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Insurance Brokerage Doubles Space in West Loop Relocation
Savills represented RT Specialty in a multiyear, 83,228-square-foot relocation and expansion to 540 W. Madison in the West Loop. A fast-growing insurance brokerage, RT Specialty is a division of Ryan Specialty Group, a longtime client of Savills vice chairman Robert Sevim and corporate managing director Adam Southard, who represented RT Specialty in negotiations.
As part of the agreement, RT Specialty will occupy the eighth and ninth floors, increasing its footprint by 45,000 square feet. The favorable lease terms include expansion rights. Landlord Third Millennium Group will provide a substantial tenant improvement allowance to support capital upgrades to RT Specialty’s space.
“RT Specialty Chicago has been on a rapid growth trajectory and is one of the most dynamic offices in the Ryan Specialty Group portfolio,” said Sevim. “540 West Madison is one of the premier office towers in the West Loop as the building is consistently adding to the tenant experience.”
- ◦Lease
