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Associate - Asset Management - Commercial (Chicago)

Full Time
Real Estate Field
  • Asset / Portfolio Management
Postal Code
United States

This job is no longer active.


Madison Marquette provides analytical services and support for American Realty Advisors (ARA). The Associate, Asset Management, works on a portfolio of our client’s commercial real estate assets. This position is responsible for assisting ARA’s Asset Management Group in the execution of its operating strategy on its national real estate investment portfolio. This role is based in ARA’s Chicago, IL, office.

Major Duties and Responsibilities:

  • Assist senior asset managers with leasing and operations, including:
      • Developing and executing strategic business plans and property operating budgets for assets of varying complexity.
      • Reviewing monthly financial reporting packages and cash flow distributions/contributions, evaluating variances and accuracy, and resolving any discrepancies.
      • Prepare detailed financial analyses of operating performance, leasing trends, submarket analytics, and competitive property analysis.
      • Maintaining reputation, relationships, and efficient information flow between asset managers, third-party property managers, joint venture partners, portfolio managers, accountants, and executives.
      • Develop and maintain strong relationships with leasing and investment brokers, conduct periodic physical inspections of assets, and touring competitive properties to develop an in-depth knowledge of market and submarket dynamics.
      • Participate in weekly operational and leasing calls with property managers and brokers to discuss asset strategy, vendor engagement, asset performance, capital projects, leasing activity, market trends, and other business matters.
      • Assist in the preparation and drafting of recommendation memos to the executive committees for asset repositioning, hold/sell analyses, dispositions, development, large capital projects, major leasing decisions, and critical legal documents.
      • Create Economic Lease Analysis for each new lease by extracting all relevant economic lease points from the Letter of Intent. Review and input leasing assumptions from the properties' annual budget. Provide thoughtful insight as to the viability of the prospective lease, including modeling the lease’s anticipated impact on the valuation in Argus.
      • Review Common Area Maintenance reconciliations generated by third-party property managers against tenant leases and property operating expenses. Partner with accounting to ensure amounts billed tie with the general ledger. Submit reconciliation approval worksheets to the asset manager for approval and processing.
  • Support asset managers with oversight of the development and construction process, including:
      • Conduct detailed reviews of construction draw packages and related monthly development and financial reports;
      • Conduct periodic site inspections with asset managers and construction services team;
      • Participate in weekly Owner, Leasing, and Partner status calls;
      • Prepare monthly development status reports and presentations for executive management;
      • Develop a general understanding of the construction process, terminology, and AIA documents;
      • Prepare wire transfer requests for executive management approval.
  • Support portfolio management to:
      • Track and report key issues and handle ad-hoc requests from the operational portfolio manager.
  • Lead quarterly and annual valuations processes for assigned assets, including:
      • Review quarterly asset valuations and follow-up on any discrepancies or inconsistencies; interface with appraisers and asset managers to finalize value.
      • Verify the accuracy of the rent roll, recoveries, market lease assumptions, valuation metrics, operating expenses, and capital expenditures.
  • Other activities that may be assigned from time to time.

The above listing represents the general duties considered essential functions of the job and is not to be considered a detailed description of all the work requirements that may be inherent in the position.


  • Bachelor's degree in Finance, Real Estate, or related field required.
  • Master’s degree in Finance, Real Estate, or related field preferred.
  • At least three years of relevant experience in commercial real estate analysis or asset management; an intermediate understanding of real estate finance associated terms and formulas, as well as the construction/development processes.
  • Strong financial and mathematical skills including, but not limited to, the ability to calculate and understand discounted cash flows, net present value, and internal rate of return. A thorough understanding of accounting principles, including the ability to comprehend common accounting reports and statements, is required.
  • Possess general knowledge of joint venture agreements, loan documents, lease agreements, property management agreements, development agreements, service contracts, and title documents. Have a broad understanding of the construction process, terminology, and AIA documents.
  • Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists - the ability to interpret a variety of instructions furnished in written, oral, or schedule form.
  • Familiarity with various software for word processing and spreadsheet preparation. Demonstrated proficiency and precision in Microsoft Excel with the ability and understanding of how to build formulas. Familiarity with creating ARGUS Enterprise models and reviewing and adjusting Altus models.
  • A general understanding of accounting and financial reporting is needed, as well as having a basic knowledge of MRI reporting.
  • Strong organizational skills and the ability to follow processes.

Physical Demands:

Work environment and physical demands: General office environment includes but is not limited to periods of sitting at a computer, standing at a copier, and carrying files.

Madison Marquette is an equal opportunity employer.

Job Function

  • Asset Management

Job Sectors

  • Healthcare
  • Industrial
  • Office
  • Retail


2+ to 5 years

This job is no longer active.

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