Three years premature of its sublease expiration, R-T Specialty, a subsidiary of Ryan Specialty Group, and one of the leading independent wholesale brokerages that provide specialty insurance services, acknowledged its forecasted growth and need for additional employee capacity in the short term. The company, who was currently subleasing on the 28th floor of 500 West Monroe, enlisted Savills Studley’s services to help identify a strategic real estate solution for growth for both the immediate and longer term.
After looking at the projections and thoroughly reviewing the company’s options, Savills Studley advised R-T Specialty to engage in a direct leasing relationship with the landlord Piedmont in the same building but in a brand new space on the 30th floor.
Savills Studley was able to negotiate a thoughtful and strategic lease agreement that relieved R-T Specialty of its remaining sublease obligation and obtain a healthy allowance to build out a new and more efficient workplace with flexibility for future additional growth. The new space could accommodate an increase from 108 to 150 employees within an identical footprint.
With Savills Studley’s guidance, R-T Specialty secured a long term lease for new space in its current building at 500 West Monroe in order to accommodate its growth and to staff more than 40% of additional workforce in the same footprint of approximately 27,000 square feet.
The company was able to expand headcount in a brand new space that’s more attractive and effective for its business. The move allowed R-T to make a financially intelligent workplace decision regarding efficient space utilization that will ultimately enhance the unique culture of performance and employee satisfaction it has worked hard to develop.
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