R-T Reworks Lease to Enable Expansion

CHICAGO—R-T Specialty, a wholesale brokerage that provides specialty insurance services, recently secured a long-term lease in its current building at 500 W. Monroe, but Robert Sevim, executive managing director of Studley, tells GlobeSt.com that “it wasn’t your traditional lease.” Like many expanding companies, R-T had to make many decisions several years before its agreement for about 27,000-square-feet expired. The company, for example, could simply have decided to keep their sublease on the 28th floor until it expired in 2017.

“But even when you take on a short-term space, you still need to invest in it,” says Sevim, especially if, like R-T, your company wants to expand its workforce by up to 40%. And although R-T did consider staying on the 28th and reworking the space, doing so would have been disruptive to their work.