Commercial Property Manager

Job Description

Job Description

Property Manager — 105 W. Madison Street

Company Overview
Madison RE is looking for an experienced Commercial Property Manager to manage our Class B/C office building at 105 W. Madison Street, located in the heart of the Chicago Loop’s financial district.
Our company's Core Values are:

• Get it Done
• Ride the Wave
• Add Value
• Exhibit Passion

Job Title Property Manager Property 105 W. Madison Street, Chicago, IL Department Property Management Reports To Director of Property Management Job Type 100% on-site; full-time
Compensation and Benefits

• Base salary $85,000+ commensurate with experience
• Eligible for year-end and performance bonuses
• Generous PTO policy

Overview

We are seeking an experienced commercial office Property Manager to serve as the operational leader of 105 W. Madison Street, a ±139,000 SF Class B/C office building in Chicago's Loop. This is a hands-on, on-site role covering the full scope of office building management — base building operations, tenant relations, lease administration, engineering and life-safety systems, and capital/tenant improvement projects — in close coordination with Madison RE leadership, building engineers, and third-party vendors.
This role is built for someone who speaks the language of office real estate: CAM reconciliations and operating expense escalations, tenant build-outs and TI allowances, BOMA-standard leasing measurements, base building vs. tenant-responsible systems, and the day-to-day rhythm of running a multi-tenant Loop office building.
This role requires someone who enjoys solving problems, improving processes, building relationships, and taking ownership. The successful candidate will balance strategic thinking with hands-on execution and thrive in a fast-paced, entrepreneurial environment.
We are looking for candidates who possess the qualities of an Ideal Team Player — someone who is Humble, Hungry, and Smart.

• Humble – confident but always willing to learn
• Hungry – takes ownership, drives initiatives forward, and constantly looks for ways to improve operations
• Smart – builds trust with tenants, vendors, ownership, and team members through strong communication and sound business judgment

About You

• 7+ years of experience managing commercial office properties, ideally Class B/C, multi-tenant, urban/CBD buildings
• Strong knowledge of office building operations, including HVAC, elevators, life safety systems, building engineering, and preventive maintenance
• Direct experience with CAM/operating expense reconciliations, escalation billings, and BOMA-standard rentable/usable square footage measurements
• Working knowledge of office lease structures (full-service gross, modified gross, NNN) and how base building vs. tenant-responsible costs are allocated
• Demonstrated experience preparing and managing annual operating budgets and capital budgets
• Proven ability to read and analyze property-level financial statements, including P&L statements and budget variances, and to implement initiatives that improve NOI
• Experience negotiating and managing vendor contracts and service agreements across engineering, janitorial, security, and other building trades
• Experience coordinating tenant build-outs and tenant improvement (TI) allowances, including plan review, contractor coordination, and construction-related tenant communication
• Strong understanding of commercial lease administration and tenant obligations
• Exceptional organizational and project management skills, with the ability to prioritize multiple projects while maintaining a high level of service
• Excellent communicator; able to professionally represent the building to tenants, brokers, vendors, and ownership
• Proficient in Microsoft Office products, particularly Excel, as well as Word and Outlook
• Familiarity with Yardi Voyager or similar commercial property management software preferred
• Thorough understanding of local and state codes and regulations governing commercial office property management in Chicago
• Ability to lift 50+ lbs and walk multiple flights of stairs

Core Responsibilities

Included but not limited to:
Building & Financial Operations

• Direct all day-to-day operations of the office building, ensuring a well-run, well-maintained, and tenant-ready base building environment
• Lead development and execution of the annual operating budget, income and expense statements, and capital improvement plans
• Prepare and deliver financial reports, including budgets, variance analyses, and cash flow forecasts to MADISON RE leadership
• Own the annual CAM/operating expense reconciliation process and tenant escalation billings, ensuring accuracy and timely delivery
• Oversee accounts receivable and enforce rent collection policies in accordance with lease terms and company procedures
• Oversee the processing and approval of accounts payable, ensuring invoices are coded accurately and submitted in compliance with company procedures and timelines
• Lead competitive bid processes for building service contracts (janitorial, security, engineering, landscaping, life safety) and capital projects
• Lead the quoting and binding process for property-level insurance coverage
• Prepare annual jurisdictional forms and filings, and maintain compliance with local and state codes and regulations, including City of Chicago building code and life-safety requirements

Tenant Relations & Leasing

• Collaborate closely with the Leasing & Marketing team and outside brokers to execute new and renewal leases aligned with strategic objectives and to maximize building revenue
• Manage tenant move-ins and move-outs, including space turnover, certificate of insurance tracking, and building access/security setup
• Maintain regular communication with tenant representatives, promptly addressing issues or concerns to enhance the tenant experience
• Spearhead tenant retention efforts, fostering strong relationships and distributing tenant surveys to drive continuous improvement
• Identify and act on opportunities to improve tenant recovery ratios and reduce controllable operating expenses

Maintenance, Engineering & Capital Projects

• Oversee building engineering and maintenance functions, ensuring base building mechanical, electrical, plumbing, HVAC, elevator, and fire/life safety systems perform reliably and remain code-compliant
• Develop and implement robust preventive maintenance programs for all base building systems
• Manage all building vendors and service providers, including engineering, janitorial, security, landscaping, elevators, HVAC, fire/life safety, parking, and waste removal
• Conduct competitive bidding for service contracts and capital projects; evaluate vendor performance and hold vendors accountable for service quality
• Coordinate building improvement projects from planning through completion, including developing scopes of work, soliciting competitive bids, managing schedules and budgets, and providing regular updates to ownership
• Coordinate tenant improvement construction and build-out activity with tenants to minimize disruption to building operations
• Conduct periodic inspections of building common areas, lobby, restrooms, and mechanical rooms, proactively identifying maintenance or repair needs

Asset Performance

• Partner with ownership to maximize the long-term value of the property
• Recommend operational improvements and capital investments
• Monitor market conditions and competitive properties
• Support leasing initiatives by ensuring available space is well-maintained and market-ready
• Provide ownership with regular reporting on operational performance and major initiatives

Leadership

• Lead and support on-site personnel and third-party service providers, including hiring, training, and managing engineering, maintenance, and administrative staff as applicable
• Set clear goals and objectives for direct reports and service providers, conduct performance evaluations, and hold vendors accountable
• Create a culture focused on responsiveness, professionalism, and continuous improvement

Communication & Reporting

• Maintain effective communication with ownership, MADISON RE leadership, and other relevant stakeholders
• Serve as the primary liaison between the building and MADISON RE's corporate departments
• Perform other duties as assigned

Success in This Role

The successful Property Manager will:

• Deliver an exceptional tenant experience
• Maintain a well-operated and financially disciplined property
• Build strong relationships with tenants and vendors
• Drive operational improvements through systems and process development
• Execute capital projects efficiently
• Protect and enhance the long-term value of the asset
• Take ownership of issues and consistently follow through to resolution

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