Databricks and Alliant Lease Tishman Speyer’s Chicago Office

Tishman Speyer just caught a tailwind in downtown Chicago’s beleaguered office market.

San Francisco-based data and artificial intelligence heavyweight Databricks, as well as Irvine, California-based insurance brokerage Alliant are both leasing new office spaces at Tishman’s skyscraper called The Franklin at 227 West Monroe Street, providing a boost to the 1.6 million-square-foot Loop property.

The dual leases mark a win for the New York-based landlord, which has been working to shore up occupancy at the property after the recent departure of FTI Consulting and an upcoming exit of law firm Venable, Crain’s reported.

Databricks, which has been on a huge leasing tear in the San Francisco Bay Area, is upsizing its Chicago presence to about 50,000 square feet. It’s a signal that the tech sector’s appetite for top-tier Chicago office space hasn’t completely dried up, despite a lengthy drought following the widespread adoption of hybrid work, according to the outlet.

The tenant’s decision to plant a bigger flag and relocate from coworking brand Convene’s space within 311 West Monroe Street highlights the flight-to-quality trend that continues to drive the Windy City’s commercial real estate landscape. Companies are increasingly demanding premium amenities to lure reluctant employees back to downtown desks.

Meanwhile, Alliant is also locking in a 20,000-square-foot space at the tower, adding to the property’s roster of traditional financial and professional services firms.

The back-to-back signings highlight how landlords with heavily amenitized, centrally located Class A buildings are still managing to reel in corporate tenants, even amid broader market headwinds. Chicago’s downtown office vacancy rate has stubbornly hovered near record highs of 28 percent in early 2026, making any significant leasing victory a standout moment for landlords.

JLL’s Eddie Viliunas is negotiating the lease on behalf of Databricks, while Savills’ Robert Sevim is representing Alliant. Tishman Speyer’s Ellen May and Stephen Golz manage leasing on behalf of the landlord.

— Sam Lounsberry