming stores in order to significantly reduce rent expenses prior to next option period.
• Rework leases to remove percentage rent and reduce NNN’s as option periods approach.
• Obtain Landlord consent for existing store projects such as format changes, remodels, etc.
• Develop and deliver impactful presentations to convey facts, articulate strategies and build alignment.
• Market Reviews, New and Relocation store presentations will be given to the Real Estate Committee (REC), which includes the Presidents of Retail and Pharmacy Operations, and several Sr Vice Presidents, once a month.
• Work with our Legal and Lease Administration Teams on all Real Estate related activities in assigned territory.
• Examples include: Condemnations – Will interact with Inside and Outside Counsel, Expert and Landlords during the process and will participate in mediations and court proceedings as necessary. Third Party Requests – Will work with requestor to determine if it is beneficial to CVS and negotiate appropriate compensation to do so. Landlord amendment request – Determine if the request is beneficial to CVS and negotiate appropriate compensation from Landlord.
• Participate as a key advisor on all important Real Estate decisions in assigned territory by developing a strong working relationship with the Store Operations Team to include the Divisional Vice Presidents and their Region Directors, as well as Business Unit Leaders across the Enterprise.

Benefits

• Affordable medical plan options, a 401(k) plan (including matching company contributions), and an employee stock purchase plan.
• No-cost programs for all colleagues including wellness screenings, tobacco cessation and weight management programs, confidential counseling and financial coaching.
• Benefit solutions that address the different needs and preferences of our colleagues including paid time off, flexible work schedules, family leave, dependent care resources, colleague assistance programs, tuition assistance, retiree medical access and many other benefits depending on eligibility.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 5,001-10,000 employees