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Franklin Street Chosen to Manage International Speedway Corporation HQ Building

Franklin Street is growing at a rapid pace and the commercial real estate company recently hit another gear in being selected by the International Speedway Corporation to manage its headquarter office building in Daytona Beach. The 176,376-square-foot International Motorsports Center (IMC) also serves as the world headquarters for NASCAR and the International Motor Sports Association (IMSA).
 
“This is truly a one-of-a-kind trophy asset located in the very epicenter of global motorsports,” said Kurt Keaton, Regional Managing Director of Franklin Street-Orlando and President of Real Estate and Management Services.
 
“We are grateful for the trust that ISC has put in Franklin Street and we are excited to be the provider delivering exceptional service that the asset deserves,” said Melissa Hazlewood, Vice President of Management Services for Franklin Street’s Orlando office.

Hazlewood was instrumental in gaining the new business and will oversee management of the IMC and its team of engineers and property managers.

Built in 2009, the eight-story IMC is located directly across from the Daytona International Speedway, the world’s only motorsports stadium, at One Daytona Boulevard.

The IMC was designed to showcase motorsports.  The shape of the building is curved to represent the tri-oval of the Daytona International Speedway.  The columns represent the rhythm of lights that circle the track.  The awning on top of the building was designed to resemble the profile of an aerodynamic spoiler.  The overall look of the building has the appearance of motion. In 2010, the building received its official LEED® Gold Certification.

View the original story here: http://orlando.cre-sources.com/franklin-street-chosen-manage-international-speedway-corporation-hq-building/

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Real Estate Brokerages Meet and Adopt Tech They Like

Stephen Rutchik went paperless when he joined Colliers International 1 ½ years ago.
That’s a big deal for a broker in the commercial real estate field, an industry that has historically lagged behind others on the digital front.

Colliers has begun to fill the disconnected line between the commercial real estate industry and technology. The fourth-largest real estate brokerage in the nation joins global companies CBRE Inc., JLL and Cushman & Wakefield in what agents describe as a speedy digitization of a traditionally old-school industry.
 
Companies large and small are placing a priority on software upgrades.

Rutchik and his south Florida team were early adopters of View the Space, of VTS, a cloud-based leasing and asset management platform. Both property owners and brokers have access to VTS, which allows them to manage property from any device 24 hours a day. 

Colliers also uses similar software called Hightower to streamline reporting and communication among its brokers and clients. On Hightower, agency brokers instantly share updates like new lease deals and property tours with clients on the collective platform.

“It’s about getting more time with your clients and spending less time at your desks,” Rutchik said.

Now that information is easily accessible on both platforms, the Miami-based broker said he no longer needs to call his team members every morning and ask, “What happened yesterday?”

Blanca Commercial Real Estate uses Hightower across its entire portfolio, one of the first companies in Miami to do so, said chief marketing officer Diana Pubchara, who advises on the company’s tech initiatives. The company manages over 25 buildings with the software and gives landlords complimentary access. 

Pubchara applauds the company’s adoption because it has helped boost Blanca’s market intelligence. She said Hightower streamlines communication between brokers and clients, tracks building performance and helps identify trends. If several laws firms have signed leases or are touring space in a particular market, the software picks up on that and hands over the data its users.

Brokers were at first hesitant quickly embraced Hightower, Pubchara said. 
“They like the comfort of being able to do it from their phone,” she said. “Aside from logging tours, they can share floor plans and spaces with other brokers. It makes the exchanging of information so easy. They get hooked on it once they start using it.”

Driving Data

Leading the commercial real estate realm in high-tech investments are brokerage giants JLL and Cushman & Wakefield, which have spent large sums adapting to the newest software and creating proprietary technology. 

“It is very amazing how quickly the business has transformed and how organizations like JLL are focusing on technology and innovation,” said Alan Kleber, who became a managing director at JLL’s Miami office when the company acquired Cresa South Florida late last year. 

Kleber left Cushman & Wakefield to join the smaller Cresa in 2011. The broker said “his jaw hit the floor” when he joined JLL four years later. He said it’s almost “mind-boggling” how quickly the company is “evolving into a tech-savvy real estate services organization.”

The industry has realized that different results are achieved when data is leveraged to inform brokers and clients, he said. And that data is now available anytime at your fingerprints. 

“It’s too important to not innovate and evolve,” Kleber said. 

JLL launched its own innovation team to sift through the latest and greatest, and began acquiring tech companies, he said. The company recently purchased BRG, which helps companies successfully integrate new technology systems, and Silicon Valley-based Corrigo Inc., a web-based facility management software. 

Both JLL and Cushman also have invested heavily to develop their own proprietary technology. 

Kleber is most excited about Blackbird, a JLL-created tool that gives clients a virtual 3-D tour of individual markets while visually integrating relevant data points for prospective buyers, landlords and tenant. 

“Think of Google Earth on steroids with lots of real estate data,” the broker said. 
Meanwhile at Cushman & Wakefield, brokers operate on the company’s own web portal coined Fusion. 

Mark Pateman, a director at the company’s West Palm Beach office, pointed out the new tools are only as good as the data entered by brokers.

“The more we rely on technology, the more accurate the data should be,” Pateman said.

Pateman predicts mega-partnerships will form between fledgling businesses like Hightower and long-established customer relationship management, or CRM, systems like Salesforce.com. Ultimately everything will merge onto one collective CRM platform, he said. If those partnerships crystallize, every broker in the country could one day be looking at the same screen.

Online Marketplace

The vast availability of online data has heightened completion in a notoriously competitive business, especially with the rise of virtual marketplaces like LoopNet, which give owners the ability to list properties for sale without a broker. 

LoopNet-like platforms are making it easier for building owners to sell directly, said Greg Matus, regional managing partner with Franklin Street

Tampa-based Franklin Street tracks LoopNet listing on a daily basis. Rather than wait for an owner to contact the company, he approaches sellers listing properties on the site, saying, “We’d like to market this property for you. We have a buyer.”

“Because of technology, it’s easier now for investors to cut a broker out of a transaction,” Matus said. “But smart clients understand that a good broker will add value to a transaction. That’s why groups like [Ten-X] don’t market property without a good broker.”

Ten-X is an online marketplace that partners with brokers to market their listings nationwide. Formerly known as Auction.com, the Irvine, California-based company is dominating the online real estate transaction arena. 

“We’re positioned between the seller, the brokers and the buyers in the market,” said Justin Latorre, vice president of business development in Florida. 

When Matus scores a listing, he shares it with Ten-X, which markets the property to its expansive audience. Ten-X does everything a broker would traditionally do to market a property but on a wider scale. The company also underwrites the deal and completes an environmental assessment and property condition report – and it’s all done online. 
Matus said connecting with out-of-state buyers interested in his clients’ properties is easier than ever before. 

At times, the relationship between an online platform like Ten-X and brokerages gets characterized as competitive, but Latorre said that’s not the case.

“We’re not replacing brokers,” he said. “We’re really a marketing platform and a tech company that’s enabling more transparency in the market for sellers, buyers and brokers.”

Every piece of real estate is different, so Ten-X highly leverages brokers for their local market knowledge.

While brokerages are evolving into data-driven machines to stave off competition, brokers say relationships are still key. 

Because at the end of the day, a client will always look beyond the data for behind-the-curtain information, said Pateman, the Cushman & Wakefield broker. For example, an investor eyeing an office building will want to know if the law firm occupying the top floor will stay or go when the lease expires in five years. 
“Technology can’t tell you that,” Pateman said. 

But an agent who has spoken to the firm’s junior partners can. A mobile app also can’t negotiate lease terms between a landlord and tenant with competing interests. 

 “I get that a broker’s job can become more commoditized,” he said. “But there’s a part of the job that I don’t [think] can be done by software – yet.”

 

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Strategy: What’s behind Franklin Street’s move into office leasing

Franklin Street has expanded its brokerage services to include a tenant representative broker with more than 30 years of experience in office leasing.

Carrie Smith, the managing partner of the firm’s Jacksonville office, sat down with the Jacksonville Business Journal to discuss the move and share thoughts about Franklin Streets goals for the future.

How does this fit into Franklin Street’s overall strategy for its Jacksonville office?

Franklin Street’s addition of a seasoned veteran specifically focused on the office sector is a strategic move to round out and complete our full-service offerings. As a company, we have expanded our office brokerage and management business aggressively throughout the state over the past two years, and David joining the Jacksonville team, with his wealth of experience from various markets across the country, enables us to further expand Franklin Street’s office market initiatives.

Do you expect to grow the Jacksonville office larger over the next year or so? If so, how many people do you eventually see in Jacksonville?

Yes, absolutely. Our goal in the next five years is to have a fully integrated office with representation from all of the business lines that Franklin Street offers across the southeast. This would mean an office of 20 agents and management staff.

What are the biggest challenges that you see for Franklin Street breaking into this CRE segment and how does the company plan to overcome them?

With all of the consolidation in the commercial real estate industry, clients are looking for fresh ideas from aggressively growing companies who are free from the burden that the large publicly held firms struggle with – cutting expenses and meeting quarterly returns. Our timing in Jacksonville is opportune to introduce a new approach to customer service, in which we have been very successful with in other parts of the state.

There’s already a crowded field of office leasing brokers in Jacksonville. What does Franklin Street bring to the table that will stand out?

The addition of David McCagg will prove to be a disruptor to the current status quo. His 30-plus year background representing companies with their office real estate portfolios will be a welcome addition to the Jacksonville office market. Competition is good and we intend to raise the bar by bringing proven practices that this market has not seen to date, such as our internal proprietary tools and value-added services like vast research and analytics coupled with strong interoffice relations in the southeast, especially from Tampa to Atlanta.

Where do you see the Jacksonville office market in the next three or four years?

The Jacksonville office market continues to improve… albeit slowly in comparison to other Southeast and Florida markets. North Florida we view as a rising market, in terms of the real estate cycle, and with a number of very recently announced office and mixed use developments, this further validates this theory. The Jacksonville office market can be viewed two ways: Tenants see the Jacksonville office market as a bargain compared to other comparable cities, and landlord investors see it as a value- add opportunity, banking on rising rental rates as the local market matures.

View the original story here: http://www.bizjournals.com/jacksonville/news/2016/09/16/strategy-whats-behind-franklin-street-move-into.html

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Update on Channelside Bay Plaza plans coming next week

The CEO of Strategic Property Partners will provide an update on redevelopment plans for Channelside Bay Plaza next week.

A presentation by James Nozar, CEO of SPP, is scheduled during Port Tampa Bay’s monthly board meeting on Tuesday. Nozar said previously the presentation would include an update on the beleaguered waterfront mall.

SPP, which is controlled by Tampa Bay Lightning owner Jeff Vinik and Cascade Investment LLC, acquired the ground lease to the plaza in 2014. Port Tampa Bay owns the land underneath the mall.

A Port Tampa Bay board member told Nozar at the April meeting that tenants have been ” crying out” for action at the property.

While the mall has struggled since it opened in the early 2000s, it’s a key part of SPP’s $2 billion, mixed-use development between the Channel district waterfront and downtown Tampa. A redevelopment could mean anything from a scrape-and-rebuild scenario to demolishing a portion of the property, which an SPP executive mentioned publicly in 2015.

Another idea for the property that’s been floated includes using it as an incubator for retail and restaurant tenants that eventually want to open in the new construction component of SPP’s district. Creating the street-level experience through a mix of restaurants, retail, entertainment and cultural concepts is a top priority for SPP.

Since acquiring the ground lease, SPP has spent millions on cosmetic improvements to the property. SPP has also retained Franklin Street to manage the plaza and plan events there, in an effort to boost foot traffic. In recent months, SPP has launched a VIP card for the plaza, which provides discounts to those living in the neighborhoods surrounding the property.

This summer, SPP moved its offices into Channelside Bay Plaza from Amalie Arena. One reason for that move, Nozar previously told the port authority, was to make the group more visible and accessible to tenants in the mall.

View the original story here: http://www.bizjournals.com/tampabay/news/2016/09/15/update-on-channelside-bay-plaza-plans-coming-next.html?ana=e_ae_set1&s=article_du&ed=2016-09-15&u=6mYEZ%2F1M%2F0PB%2BPQCZtwzaA06b7b21b&t=1473974244&j=75798972
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Franklin Street expands Jacksonville office into office leasing services

Commercial real estate firm Franklin Street has expanded its Jacksonville office with a broker that will focus on office leasing.

David P. McCagg started in Jacksonville last week as the company’s senior director of office tenant representation. He has 30 years of experience in the real estate industry representing several institutional and regional clients including Omnicare, General Services Administration, Harris and DaVita Dialysis.

“David is an industry veteran who has done work all over the country,” said Chris Butler, managing director for Franklin Street’s office and industrial division. “With a tight office market in Jacksonville, David thrives in this environment where he has been able to provide creative solutions for CEOs and CFOs across the nation.”

McCagg is relocating to the Jacksonville market from Denver. McCagg was a world class swimmer that won three gold medals at the 1978 World Championships in the 100 meter freestyle.

“We are excited to be expanding these services in the North Florida market,” said Carrie Smith, regional managing partner for Franklin Street’s Jacksonville office. “With the number of recently-announced office and mixed-used developments happening across our region, David, as an industry veteran, can bring his talents back to North Florida to provide unparalleled services to our clients.”

View the full story here: http://www.bizjournals.com/jacksonville/news/2016/09/15/franklin-street-expands-jacksonville-office-into.html

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Controlling your Cost of Risk to Improve Asset Management

Controlling costs is an essential aspect to Asset Management, especially when dealing with the unique nature of Affordable Housing. When considering cost of risk, owners often view insurance premiums to be the only component. Although insurance premiums may be the most visible cost, they are certainly not the only factor contributing to your Total Cost of Risk.

Oftentimes, there are many components of risk that are not identified, meansured or controlled, which ultimately lead to a negative impact on your balance sheet. Understanding all costs associated with Insurance and Risk Management can allow you to execute a more effective Asset Management strategy. The sum of all these costs is an important concept within Risk Management called your Total Cost of Risk. Once identified, there are strategies that can be implemented to control these costs and thus minimize the adverse impact they have on your asset’s value.

Below are a few key components to consider when quantifying your Total Cost of Risk. 

Retained Losses. These are the expenses paid by you for losses that are less than your deductible or that may not be covered by insurance. Losses not covered by insurance may be done intentionally (self-insured) or unintentionally (uncovered claims).

Administrative and Professional Expenses. These are internal and external costs associated with managing your insurance program and other risk-related matters. Examples of internal costs include the administrative time involved in handling your insurance program and claims. External costs include attorney fees involved with litigation and contract review.

Indirect Expenses. These expenses can be challenging to quantify as they’re mainly related to the loss of productivity. This refers to the time that is taken away from your employees’ daily responsibilities to deal with issues which occur after an incident.

Risk Control Expenses. These are the expenses associated with improving safety and preventing losses from occurring at your property. Investing in Risk Control will help reduce the costs associated with the other components discussed. Examples of these include safety programs for employees, stovetop fire stops, and property maintenance inspections to identify and repair hazards that will prevent injury to your residents.

Utilizing your insurance broker to help identify these key components and implement strategies to control these costs is crucial to improving the financial performance of your asset. Allowing them to serve as your risk management partner throughout this process will ensure the most success in reducing your Total Cost of Risk.

About the Author:
Matthew Harrell, CIC, is Managing Director for Franklin Street‘s Insurance division. Matt Harrell brings a wealth of industry experience to Franklin Street Insurance Services. As Managing Director, he works with property owners from across the country designing creative insurance programs structured to fit the needs of his clients’ individual portfolios. Mr. Harrell manages a book of more than 150,000 apartment units and 20 million square feet of retail, office and industrial space. He is licensed in 45 states and has earned the distinguished Certified Insurance Counselor (CIC) designation. Matthew.Harrell@FranklinSt.com

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View this article at: http://www.affordablehousingnews.com/issues/fall2016/

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Business Monday: Lisa Jesmer

Movers

Real Estate

Lisa Jesmer has been promoted to senior vice president of investor client accounts at Franklin Street. She previously was vice president of management services for the industrial and office division. Jesmer has a bachelor’s of engineering from Rochester Institute of Technology.

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Franklin Street Promoted Lisa Jesmer

Franklin Street has promoted Lisa Jesmer to Senior Vice President of Investor Client Accounts.

She is moving from a regional role to one that is national in scope.

Jesmer joined Franklin Street’s South Florida office one year ago as Vice President of Management Services for the industrial and office division. In her new position, she will focus on business development and client relationships across all property management product types and markets.

“This newly created position is a cornerstone in our evolution to becoming one integrated management business, allowing us to deliver office, industrial, retail and multifamily management in a one-team collaborative approach,” said Kurt Keaton, Franklin Street’s President of Management and Real Estate Services. “Lisa is the perfect person for this job. In the short time she has been with us, she has proven she can generate new business, excel at client relations and solve challenges.”

Since joining the company in October 2015, Jesmer has made significant contributions to Franklin Street. She was responsible for winning a contract to manage 2 million square feet of commercial real estate in South Florida for an international investor. In addition, she created an opportunity for Franklin Street to work for one of the largest institutional investors in the world by securing a retail management assignment in Miami. Most recently, Lisa was named a 2016 Woman of Influence by Real Estate Forum.

“I’m grateful and excited for this promotion, and for the opportunity to help Franklin Street achieve a major growth objective,” said Jesmer. “Going forward, we will be able to help our clients better meet their property management challenges by offering them a streamlined service. And ultimately, we believe this strategy will help grow our company’s management division.”

Franklin Street offers management services in office, industrial, retail and multifamily. Instead of each product line operating as its own silo, each will now roll up to just one person: Jesmer.

“We are now integrating our management business and bringing one service with several solutions to our clients,” said Keaton. “None of our competitors are aligned this way, but our collaborative culture gives us the opportunity to make this work. We think this gives us a big advantage in the market.”

Jesmer said her new role comes at the right time to fulfill the demands of a growing development trend.

“Mixed-use projects are very hot at the moment,” said Jesmer. “An owner might have a need for apartment, retail and office management services. Now, we have just one person he or she can talk with to provide a turnkey solution.”

Prior to joining Franklin Street, Jesmer worked at CBRE in Miami where she oversaw a portfolio of 18 million square feet.

Before CBRE, Jesmer managed the entire real estate portfolio for Jackson Health Systems in Miami. That followed a two-decade career with Jones Lang LaSalle working in the company’s Washington, D.C., Atlanta and Miami offices.

Jesmer is an active member of the Building Owners and Managers Association (BOMA) and Commercial Real Estate Women (CREW).

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Franklin Street Promotes Lisa Jesmer to Senior Vice President of Investor Client Accounts

Franklin Street, a growing full-service commercial real estate company, announces that it has promoted Lisa Jesmer to Senior Vice President of Investor Client Accounts. She is moving from a regional role to one that is national in scope. 

Jesmer joined Franklin Street’s South Florida office one year ago as Vice President of Management Services for the industrial and office division. In her new position, she will focus on business development and client relationships across all property management product types and markets. 

“This newly created position is a cornerstone in our evolution to becoming one integrated management business, allowing us to deliver office, industrial, retail and multifamily management in a one-team collaborative approach,” said Kurt Keaton, Franklin Street’s President of Management and Real Estate Services. “Lisa is the perfect person for this job. In the short time she has been with us, she has proven she can generate new business, excel at client relations and solve challenges.” 

Since joining the company in October 2015, Jesmer has made significant contributions to Franklin Street. She was responsible for winning a contract to manage 2 million square feet of commercial real estate in South Florida for an international investor. In addition, she created an opportunity for Franklin Street to work for one of the largest institutional investors in the world by securing a retail management assignment in Miami. Most recently, Lisa was named a 2016 Woman of Influence by Real Estate Forum. 

“I’m grateful and excited for this promotion, and for the opportunity to help Franklin Street achieve a major growth objective,” said Jesmer. “Going forward, we will be able to help our clients better meet their property management challenges by offering them a streamlined service. And ultimately, we believe this strategy will help grow our company’s management division.” 

Franklin Street offers management services in office, industrial, retail and multifamily. Instead of each product line operating as its own silo, each will now roll up to just one person: Jesmer. 

“We are now integrating our management business and bringing one service with several solutions to our clients,” said Keaton. “None of our competitors are aligned this way, but our collaborative culture gives us the opportunity to make this work. We think this gives us a big advantage in the market.” 

Jesmer said her new role comes at the right time to fulfill the demands of a growing development trend. 

“Mixed-use projects are very hot at the moment,” said Jesmer. “An owner might have a need for apartment, retail and office management services. Now, we have just one person he or she can talk with to provide a turnkey solution.” 

Prior to joining Franklin Street, Jesmer worked at CBRE in Miami where she oversaw a portfolio of 18 million square feet. 

Before CBRE, Jesmer managed the entire real estate portfolio for Jackson Health Systems in Miami. That followed a two-decade career with Jones Lang LaSalle working in the company’s Washington, D.C., Atlanta and Miami offices. 

Jesmer is an active member of the Building Owners and Managers Association (BOMA) and Commercial Real Estate Women (CREW). 

# # # # About Franklin Street: Franklin Street is a family of full-service real estate companies focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its divisions—Real Estate, Capital, Insurance, Management, and Valuation.—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.

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Franklin Street Promotes Jesmer to SVP of Investor Client Accounts

Franklin Street, a growing full-service commercial real estate company, announces that it has promoted Lisa Jesmer to Senior Vice President of Investor Client Accounts. She is moving from a regional role to one that is national in scope.

Jesmer joined Franklin Street’s South Florida office one year ago as Vice President of Management Services for the industrial and office division. In her new position, she will focus on business development and client relationships across all property management product types and markets.

“This newly created position is a cornerstone in our evolution to becoming one integrated management business, allowing us to deliver office, industrial, retail and multifamily management in a one-team collaborative approach,” said Kurt Keaton, Franklin Street’s President of Management and Real Estate Services. “Lisa is the perfect person for this job. In the short time she has been with us, she has proven she can generate new business, excel at client relations and solve challenges.”

Since joining the company in October 2015, Jesmer has made significant contributions to Franklin Street. She was responsible for winning a contract to manage 2 million square feet of commercial real estate in South Florida for an international investor. In addition, she created an opportunity for Franklin Street to work for one of the largest institutional investors in the world by securing a retail management assignment in Miami. Most recently, Lisa was named a 2016 Woman of Influence by Real Estate Forum.

“I’m grateful and excited for this promotion, and for the opportunity to help Franklin Street achieve a major growth objective,” said Jesmer. “Going forward, we will be able to help our clients better meet their property management challenges by offering them a streamlined service. And ultimately, we believe this strategy will help grow our company’s management division.”

Franklin Street offers management services in office, industrial, retail and multifamily. Instead of each product line operating as its own silo, each will now roll up to just one person: Jesmer.

“We are now integrating our management business and bringing one service with several solutions to our clients,” said Keaton. “None of our competitors are aligned this way, but our collaborative culture gives us the opportunity to make this work. We think this gives us a big advantage in the market.”

Jesmer said her new role comes at the right time to fulfill the demands of a growing development trend.

“Mixed-use projects are very hot at the moment,” said Jesmer. “An owner might have a need for apartment, retail and office management services. Now, we have just one person he or she can talk with to provide a turnkey solution.”

Prior to joining Franklin Street, Jesmer worked at CBRE in Miami where she oversaw a portfolio of 18 million square feet.

Before CBRE, Jesmer managed the entire real estate portfolio for Jackson Health Systems in Miami. That followed a two-decade career with Jones Lang LaSalle working in the company’s Washington, D.C., Atlanta and Miami offices.

Jesmer is an active member of the Building Owners and Managers Association (BOMA) and Commercial Real Estate Women (CREW).

About Franklin Street: Franklin Street is a family of full-service real estate companies focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its divisions—Real Estate, Capital, Insurance, Management, and Valuation.—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.