(PRWEB) March 26, 2014
R-T Specialty, a subsidiary of Ryan Specialty Group, and one of the leading independent wholesale brokerages that provide specialty insurance services, has secured a long term lease for new space in its current building at 500 West Monroe in order to accommodate its growth and to staff more than 40% of additional workforce in the same footprint (approximately 27,000 square feet).
Robert Sevim, executive managing director of global commercial real estate services firm, Studley, engineered the new lease for the company. Managing Director Steve Smith and Senior Vice President Gary Kostecki, both of JLL, represented the owner of 500 West Monroe, Piedmont Office Realty Trust.
R-T Specialty intends to fully move into its new space on the 30th floor by this fall.
According to Sevim, after looking at the projections for the company, R-T Specialty acknowledged the need for additional capacity well in advance of its 28th floor sublease expiration at 500 West Monroe scheduled in 2017, and wanted to identify a solution for growth for both the immediate and longer term. “We were able to structure a transaction with the owners of 500 West Monroe 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. 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.”
Tim Turner, President of R-T Specialty, is excited about the company’s decision to determine a new leasing arrangement, and states, “We are in an era where financially intelligent workplace decisions such as efficient space utilization are critical to a company’s success. We feel fortunate to be able to accommodate R-T’s continued growth by expanding headcount at 500 West Monroe in a brand new space that’s more attractive and effective for our business. The move will most definitely enhance the unique culture of performance and employee satisfaction we have worked hard to develop.”
About Ryan Specialty Group, LLC and R-T Specialty, LLC
Ryan Specialty Group, LLC is a global holding company which includes wholesale broker R-T Specialty, LLC, a select group of highly-specialized underwriting companies, a London operation and other specialty services designed specifically for agents, brokers and insurers. http://www.ryansg.com and http://www.rtspecialty.com.
About Studley, Inc.
Studley, Inc. is the leading global commercial real estate services firm specializing in tenant representation. Founded in 1954, Studley pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. With over 60 offices worldwide, Studley offers expert advisory services, including brokerage, project management, corporate services and strategic portfolio solutions. Studley’s unique approach examines every client’s business to fully understand corporate objectives and optimize real estate assets. For more information, please visit http://www.studley.com and follow us on Twitter @StudleyInc and LinkedIn.
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