Joseph Caruso Email & Phone Number

New Haven, Ct

Executive Director of Real Estate for the Yale New Haven Health System. The Yale New Haven Health System real estate portfolio encompasses 12 million square feet, including over 500+ leases spanning the Connecticut coastline from Westchester County, New York to Westerly, Rhode Island and as far north as Hartford, Connecticut. In his leadership position, Joe serves a strategic role on the System Ambulatory Development Committee, advising on system-wide real estate initiatives for service line businesses in addition to implementing system-wide real estate projects for each of the operating entities; including, evaluating development opportunities, identifying strategic growth locations, negotiating lease contracts and the acquisition of strategic assets. He is also an integral member of the System’s Cost and Value Team, Corporate Compliance Group and the Security Assessment Committee.The Yale New Haven Health System includes: Yale New Haven Hospital, Greenwich Hospital, Bridgeport Hospital, Milford Hospital, Lawrence & Memorial Hospital, Westerly Hospital, the Smilow Cancer Hospital and the Yale New Haven Children’s Hospital, in addition to the 1,000+ physician Northeast Medical Group practice locations.

Commercial real estate professional providing asset management, investment analysis, leasing and workout strategies on behalf of national corporations, privately held investment funds and tenants.• Provide asset management and consulting services for a 2.8 million square foot industrial/distribution portfolio located throughout the Eastern United States owned by a private equity fund. • Conduct valuation analysis, strategic planning and due diligence for investors seeking to acquire distressed real estate portfolios and current owners seeking workout strategies.• Develop site selection criteria for national and regional tenants; identify locations, secure and negotiate leases.

Managed a team of 9 professionals and a $30M operating budget while repositioning a 14 building suburban office portfolio for a privately held operating partnership owning 11M SF. Developed and implemented strategic plan to deploy $15 million of capital improvements to competitively reposition properties; leased 360,000 square feet in 24 months increasing annual revenues by over $10 million while generating an additional $3.5 million of fee revenue.• Formulated business plan to increase portfolio value emphasizing critical metrics of leasing strategy, expense containment and capital deployment.• Directed leasing, management, architecture, construction and legal teams to leverage strengths resulting in effective, efficient business plan execution.• Renegotiated property management vendor contracts resulting in $800k savings to operating expenses.• Increased market share of new transactions completed by over 50%.• Maintained tenant relations for a 180 tenant portfolio and broker relations with metro NY commercial realtors.

Key member of senior executive team responsible for the operating performance of a 5.2 million square foot office portfolio located in Westchester County, NY and Fairfield County, CT comprised of CBD and suburban properties, part of a 22M SF metro NY publicly traded REIT. Managed a team of professionals including leasing, architecture, construction and legal disciplines directing efforts to achieve business plan objectives.• Negotiated over 4.2 million square feet of lease transactions, aggregate lease value exceeding $2 billion achieving a 95% or greater occupancy.• Performed acquisition, finance and due diligence analysis for 21 properties, resulting in 3 million square feet of successful acquisitions valued at over $1 billion.• Directly contributed to a 233% growth in the Westchester/Connecticut portfolio to over 5 million square feet valued in excess of $2.5 billion.• Developed and executed business plan objectives to successfully achieve NOI growth, stabilized occupancy and increased portfolio valuation.• Completed $60 million restoration of 380,000 square foot Class A CBD office Tower; leasing over 350,000 square feet within 6 months of completion, achieving 98% occupancy and 52% market share of new transactions. Outperformed pro forma rents by 25% and lease up timing by 24 months adding over $125 million to portfolio value.

Commercial real estate specialist providing leasing, sale, consulting and workout solutions throughout the Northeast corridor from Boston’s CBD to Central, New Jersey. • Formulated and executed successful workout and disposition strategy for 2.1M square foot office and retail portfolio (1.7M SF office and 450k SF retail) located in the Northeasten United States owned by institutional investors.• Negotiated $200 million of contracts disposing repositioned non-performing office and retail properties (1995 values).• Negotiated 1.8M square feet of transactions, aggregate lease value exceeding $322 million.• Managed staff of 7 including leasing and property management; established two regional offices completing expansion of a Massachusetts based commercial real estate company into the New York and New Jersey markets.

Executive Real Estate Program

Certified Commercial Investment Manager

Mba