Position Summary:
Penske is seeking a Director of Real Estate who will provide strategic leadership and operational oversight of the organization’s portfolio of over 1,200 owned and leased properties. This role is responsible for developing and executing real estate strategies that align with the goals of the business, support growth, and optimize costs.
The Director of Real Estate collaborates closely with various departments including Finance, Operations, Legal, Business Development, Risk Management, Facilities, Environmental, Fuels, and Maintenance, as well as external stakeholders such as landlords, developers, brokers, economic development authorities, and contractors.
This position requires a strategic and proactive candidate who can balance long-term real estate planning with practical, cost-effective solutions to industrial real estate challenges. This role is based out of our corporate office in Reading, PA and requires frequent travel, expected to account for approximately 25% of work time. When not traveling, the role is expected to work on-site at the corporate/regional office 4 days per week, consistent with our standard in-office expectations. In-office schedules may flex based on travel demands and business needs. The position is not eligible for relocation assistance.
Major Responsibilities:
Team Leadership:
- Actively lead a team of high-performing real estate transaction professionals, ensuring a culture of accountability, collaboration, and continuous improvement.
- Provide direction and mentorship to direct reports and extended team members.
- Build team capabilities in real estate strategy, transactions, and portfolio management.
- Establish clear goals, performance metrics, and development plans for team members.
Strategic Real Estate Planning and Execution:
- Develop and execute comprehensive corporate real estate strategies aligned with business growth objectives and operational requirements, implementing the company’s strategic vision through management of real estate transactions.
- Partner with cross-functional teams to forecast space needs based on business projections and market opportunities.
- Stay ahead of market trends and industry best practices to identify new opportunities for innovation and efficiency.
- Conduct portfolio analysis to optimize Penske’s real estate footprint, ensuring cost-effectiveness and strategic positioning.
New Property Selection, Acquisitions, and Dispositions:
- Lead site selection processes for new locations and oversee all real estate transactions, including lease negotiations, acquisitions, and dispositions.
- Evaluate potential properties based on business requirements, market demographics, accessibility, operational needs, and cost-effectiveness.
- Lead due diligence efforts on prospective properties, including financial analysis, risk assessment, and site evaluations.
- Negotiate favorable lease agreements, purchase contracts, and other real estate documentation, in coordination with Penske’s Legal Department.
- Ensure compliance with zoning laws, regulatory requirements, and environmental considerations.
Financial Management and Analysis:
- Demonstrate strong financial aptitude in evaluating real estate opportunities and portfolio decisions.
- Analyze real estate costs and identify opportunities for cost savings.
- Partner with financial analysis team to develop ROIs, New Facility Justifications, and Lease vs. Own analyses.
Relationship Management and Cross-Functional Leadership:
- Maintain and cultivate industry relationships with external stakeholders, including brokers, developers, landlords, and other institutional owners of industrial properties.
- Collaborate with field operations teams to understand facility needs and operational requirements.
- Partner closely with Facilities, Environmental, Fuels, and other corporate departments to ensure real estate strategies and projects are fully integrated and compliant with regulatory and corporate requirements and are aligned with enterprise objectives.
- Support executive leadership with market insights, portfolio updates, and strategic recommendations.
- Demonstrate excellent communication and interpersonal skills.
Qualifications:
- Bachelor's degree required; higher degree preferred.
- 10 + years transactional real estate experience preferred, but will also consider Penske associates with management experience, thorough knowledge of the business, strong negotiating skills and a desire to learn real estate.
- Strong track record of successful real estate transactions including site selection, lease and purchase/sale negotiations, property administration, and property management.
- Familiarity with real estate terminology and experience in document review.
- Experience leveraging enterprise IWMS (IBM Tririga or similar) and real estate platforms (Costar or similar) to support site selection, portfolio management, market analysis, and data-driven decision making is a plus.
- Prior experience managing a team and empowering associates to achieve goals and objectives.
- Project management experience, including managing multiple complex initiatives simultaneously.
- Strong financial acumen, including budget management, financial analysis, P&L understanding, and ROI evaluation.
- Excellent negotiation, analytical, and problem-solving skills.
- Collaborative mindset and team-oriented approach to problem-solving.
- Adaptable and effective in dynamic, fast-paced business environments.
- High attention to detail with strong analytical and organizational capabilities.
- Ability to create presentations and communicate effectively with senior level executives required.
- Strategic and critical thinking with strong business judgment and decision-making capabilities.
- Detail oriented with strong organizational and documentation skills, including experience in legal contract and document review.
- Ability to travel up to 25% required.
- Regular, predictable, full attendance is an essential function of the job
- Willingness to travel as necessary, work the required schedule, work at the specific location required, complete Penske employment application, submit to a background investigation (to include past employment, education, and criminal history) and drug screening are required.
Physical Requirements:
- The physical and mental demands described here are representative of those that must be met by an associate to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- The associate will be required to: read; communicate verbally and/or in written form; remember and analyze certain information; and remember and understand certain instructions or guidelines.
- While performing the duties of this job, the associate may be required to stand, walk, and sit. The associate is frequently required to use hands to touch, handle, and feel, and to reach with hands and arms. The associate must be able to occasionally lift and/or move up to 25lbs/12kg.
- Specific vision abilities required by this job include close vision, distance vision, peripheral vision, depth perception and the ability to adjust focus.
Penske is an Equal Opportunity Employer
About Penske Truck Leasing/Transportation Solutions
Penske Truck Leasing/Transportation Solutions is a premier global transportation provider that delivers essential and innovative transportation, logistics and technology services to help companies and people move forward. With headquarters in Reading, PA, Penske and its associates are driven by a dedication to excellence and a commitment to customer success. Visit Go Penske to learn more.
Job Category: Executive
Job Function: Real Estate & Facilities
Job Family: General Administration
Address: 100 Kachel Boulevard
Primary Location: US-PA-Reading
Employer: Penske Truck Leasing Co., L.P.
Req ID: 2601118
