Savills Studley Negotiates Office Expansions in Chicago

The company closed on two leases for Ryan Specialty Group and one of its subsidiaries, RT Specialty. The offices are located at Two Prudential Plaza and 500 W. Monroe.

Two Prudential Plaza, Chicago
Two Prudential Plaza, Chicago

Savills Studley brokered two office expansions on behalf of Ryan Specialty Group and one of its subsidiaries, RT Specialty. Following the necessary improvements, RSG will occupy 32,495 square feet at Two Prudential Plaza, while RT Specialty conduct its operations in a 38,000-square-foot space at 500 W. Monroe.

Robert Sevim, executive vice president with Savills Studley, and Adam Southard, managing director, closed on the transactions on behalf of the tenants. Two Prudential Plaza’s owner, 601W Cos., was represented by Telos Group’s Senior Vice President Bill Truszkowski. Senior Vice Presidents Mark Georgas and Gary Kostecki of JLL represented Piedmont Realty Trust, the owner of 500 W. Monroe.

Gradual expansion

The companies have been tenants of the two towers for several years, but opted to wait until more space became available instead of relocating. The reason is that office space in East Loop high-rises has been scarce, Sevim explained in a prepared statement.

RSG first moved to Two Prudential Plaza’s 45th floor in 2013 and expanded its office space twice since. The tower, which was renovated in 2016, offers on-site food service, a fitness center and a parking garage. Tenants can also enjoy views of Lake Michigan, Millenium Park and the city skyline.

For RT Specialty this was the second office expansion at the Skidmore, Owings & Merrill building since 2014. The high-rise is currently undergoing renovations, but tenants can still use the on-site fitness center, bike room, café and parking garage.

RT Specialty also worked with Savills Studley, which has a solid reputation for helping companies ink leases in trophy buildings, to renew the lease of its 46,654-square-foot Kansas City office.

Image courtesy of Yardi Matrix