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7/09/25
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An award-winning, 30k sf office building in Palo Alto was refinanced with a new permanent loan for $32 mil. The modern, LEED Silver-certified Class A mid-rise building is owned by a private investor.
The building, located at 611 Cowper St, consists of three floors of office space above two subterranean levels of parking. The property is 100% leased to Amazon in a long-term agreement. In 2022, the City of Palo Alto recognized the project with an Architectural Excellence Award for the project’s unique and sustainable mixed-use design, which includes a separated fourth-floor penthouse residence.
Jeff Wilcox and Andrew Ferguson with Gantry arranged the 8.5-year, non-recourse, fixed-rate loan. It was funded through a national insurance company lender.
According to Wilcox, 611 Cowper checks all the boxes for what constitutes a qualifying office property for lenders in today’s market realities; strong cash flow metrics, a long-term lease, modern building systems and finishes, LEED certification, and a desirable location in a top performing submarket for tech, finance, and other professional services.
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