SUNNYVALE — An office and research building Nvidia leases in Sunnyvale was bought for well over $90 million, a far higher price than what it was sold for just three years ago.
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Blackstone Real Estate, through an affiliate, acquired the 134,200-square-foot building at 350 Cobalt Way for $99.6 million, documents filed on Sept. 22 with the Santa Clara County Recorder’s Office show. Commercial real estate firm JLL had been marketing it.
PSAI Realty Partners, the seller in the deal, paid $31 million for the two-story structure in 2023.
Fujitsu sold the building to PSAI Realty Partners in January 2023, disclosing its lease would expire in September 2023, leaving the property empty.
However, Santa Clara-based Nvidia, one of the world’s most valuable tech companies, leased the entire building in 2024 through August 2036.
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Originally constructed in 1978, the building was renovated in 2022, according to JLL.
Nvidia also is conducting additional improvements on the property with upgrades for possible data center capabilities. The building has a power capacity of 10 megawatts, according to JLL.
“350 Cobalt is one of Nvidia’s few research and development labs with data center facilities, operating as mission-critical infrastructure,” JLL stated in marketing materials.
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