LOMBARD, IL—1st Advantage Mortgage, LLC, recently named one of the top 100 mortgage companies in America, has just changed its name to Draper and Kramer Mortgage Corp.Since 2008, the company has been the residential mortgage division of national real estate firm Draper and Kramer, Inc., which recently went through a corporate rebranding. “It's time for a change to reflect how far we've come since our start nearly 20 years ago,” says Paul Lueken, chief executive officer of Lombard, IL-based Draper and Kramer Mortgage Corp. “We've grown our market share, and we're a part of something much bigger now. We're currently licensed in 38 states and growing rapidly, as we've recently opened offices in TX, MA and IN. I'm looking forward to our next chapter and taking the Draper and Kramer name to new parts of the country.”

CINCINNATI—A Duke Realty-developed medical facility in Cincinnati – the expanded TriHealth Bethesda Butler Hospital – has been named the 2016 winner in the hospital category of Healthcare Real Estate Insights magazine's annual, national awards program. The award was presented last week during the RealShare Healthcare Real Estate conference in Scottsdale, AZ. “Our judges were very impressed by the real estate story behind this project,” says HREI editor John Mugford. “Duke effectively orchestrated a complex four-phase project over four years in such a way as to minimize disruptions to existing hospital operations.” Eight Duke Realty projects have been named finalists and two winners in the three previous years of the HREI Insights Awards program.

CLEVELAND—Arbor Realty Trust, Inc., a real estate investment trust and direct lender specializing in loans for multifamily, seniors housing, healthcare and other commercial real estate assets, has just appointed Brian Jones as regional managing director in its Cleveland office. He will originate seniors housing and healthcare loans using the firm's Fannie Mae, Freddie Mac, FHA and bridge financing products. Jones will report directly to John Caulfield, Arbor's chief operating officer. He has over 20 years of experience in the seniors housing, healthcare and affordable housing sectors. Prior to joining Arbor, Jones was a vice president with a national lender where he handled seniors housing and healthcare transactions.

DEALTRACKER

DENVER—Trammell Crow Co. has just leased 86,054 square feet at Riverview at 1700 Platte to BP's Lower 48 onshore business, which will establish a new head office at the site in early 2018. TCC and its joint-venture partner, Clarion Partners, kicked off construction of this class A, 203,800-square-foot, five-story office building in April. “From the early design stages of our Riverview project, we knew that the natural feel of the building, with its riverfront location, mountain views, and historic, walkable, neighborhood feel along Platte Street would create an attractive option for office tenants looking for something unique in the Denver market,” says Bill Mosher, senior managing director with TCC. BP will occupy the first, fourth and fifth floors at Riverview. Saunders Construction is the general contractor and Tryba Architects is the architect for the building. John Reynolds and Jim Wachholz of Cushman & Wakefield represented BP Lower 48 in the transaction. The CBRE team of Chris Phenicie, Hilary Barnett and Allison Berry represented TCC in the transaction and handle the office leasing and marketing for Riverview.

CHICAGO—A team from CBRE recently secured $41 million in permanent financing for the refinance of The Buckingham, a 129-unit, 456-bed student housing facility in Chicago. Glenn Housman, of CBRE's Orlando office, secured the loan on behalf of the sponsor, The Buckingham, LLC. The 10-year loan was originated via CBRE's Fannie Mae delegated underwriting and servicing program. “The transaction represents the refinance of a high-quality student housing property in an A+ location,” says Housman, senior vice president, CBRE. “However, because of the underwriting hurdles surrounding the master lease structure, while student housing deals in Chicago are commonplace, there are some challenges when compared to a typical student housing transaction.” Located in the city's South Loop district, the property is a landmark building listed on the National Register of Historic Places.

CHICAGO—Officials from Savills Studley said this week that they had arranged a roughly 50,000-square-foot lease for Cassiday Schade LLP at the Franklin in Chicago's West Loop. The law firm will relocate its office from 20 N. Wacker to the class A tower at 222 W. Adams St. after the current tenant, William Blair & Co., vacates. Cassiday will move in first quarter of 2018 and occupy the 28th through 29^th floors; with options to take additional space on the 30^th. One of the most active litigation defense law firms in the Midwest, Cassidy Schade currently has more than 100 attorneys in seven offices nationwide. Savills Studley executive vice president John Goodman, executive vice president and central region lead Rick Schuham and Chicago co-head and senior vice president Eric Feinberg represented the tenant in this long-term transaction.

INDIANAPOLIS—Colliers International's real estate management services division has recently been awarded a series of exclusive property management assignments as the 2016 comes to a close. The deals bring nearly an additional two million square feet to Colliers' managed portfolio in the greater Indianapolis area. The company now has an Indianapolis portfolio of 23 million square feet of industrial, office, and retail product. The new assignments include: 1) Franklin Road Distribution Center — Colliers will assume management of the 823,000-square foot property located at 221 S. Franklin Rd. located on the city's east side. The management team of senior property manager Will Young, assistant property manager Joann Forkin and lead engineer Dave Deaver will handle the property. 2) Massala Building — Colliers has been awarded the management of the 36,000-square foot office and retail building located at 345 Massachusetts Ave. and 310 Alabama St. The property includes dining retailers MacNiven's Restaurant and Louie's Wine Dive. Senior property manager Audrey Lawson, chief engineer Eric Vandeventer and lead engineer Paul Kite will manage the building.

BY THE NUMBERS

CHICAGO—In the third quarter of 2016, the sublease market in Chicago's CBD increased by 295,991 square feet, bringing the total amount of available sublease space up to 4.12 million square feet, according to a new report from MBRE. Although this is the first time there has been more than four million square feet of sublease space on the market since 2009, the company says a closer look at the data indicates that the current supply is not alarmingly high in comparison to past market cycles. In 2001, for example, the amount of sublease space spiked to 6.16 million square feet after the dot-com collapse and 9/11. And the inventory contained more than four million square feet for the next three years.

CHICAGO—Large Chicago law firms, those occupying 75,000 square feet or more, continue to downsize office space, according to CBRE's new Chicago law firm report. In the past two years, approximately 80% of these firms have shrunk their office footprints due to new workplace strategies. According to the report, the average square feet per attorney currently occupied by the 25 largest law firms is about 1,000 square feet. However, most of these firms are aiming to downsize to 750 square feet or lower per attorney. To achieve this, the firms plans to standardize to one or two office sizes, eliminate law library space through digitization of paper records and create open floor design areas that allow for more efficient use of space. Law firms are also changing standard held-vacancy practices as they plan for less growth.

NEWS & NOTABLES

LOMBARD, IL—1st Advantage Mortgage, LLC, recently named one of the top 100 mortgage companies in America, has just changed its name to Draper and Kramer Mortgage Corp.Since 2008, the company has been the residential mortgage division of national real estate firm Draper and Kramer, Inc., which recently went through a corporate rebranding. “It's time for a change to reflect how far we've come since our start nearly 20 years ago,” says Paul Lueken, chief executive officer of Lombard, IL-based Draper and Kramer Mortgage Corp. “We've grown our market share, and we're a part of something much bigger now. We're currently licensed in 38 states and growing rapidly, as we've recently opened offices in TX, MA and IN. I'm looking forward to our next chapter and taking the Draper and Kramer name to new parts of the country.”

CINCINNATI—A Duke Realty-developed medical facility in Cincinnati – the expanded TriHealth Bethesda Butler Hospital – has been named the 2016 winner in the hospital category of Healthcare Real Estate Insights magazine's annual, national awards program. The award was presented last week during the RealShare Healthcare Real Estate conference in Scottsdale, AZ. “Our judges were very impressed by the real estate story behind this project,” says HREI editor John Mugford. “Duke effectively orchestrated a complex four-phase project over four years in such a way as to minimize disruptions to existing hospital operations.” Eight Duke Realty projects have been named finalists and two winners in the three previous years of the HREI Insights Awards program.

CLEVELAND—Arbor Realty Trust, Inc., a real estate investment trust and direct lender specializing in loans for multifamily, seniors housing, healthcare and other commercial real estate assets, has just appointed Brian Jones as regional managing director in its Cleveland office. He will originate seniors housing and healthcare loans using the firm's Fannie Mae, Freddie Mac, FHA and bridge financing products. Jones will report directly to John Caulfield, Arbor's chief operating officer. He has over 20 years of experience in the seniors housing, healthcare and affordable housing sectors. Prior to joining Arbor, Jones was a vice president with a national lender where he handled seniors housing and healthcare transactions.

DEALTRACKER

DENVER—Trammell Crow Co. has just leased 86,054 square feet at Riverview at 1700 Platte to BP's Lower 48 onshore business, which will establish a new head office at the site in early 2018. TCC and its joint-venture partner, Clarion Partners, kicked off construction of this class A, 203,800-square-foot, five-story office building in April. “From the early design stages of our Riverview project, we knew that the natural feel of the building, with its riverfront location, mountain views, and historic, walkable, neighborhood feel along Platte Street would create an attractive option for office tenants looking for something unique in the Denver market,” says Bill Mosher, senior managing director with TCC. BP will occupy the first, fourth and fifth floors at Riverview. Saunders Construction is the general contractor and Tryba Architects is the architect for the building. John Reynolds and Jim Wachholz of Cushman & Wakefield represented BP Lower 48 in the transaction. The CBRE team of Chris Phenicie, Hilary Barnett and Allison Berry represented TCC in the transaction and handle the office leasing and marketing for Riverview.

CHICAGO—A team from CBRE recently secured $41 million in permanent financing for the refinance of The Buckingham, a 129-unit, 456-bed student housing facility in Chicago. Glenn Housman, of CBRE's Orlando office, secured the loan on behalf of the sponsor, The Buckingham, LLC. The 10-year loan was originated via CBRE's Fannie Mae delegated underwriting and servicing program. “The transaction represents the refinance of a high-quality student housing property in an A+ location,” says Housman, senior vice president, CBRE. “However, because of the underwriting hurdles surrounding the master lease structure, while student housing deals in Chicago are commonplace, there are some challenges when compared to a typical student housing transaction.” Located in the city's South Loop district, the property is a landmark building listed on the National Register of Historic Places.

CHICAGO—Officials from Savills Studley said this week that they had arranged a roughly 50,000-square-foot lease for Cassiday Schade LLP at the Franklin in Chicago's West Loop. The law firm will relocate its office from 20 N. Wacker to the class A tower at 222 W. Adams St. after the current tenant, William Blair & Co., vacates. Cassiday will move in first quarter of 2018 and occupy the 28th through 29^th floors; with options to take additional space on the 30^th. One of the most active litigation defense law firms in the Midwest, Cassidy Schade currently has more than 100 attorneys in seven offices nationwide. Savills Studley executive vice president John Goodman, executive vice president and central region lead Rick Schuham and Chicago co-head and senior vice president Eric Feinberg represented the tenant in this long-term transaction.

INDIANAPOLIS—Colliers International's real estate management services division has recently been awarded a series of exclusive property management assignments as the 2016 comes to a close. The deals bring nearly an additional two million square feet to Colliers' managed portfolio in the greater Indianapolis area. The company now has an Indianapolis portfolio of 23 million square feet of industrial, office, and retail product. The new assignments include: 1) Franklin Road Distribution Center — Colliers will assume management of the 823,000-square foot property located at 221 S. Franklin Rd. located on the city's east side. The management team of senior property manager Will Young, assistant property manager Joann Forkin and lead engineer Dave Deaver will handle the property. 2) Massala Building — Colliers has been awarded the management of the 36,000-square foot office and retail building located at 345 Massachusetts Ave. and 310 Alabama St. The property includes dining retailers MacNiven's Restaurant and Louie's Wine Dive. Senior property manager Audrey Lawson, chief engineer Eric Vandeventer and lead engineer Paul Kite will manage the building.