Commercial Property Manager

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 Details 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 #J-18808-Ljbffr