Updated Sep 25, 2026
Stephen A. Schwarzman Of Blackstone Acquires Mixed-use Asset From Peter Sullivan For $99.6M
350 Cobalt Way
$99,600,000
$742/SF
Building Size
134,200 SF
Asset Type
Mixed-use
Closing
Sep 23, 2026
About this deal
AI
The asset involved in this transaction is a mixed-use property located at 350 Cobalt Way in Sunnyvale, CA. The property spans 134,200 square feet and was sold for $99,600,000, reflecting a price per square foot of $742.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $99,600,000
- Buyer: Stephen A. Schwarzman - Blackstone
- Seller: Peter Sullivan - PSAI Realty Partners
- Broker: JLL
- Date of Sale: 09/23/2026
The key individuals involved in the transaction include Stephen A. Schwarzman representing Blackstone, which purchased the property, and Peter Sullivan representing PSAI Realty Partners, the seller. The lease agreement with Nvidia extends through August 2036, with plans for facility upgrades for potential data center use, as the site is already equipped with 10 megawatts of power.
On the Map
$99,600,000
$742/SF
Mixed-use
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Players
Way Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93