Commercial Lease Administrator

Date: Apr 19, 2024

Location: Palm Beach Gardens, FL, US, 33403

Company: TBC Corporation

Company Overview

With $5 billion in revenue and 3,800+ employees in the U.S., Mexico and Canada, TBC Corporation is a leader in the mobility industry and one of North America’s largest marketers of automotive replacement tires through wholesale and franchise operations. TBC serves wholesale customers in the United States, Canada and Mexico through TBC Brands, NTW, TBC International, and TBC de Mexico. Additionally, TBC responds to the needs of consumers in search of total car care at more than 2,000 franchised tire and automotive service centers under the Big O Tires® and Midas®. TBC is headquartered in Palm Beach Gardens, Florida.

 

TBC markets on a wholesale basis to regional tire chains and distributors serving independent tire dealers throughout the US, Canada, and Mexico. TBC has 20 proprietary brands of tires specializing in passenger, commercial, farm and specialty tires. In 2005, TBC Corp. was purchased by Sumitomo Corporation of America (SCOA). SCOA is the largest subsidiary of Sumitomo Corporation, one of Japan’s major integrated trading and investment business enterprises. In 2018 Michelin, the largest tire manufacturer in Europe, invested in the company which is now a 50:50, privately held joint venture between Sumitomo and Michelin.

Description

The Commercial Lease Administrator is responsible for managing the Lease Administration process and function for TBC Corporation which includes annual rent reconciliations, abstracting, Landlord/Subtenant notifications, monitoring lease information, processing all leases, subleases, legal agreements and associated documents and managing the lease database system and information integrity along with reporting of information to key business areas. This role involves knowledge of rent calculation, breakpoints, annual reconciliations and requires decision-making and Landlord and Subtenant negotiation skills. This role is a collaborative cross-functional position working relationships with Real Estate Development, Real Estate Accounting, Finance, Asset Management, Legal, Facilities Maintenance, Construction, and other external departmental stakeholders, as well as landlords, subtenants, franchisees, third party legal teams and third-party contractors.

 

TBC’s portfolio consists of approximately 3500 (real estate and equipment) active leases and inactive leases.

 

This role will be a Hybrid work environment. 

Job Responsibilities

  • Review and summarize lease language to determine actual Rent Commencement Dates based on lease contingency language to determine rents or prorated rents to be paid, along with determining accurate expiration dates by property
  • Update and maintain all lease records in TANGO (Lease Administration System). Critical date tracking and updating contacts and Landlord/Subtenant notice address etc. for all locations in TANGO
  • Set-up of new leases, contracts, and other documents in TANGO by interpreting legal terminology and lease clauses
  • Abstract and interpret lease documents including key dates, construction requirements, rent structures, financial obligations, operating expense limitations, and other material provisions
  • Ensure that all critical dates and financial data in TANGO is accurate and up to date. Track and monitor all Landlord/Subtenant lease obligations to ensure such obligations are performed well before deadlines set forth in the lease
  • Determine if percentage rent is required and calculate breakpoints
  • Monitor critical dates, abstract pertinent lease information and report on ROFR and accept/rejects for inactive leases
  • Calculate annual Rent and CAM reconciliations to ensure no overage being charged and increases adhere to lease language for all leases in assigned portfolio
  • Work with Landlords/Subtenants to identify and resolve rent discrepancies or unpaid rent/late rent/default notices
  • Review and approve RE tax and insurance bill adjustments for reimbursement to Landlords;  calculate and charge Subtenants in accordance with sublease obligations
  • Track, audit, process real estate taxes payable to taxing authorities ensuring on-time payments and/or early payments to capture all possible discounts allowed within each municipality
  • Draft lease amendments, option exercise letters, correspondence and other legal notifications to Landlords and Subtenants
  • Handle dispute resolution with Landlords and Subtenants with regard to rent and other lease obligations
  • Partner with internal teams to set up utilities for new supply contracts

Qualifications

  • Associates Degree or higher is required
  • B.S. Paralegal and Notary preferred
  • 5-7 years of experience in commercial real estate lease administration
  • Expertise in understanding and interpreting retail lease language
  • Ability to proactively identify issues and propose and/or initiate solutions
  • Proficient in Microsoft Excel
  • TANGO Experience preferred
  • SAP Experience preferred
  • Possess the technical aptitude to use various Lease Administration systems and software
  • Possess excellent analytical, quantitative, written, and verbal communication skills
  • Be able to work independently with attention to detail, documentation, and follow-through
  • Be highly organized, detail oriented with a professional demeanor and strong interpersonal skills

Benefits

  • Medical, Dental and Vision coverage
  • Company paid short term disability and company subsidized long term disability
  • Company paid life insurance
  • 401(k) with company match and immediate 100% vesting
  • Generous paid vacation and paid time off
  • Flexible spending account
  • Employee assistance program
  • Employee automotive service discounts
  • And more!

 

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Nearest Major Market: Palm Beach
Nearest Secondary Market: Miami

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