Blackstone Pays $95M for Power-Rich Nvidia Building

Blackstone Real Estate has closed on a 134,200-square-foot research building at 350 Cobalt Way in Sunnyvale, California, paying $95 million for a property leased entirely to Nvidia through August 2036, according to The Business Journals. County records reviewed by The Registry put the actual transfer price at $99.6 million, a gap that reporters attribute to rounding in the initial headline figure. Either way, the deal lands as one of the clearest signals yet that electrical capacity, not square footage, now sets the price on Silicon Valley real estate tied to artificial intelligence.

The building isn’t a data center in the conventional sense. It’s a former Fujitsu facility built in 1978 and renovated in 2022, carrying roughly 10 megawatts of electrical capacity that Nvidia has been using for research and development work with data-center-grade infrastructure attached, per The Mercury News. That power hookup is the…