Patrick G. Ryan, Chairman and CEO of Ryan Specialty Group, LLC (RSG), recognizing the need for a larger and more efficient space, is moving RSG’s corporate headquarters to a new location.
RSG has signed a long-term lease for the entire 46th floor of Two Prudential Plaza (180 North Stetson St.), which spans over 18,000 square-feet. The agreement was arranged by global commercial real estate services firm, Studley.
RSG currently occupies space at the Aon Center (200 East Randolph St.) and will relocate to Prudential Plaza in the fourth quarter of this year. The complex is a joint venture between New York owners Berkley Properties and the 601W Companies. RSG’s is the first notable leasing transaction Prudential Plaza has consummated since its recent and well-publicized recapitalization.
Robert Sevim, Executive Managing Director of Studley Chicago’s office, represented RSG in the leasing transaction, along with Joe Learner, Executive Vice President, Director and Branch Manager. The landlord was represented by Matt Pistorio and Bill Truszkowski of The Telos Group. Studley was retained to advise RSG on its real estate needs as its existing sublease expires in December 2013.
According to Sevim, RSG went through an extensive space search before settling on Prudential Plaza. “We identified an ideal opportunity at Prudential Plaza for Ryan Specialty Group,” notes Sevim. “The previous tenant left highly adaptable existing conditions, which were well suited to RSG’s business and therefore offered a very appealing and cost effective solution. In an era where the ability to tailor a real estate solution while maximizing efficiencies are important drivers, it is a real win to find such high levels of reusability for a tenant. In addition, the world-class image of Prudential Plaza fit well with RSG’s brand.”
According to Truszkowski, “We are extremely excited about a tenant of RSG’s prestige selecting Prudential Plaza for its headquarters and feel RSG compliments Prudential Plaza’s exceptional tenant roster.”
Mr. Ryan engaged Studley to expedite the search for a property that could both economically and efficiently be amenable to RSG’s corporate structure. “We are pleased to find a real estate solution that matches both short and long term needs for Ryan Specialty Group’s corporate headquarters,” states Mr. Ryan. “The move provides a fresh, new location as we springboard toward future growth and continued global expansion of RSG.”