CHICAGO—R-T Specialty, a wholesale brokerage that provides specialty insurance services, has just secured a long-term lease in its current building at 500 W. Monroe. But the lease is not a simple renewal. The company, a subsidiary of Ryan Specialty Group, is expanding its workforce by up to 40%, and will remain on the same footprint of about 27,000-square-feet.
Robert Sevim, executive managing director of Studley, a commercial real estate services firm, engineered the new lease. Managing director Steve Smith and senior vice president Gary Kostecki, both of JLL, represented the owner of 500 W. Monroe, Piedmont Office Realty Trust.
According to Sevim, R-T realized it would need additional capacity well in advance of 2017, when its sublease on the 28th floor would expire.
“We were able to structure a transaction with the owners that allowed R-T Specialty to be relieved of its remaining sublease obligation and engage in a direct relationship with Piedmont for a brand new floor,” he says. “Additionally, we were able to build out a new and more efficient workplace that will accommodate an increase from 108 to 150 employees within an identical footprint and secure flexibility for future additional growth.”
R-T will move into its new space on the 30th floor by this fall.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
