By TRD Staff
Publication Date: 2026-09-24 18:30:00
The recent sale of a fully-leased building in Sunnyvale is the latest evidence of recovering office values in the Silicon Valley market.
Blackstone Real Estate, acting through an affiliate, acquired a 134,200-square-foot office and research building at 350 Cobalt Way for $99.6 million, the Mercury News reported. JLL marketed the property for sale.
PSAI Realty Partners sold the two-story property three years after buying it in 2023 for $31 million. Fujitsu sold the structure to PSAI and exited the facility when its lease there expired in September 2023.
Santa Clara-based Nvidia, the world’s most valuable company, leased the entire building in 2024 with its lease expiring in August 2036.
The building was constructed in 1978 and renovated in 2022. Nvidia is executing additional tenant improvements to the site including upgrades opening the door to future data center capabilities. The building has a power capacity of 10 megawatts.
It’s the latest office property in Sunnyvale to trade hands.
Hewlett Packard Enterprise sold part of the former Juniper Networks headquarters campus earlier this month for $330.8 million, or more than $1,000 per square foot. New York-based asset management firm Bluerock acquired the property. HPE will lease the eight-story, 319,000-square-foot building at 1133 Innovation Way through 2047 as part of the sale-leaseback deal; it will continue to own the other major building on the campus at 1137 Innovation Way.
In June, Apple added to its…
