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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.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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