Mesa West Capital has originated a $61.5 million short-term first mortgage to refinance a Class A office building at 285 Sobrante Way in Sunnyvale. The loan proceeds are being used by a Southern California-based real estate investment firm to finance the 125,000-square-foot asset, which recently secured a full-building lease from Pinterest. JLL Capital Markets arranged the financing, with a team led by Kevin MacKenzie, Peter Thompson and Spencer Bergthold.
The four-story property was completed in 2021 by an institutional developer and is described as a modern, LEED Gold-certified office asset. Each floor offers approximately 31,275 square feet of space, giving the tenant large, efficient floor plates across the entire building. The sponsor acquired the asset vacant in June 2025 through a receivership sale, taking control of the property at a time when it had no occupants.
Within six months of the acquisition, the sponsor executed a long-term lease with Pinterest for 100% of the building. The lease-up of the formerly vacant property transformed it into a fully occupied, single-tenant asset prior to the new financing. Pinterest now serves as the building’s sole tenant, effectively anchoring the property under a long-term commitment.
Mesa West Capital’s West region team, led by head of the West region Josh Westerberg and vice president Hoony Shin out of the firm’s San Francisco office, oversaw the origination of the mortgage. In discussing the financing, Westerberg noted that Silicon Valley continues to function as one of the country’s leading technology and innovation markets, supported by a highly educated labor pool and significant flows of venture capital.
Westerberg also pointed to the lack of recent office deliveries in Sunnyvale, suggesting that the limited new supply, coupled with improving technology sector demand, should underpin relative outperformance for the local office submarket. Against that backdrop, the fully leased, recently built, and sustainability-certified property aligns with current investor and lender preference for high-quality, well-located office assets with strong tenancy.
