**Amazon-Leased Palo Alto Office Building Refinanced for $32 Million**
Gantry has secured a $32 million permanent loan to refinance 611 Cowper Street, a Class A mid-rise office building located in downtown Palo Alto. The financing was arranged by Principal Jeff Wilcox and Associate Andrew Ferguson of Gantry’s San Francisco production office, who represented the borrower—a private real estate investor. The transaction was structured as an 8.5-year, non-recourse, fixed-rate loan through a national insurance company lender.
The LEED Silver-certified property comprises 30,000 square feet of leasable office space distributed across three floors, situated above two levels of subterranean parking. It is fully leased to Amazon under a long-term agreement. In 2022, the City of Palo Alto honored the building with an Architectural Excellence Award, recognizing its innovative and sustainable mixed-use design.
Commenting on the deal, Wilcox stated, “While office assets continue to face strong headwinds in the current market cycle, conditions are improving. Gantry continues to have success engaging a growing roster of lenders on quality office projects and successfully refinancing maturing office debt for performing assets with stable permanent loans.”
