Associate / Senior Associate, Transactions & Development

About Us

FIFTH SPACE is the agile and growing real estate team behind Power Station and the Essential Housing Fund. In our colleagues we value hustle, collaboration, and creativity in the face of complexity. We have nimble capital and are not prone to bureaucracy at the expense of efficiency or common sense.

If your skills, experience, and qualifications match those in this job overview, do not delay your application.

About Our Work

Power Station sits on the largest privately held, waterfront development parcel in San Francisco. It is nestled among other large projects that are collectively transforming the city's eastern waterfront. At Power Station, we are creating a vibrant, urban ecosystem with 5.4M square feet of new residential, office, life science, and thoughtfully curated retail space, all interspersed with 7 acres of green parks and open space.

We've proved the model, now we are ready to scale it. The Sophie Maxwell Building demonstrated what is possible: 105 middle-income homes delivered on budget and approximately three months ahead of schedule, with demand exceeding availability by more than ten to one within two weeks of launch. Teachers, nurses, first responders, public employees, and other essential workers are increasingly being priced out of the city they serve. Many earn too much to qualify for traditional affordable housing, but not enough to comfortably afford market-rate rents. These households are essential to San Francisco's economy, institutions, and everyday life. Yet too many are forced to choose between unaffordable housing and long commutes from outside the city.

The Essential Housing Fund was created to build on the success of Sophie Maxwell and deliver more homes for the people who make San Francisco work.

Role Overview 

We are seeking an Associate or Senior Associate (title commensurate with experience) to join our team and play a pivotal role in identifying, evaluating, and executing new development opportunities. In this position, you will own and manage a deal pipeline from initial sourcing through closing. Responsibilities span deal origination, financial underwriting, due diligence, and execution. You will analyze the strategic, financial, and physical feasibility of mixed-use development opportunities across the San Francisco Bay Area and, potentially, beyond. 

Candidly, this role requires a strong reader with an exceptional eye for details. You will work cross-functionally, ensuring collaboration with our Development, Legal, Finance, and Construction teams to advance opportunities from term sheet to closing. A growth mindset and comfort operating in dynamic, multi-stakeholder environments is essential. Our projects often involve public agencies, institutional partners, community stakeholders, and private capital and require thoughtful coordination across all of them. We are looking for a person with unusual savvy and the discipline required to advance projects that face headwinds.

Core Responsibilities 

1. Own and manage a pipeline of opportunities across target geographies 
2. Conduct comprehensive financial underwriting, including development pro formas, sensitivity analyses, and return modeling 
3. Prepare and present presentation materials summarizing key investment criteria, risks, and opportunities 
4. Lead deal negotiations alongside FIFTH SPACE's Legal and Finance teams 
5. Manage due diligence processes in partnership with the Development team, including zoning analysis, environmental review, title, and third-party reports 
6. Anticipate obstacles and proactively remove friction to maintain deal velocity 
7. Participate in real estate strategy discussions and contribute to the company's growth vision 
8. Conduct market research to understand competitive landscape, land pricing trends, and macro real estate conditions 
9. Build and maintain relationships with brokers, landowners, municipal officials, and industry contacts 
10. Support capital markets activities related to new acquisitions as needed 

Qualifications 

Required

1. Strong understanding of real estate finance, capital structures, and transaction execution 
2. Knowledge of zoning, entitlement processes, and municipal approval frameworks 
3. Excellent written and verbal communication skills with the ability to present complex concepts clearly; we're looking for storytellers with a detail orientation
4. High EQ and executive presence; comfortable operating in both a boardroom and a construction trailer 

Preferred

1. Experience with mixed-use urban infill or master-planned development projects 
2. Track record of successfully closing complex land or development acquisitions 

Location

FIFTH SPACE's office, currently on-site at Power Station (1248 Georgia Lane). In-person work is required on Mondays, Tuesdays, Thursdays, and Fridays. Lunch is served Monday through Thursday. Occasional travel may be required.

Monetary Compensation

Compensation is based on experience and will be very competitive. It will include performance bonus and LTI targets — and a professional development budget.

Benefits

We are a small, close-knit group. We are committed to going above and beyond in providing benefits that protect you.

? Company pays 70% of medical, vision, and dental premiums for employee and family (or $350 monthly stipend for waiver of health benefits).

? HSA with employer contributions ($250/month for individual or $500 for family).

? 401(k) with 50% employer match (up to 4.5% of base salary).

? 10 days PTO per year, plus office closures per company policy as it may be amended (currently the week of July 4th and the week between Christmas and New Year's Day).

? Statutory sick leave (currently 72 hours per year).

? 16 weeks paid parental leave (birthing parent) or 12 weeks paid parental leave (non-birthing parent).

? Life and AD&D insurance (paid by company).

? Supplemental life and AD&D insurance (available at below-market rates).

? Long-term disability insurance (paid by company).

? Short-term disability insurance (available at below-market rates).

? Pre-tax employee contributions for public transportation expenses.

? CARES Act student loan assistance program.

? Hospital indemnity insurance, accident insurance, critical illness insurance, and legal insurance (available at below-market rates).

Disclaimer: Above is an outline of this position only. It is not comprehensive, and it is subject to change at any time. FIFTH SPACE is proud to be an equal opportunity employer and complies with all applicable immigration and employment laws. To help us understand potential employment needs, we ask that applicants indicate whether they require sponsorship for employment visa status now or in the future. xhyhwjd Employment decisions, including hiring decisions, are not based on race, color, religion, national origin, ancestry, sex (including pregnancy, childbirth, breastfeeding or medical conditions related to pregnancy), physical or mental disability, sexual orientation, gender identity or expression, age, military or veteran status, genetic information, medical condition, natural hairstyle, or any other characteristic protected by state or federal law. We also provide reasonable accommodations to qualified individuals with disabilities in accordance with state and federal laws.