Prometheus Gets Wells Fargo Financing for Cupertino Offices

Prometheus Real Estate Group scored nearly $150 million in refinancing for its Cupertino office campus near Apple’s headquarters.

The San Mateo-based firm secured $145 million from Wells Fargo for two office buildings at Cupertino City Center, a mixed-use development that boasts a hotel, three apartment complexes and five office buildings, the Silicon Valley Business Journal reported. The refinancing package will fund updates to 20400 and 20450 Stevens Creek Boulevard, two eight-story office buildings known as The Towers that together span 357,000 square feet.

Wells Fargo’s loan is the second time Prometheus has refinanced the 3-acre property in the past decade. In 2016, Allianz Life Insurance Company of North America originated a $148 million loan for Prometheus.

The new financing will help fund the modernization of the property and build on its renovations of the office portion of the campus which were completed in 2022. These were “focused on ensuring the property continues to meet the needs of innovative Silicon Valley companies,” Eron Kosmowski, Prometheus’ senior vice president of finance and commercial operations, said.

Big name tenants like Apple and Amazon have occupied offices at The Towers over the years. At the moment, Morgan Stanley is the only major tenant there, according to the Business Journal. Prometheus developed Cupertino City Center in 1989 and owns The Towers while other companies own other parts of the development.

Apple purchased two offices at Cupertino City Center from American Realty Advisor in 2019 for $290 million, the Business Journal reported. Over the past year, the tech giant has been on a buying spree in its home city. Late last year, it bought two office buildings it occupies at 19319 and 19339 Stevens Creek Boulevard, down the street from Cupertino City Center. The 19319 Stevens Creek building spans approximately 136,600 square feet, while the 19339 structure totals about 129,900 square feet.

Last summer, the trillion-dollar tech giant bought Cupertino Gateway, a three-building complex totaling 220,700 square feet at 10200 North Tantau Avenue, for just over $166.9 million in cash. — Chris Malone Méndez