R-T Specialty, an independent wholesale brokerage that provides specialty insurance services, has secured a long-term lease for new space in its current building at 500 W. Monroe in order to accommodate its growth.
R-T Specialty plans to staff more than 40 percent of additional workforce in the same footprint (approximately 27,000 square feet).
Robert Sevim, executive managing director of Studley, engineered the new lease for the company. Managing Director Steve Smith and Senior Vice President Gary Kostecki, both of JLL, represented the owner of 500 W. Monroe, Piedmont Office Realty Trust.
R-T Specialty intends to fully move into its new space on the 30th floor by this fall.
According to Sevim, after looking at the projections for the company, R-T Specialty acknowledged the need for additional capacity well in advance of its 28th floor sublease expiration at 500 W. Monroe scheduled in 2017, and wanted to identify a solution for growth for both the immediate and longer term.
“We were able to structure a transaction with the owners of 500 West Monroe that allowed R-T Specialty to be relieved of its remaining sublease obligation and engage in a direct relationship with Piedmont for a brand new floor,” he said. “Additionally, we were able to build out a new and more efficient workplace that will accommodate an increase from 108 to 150 employees within an identical footprint and secure flexibility for future additional growth.”
Tim Turner, president of R-T Specialty, said he is excited about the company’s decision to determine a new leasing arrangement.
“We are in an era where financially intelligent workplace decisions such as efficient space utilization are critical to a company’s success,” he said. “We feel fortunate to be able to accommodate R-T’s continued growth by expanding headcount at 500 West Monroe in a brand new space that’s more attractive and effective for our business.”
