Northmarq’s San Francisco Debt + Equity team has arranged a $145 million refinancing for The Towers at Cupertino City Center, a Class A office campus in Cupertino. The assignment was led by Nathan Prouty, Andrew Slaton and John Holt, who structured the new loan for the two-building complex totaling 357,502 square feet. The property, located at 20400 and 20450 Stevens Creek Boulevard, is owned and operated by Prometheus Real Estate Group.
The refinancing was completed following a competitive marketing process that drew strong interest from a wide range of capital providers. According to Northmarq, multiple CMBS lenders were among the groups pursuing the opportunity, despite the fact that office capital markets remain selective. The response from lenders highlighted the campus’s fundamentals and the strength of its positioning in the regional office landscape.
Prouty noted that the deal illustrates how lenders are still willing to engage on office assets that offer a compelling combination of real estate quality and business plan. In this case, recent capital investment at the property, along with durable tenancy and a prominent Silicon Valley location, were cited as primary drivers of lender interest. Those elements helped the asset stand out in an environment where underwriting standards for office are increasingly focused on credit, lease term and asset quality.
The Towers at Cupertino City Center features a diversified tenant mix that spans globally recognized technology companies, institutional financial services firms and a range of established and growth-oriented users. Among the tenants is Morgan Stanley, representing the institutional financial services cohort within the campus. This combination of technology and financial services tenancy contributes to the property’s income durability and appeal to lenders seeking stable collateral in the office sector.
By securing this refinancing, Prometheus Real Estate Group has reaffirmed lender confidence in the campus’s performance profile and market position. While specific loan terms were not disclosed, the level of competition among capital providers suggests ongoing appetite for well-located, institutionally owned office product in Cupertino, even as investors and lenders remain cautious toward the broader office asset class.
