Northmarq arranges $145M refinance of The Towers at Cupertino City Center

CUPERTINO, Calif. — Northmarq’s San Francisco Debt + Equity team led by Nathan Prouty, Andrew Slaton and John Holt has arranged $145 million in refinancing for The Towers at Cupertino City Center, a two-building Class A office campus in Cupertino, California. The property is owned and operated by Prometheus Real Estate Group.

Located at 20400 and 20450 Stevens Creek Boulevard, the campus totals 357,502 square feet on a 3.25-acre site at the intersection of Stevens Creek Boulevard and De Anza Boulevard. Originally constructed by Prometheus in 1989, the property underwent significant renovations in 2022, enhancing its competitive positioning within the Silicon Valley office market.

The refinancing followed a competitive marketing process that generated strong interest from a broad cross-section of capital providers, including multiple CMBS lenders. The engagement underscores continued lender appetite for well-located, institutional-quality office assets backed by experienced sponsorship.

“While the office capital markets remain selective, this transaction demonstrated that lenders will engage for assets with strong fundamentals and a compelling business plan,” said Nathan Prouty, Senior Vice President at Northmarq. “Recent capital investment, durable tenancy, and prime Silicon Valley positioning were key drivers of lender interest.”

“Our recent capital investments in The Towers were focused on ensuring the property continues to meet the needs of innovative Silicon Valley companies,” said Eron Kosmowski, Senior Vice President of Finance and Commercial Operations at Prometheus Real Estate Group. “Closing this $145 million financing in today’s market reflects continued lender confidence in well-located assets with strong tenancy and experienced ownership. We appreciate the Northmarq team’s thoughtful execution and their ability to navigate a complex process through to a successful close.”

The property features a diversified tenant roster that includes globally recognized technology companies, institutional financial services firms such as Morgan Stanley, and a mix of established and growth-oriented users. Combined with limited new supply in Cupertino and proximity to major corporate campuses, the asset aligns with the ongoing flight-to-quality trend across the region.

“The competitive landscape — particularly among CMBS lenders — enabled us to deliver a structure that balanced proceeds, flexibility, and certainty of execution,” added Andrew Slaton, Senior Vice President at Northmarq. “Even in today’s environment, lenders will compete for institutional-quality assets when fundamentals and sponsorship align.”