Blackstone Real Estate acquired a 134,200-square-foot office building at 350 Cobalt Way in Sunnyvale, California. The company paid $99.6 million for the property, which Nvidia fully leases. The artificial intelligence and chip company uses the building as a critical hub.
The deal comes as commercial real estate investors target power-rich properties that can support the energy needs of AI and data center operations. It also fits Blackstone’s broader push into digital infrastructure, including billions of dollars in data center development through its QTS platform. The transaction reflects how demand from the technology sector is shaping the real estate market and increasing the value of assets that support AI development.