Cole Taylor Mortgage plans to double Ann Arbor office space to accommodate its 200 employees
The company leased 27,800 square feet in the Northeast Corporate Center complex on Green Road in July 2011, bringing 115 employees from offices in Hamburg Township. It was one of the largest commercial real estate deals in Washtenaw County over the past few years and one of the largest single incidents of job creation in the private sector.
Photo courtesy of Cole Taylor Bank
After opening the office in November, the division has been quickly growing its staff and is now up to 200 employees. To accommodate its growth, the mortgage company is in the process of doubling its office space in the building, according to a release.
Previous tenants at the 223,196-square-foot property — one of the largest office complexes in the area — included Toyota and Pfizer. Ann Arbor-based real estate firm McKinley manages and markets the Northeast Corporate Center on behalf of an institutional client.
Cole Taylor Mortgage President Willie Newman said, in a release, the “primary driver” in the staff expansion has been the division’s increased mortgage market share and growth in earnings.
Taylor Capital Group Inc., the corporate parent of Cole Taylor Bank, reported $17.5 million in mortgage banking revenue in the first quarter of 2012, up from $9.1 million in the fourth quarter of 2011.
It also recently launched an evening shift program that primarily targets college students and recent graduates and provides entry into the industry.
“Much of the inspiration for the design of this program came from being so close to several great universities - in other words, being located in Ann Arbor,” said Newman.