Tishman Speyer has completed a refinancing of The Franklin, a two-tower office complex in Chicago’s West Loop, obtaining a $340 million commercial mortgage-backed securities loan. The property comprises a 60-story tower at 227 West Monroe Street and a 34-story tower at 222 West Adams Street, anchoring a significant portion of the West Loop office corridor.
The new financing is structured as a five-year floating rate facility. It features an initial two-year term with three separate 12-month extension options, allowing the borrower to potentially extend the loan to a full five-year duration. According to Tishman Speyer, proceeds from the refinancing will be used to repay The Franklin’s existing loan and to support ongoing leasing activity at the complex.
JPMorgan led the refinancing, with Bank of America and Deutsche Bank participating as co-lenders on the CMBS execution. Their involvement signals continued engagement by major money-center banks in financing large, institutional-quality office assets in the Chicago market through securitized debt structures.
Since June 2025, Tishman Speyer reports that it has completed 460,000 square feet of new leases and lease extensions at The Franklin. This recent leasing volume has brought the twin-tower complex to 84 percent leased. The leasing progress provides additional income stability at the property and supports the business plan underpinning the new financing.
The Franklin includes a mix of retail offerings within the complex. Among the retailers cited at the property are Amazon Go, Citibank and Soprafinna Market, providing on-site services and daily-use amenities for office tenants and visitors. These retailers contribute to the property’s positioning as a workplace environment with a range of convenient options for building occupants.
Commenting on the transaction, Nooshin Felsenthal, a managing director at Tishman Speyer, said that the successful refinancing reflects both the strength of The Franklin and the continued demand for high-quality, amenity-rich office environments in prime locations. The statement underscores the landlord’s view that well-located, modern office complexes in central business districts can continue to attract tenants and support institutional debt capital, even as the broader office sector adapts to evolving workplace trends.
