Savills Studley Executes Midwest Transactions for RSG and RT Specialty

29 August 2017

Savills Studley, the leading commercial real estate firm specializing in tenant representation, is pleased to announce its representation of Ryan Specialty Group (RSG) in an expansion at Two Prudential Plaza where the company will now occupy 32,495 square feet. Savills Studley has also recently completed two transactions on behalf of one of Ryan Specialty Group’s subsidiaries, RT Specialty: an expansion to 38,000 square feet at 500 West Monroe in Chicago and a lease extension for 46,754 square feet at the Town Pavilion in Kansas City.

Founded by Patrick Ryan in 2010, Ryan Specialty Group is an international specialty insurance organization that provides innovative solutions for brokers, agents and insurance carriers. RT Specialty, a subsidiary of Ryan Specialty Group, provides wholesale brokerage and other services to agents and brokers.

Ryan Specialty Group, a rapidly growing company based in Chicago, established its headquarters at Two Prudential Plaza in 2013 and has expanded at this location twice within the last four years. Renovated in 2016, the Class A East Loop tower features stunning views of Lake Michigan, Millennium Park and the city skyline, as well as on-site food service, a fitness center and a parking garage.

“Despite persistent leasing activity in the East Loop, there has been limited availability of premium high-rise space in the submarket,” said Savills Studley Executive Vice President and Chicago Co-Head Robert Sevim, who represented Ryan Specialty Group in this transaction. “Our team has closely monitored activity in this building and across the market to optimally manage Ryan Specialty Group’s growth. When a tenant in contiguous space on the 45th floor prepared to relocate, we quickly engaged the leasing team and secured the trophy space.”

RT Specialty’s business success has been a driver of growth. Following the latest extension executed by Savills Studley, the company now occupies 38,000 square feet at 500 West Monroe. Designed by the iconic architecture firm Skidmore, Owings & Merrill, 500 West Monroe is located in the West Loop submarket within walking distance to Union Station, the LaSalle Street financial corridor and the Theater District. Building amenities include an on-site fitness center, an enclosed parking garage, a bike room and a café. Savills Studley represented RT Specialty in a previous expansion at this location in 2014 and the building is currently undergoing renovations.

Savills Studley Managing Director Adam Southard supported Sevim in each Chicago transaction. Bill Truszkowski of the Telos Group represented 601W Companies in the transaction at Two Prudential Plaza. Mark Georgas and Gary Kostecki of JLL represented owner Piedmont Realty Trust at 500 West Monroe.

Savills Studley is also pleased to announce its representation of RT Specialty in a lease extension at the company’s Kansas City location. RT Specialty has occupied 46,654 square feet on the two floors of the Downtown Kansas City Class A tower since 2012. As part of the agreement negotiated by Savills Studley, the landlord has agreed to support renovations to accommodate RT Specialty’s growing workforce at this location. Sevim, Southard and Savills Studley Senior Managing Director Adam Mitchell worked with the tenant in this transaction. Ryan Biery of Copaken Brooks represented the landlord in this transaction.

 

 
 

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