Insurance brokerage firm RT Specialty doubles the size of its Chicago office by moving into a West Loop building owned by Third Millennium Group.
RT Specialty, which occupied approximately 38,000 square feet in the Heller International Building at 500 West Monroe Street for four years, leased over 83,000 square feet on the eighth and ninth floors of the 31-story building at 540 West Madison Street. in the West Loop, Crain reports. Savills negotiated the deal.
RT is moving to accommodate its growing workforce, which has nearly doubled since its last office expansion in 2017, according to Savills. The company has 275 employees, up from 146 four years ago. The new location can accommodate more than 400 workers.
Telos Group, which manages the rental of the 1.2 million square foot Madison Street building, said it was about 90 percent leased. RT Specialty is a division of Ryan Specialty Group, the insurance company formed by Aon founder Pat Ryan. RSG is one of the largest tenants at Two Prudential Plaza in East Loop.
Demand for office space in Chicago exceeded supply in the third quarter of 2021 for the first time since the pandemic. Rental volume in the city’s central business district jumped 74% from the previous quarter to 1.86 million square feet and net absorption turned positive, ending a four-quarter streak. Rents were up 1.3% from the second quarter, driven by the West Loop and Fulton Market.[Crainâs] – Victoria Pruitt