RT Specialty Doubles office space in move to Third Millennium building in West Loop

RT Specialty needs to accommodate its growing workforce

Chicago /
Oct.October 21, 2021 12:32 PM

500 W Monroe Street (loopnet.com, 500westmonroe.com)

Insurance brokerage RT Specialty is doubling the size of its office space in Chicago by moving into a West Loop building owned by Third Millenium Group..

RT Specialty, which has occupied about 38,000 square feet in the Heller International Building at 500 West Monroe Street for four years, leased more than 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’s reported. Savills negotiated the deal.

RT is moving to accommodate its growing workforce, which has almost doubled since it last expanded its offices in 2017, according to Savills. The company has 275 employees, compared with 146 four years ago. The new location can fit more than 400 workers.

Telos Group, which handles leasing for the 1.2 million-square-foot Madison Street building, said it’s 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 in the East Loop’’s Two Prudential Plaza.

Office demand in Chicago exceeded supply in the third quarter of 2021 for the first time since the pandemic. Leasing volume in the city’s central business district jumped 74 percent from the prior quarter to 1.86 million square feet and net absorption turned positive, ending a four-quarter streak. Rents increased 1.3 percent from the second quarter, driven by the West Loop and Fulton Market.

[Crain’s] — Victoria Pruitt





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