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California

Tech firm sells part of Silicon Valley campus to real estate group

SUNNYVALE — A tech company has sold a veteran real estate company its Sunnyvale site, which is locally operated by the tech company.

The offices and research building were purchased for $31 million, according to documents filed with the Santa Clara County Records Department on January 20.

Fujitsu North America sold the building to an affiliate of San Francisco-based PSAI Realty Partners, county real estate records show.

PSAI is active in the Bay Area real estate sector and has made numerous sales in the Silicon Valley market in recent years.

The two-story building just sold totals 134,200 square feet, according to an archived version of the building sales brochure distributed by commercial real estate firm JLL.

“This property is currently 100% occupied by Fujitsu North America, with a leaseback running through September 2023 and vacating upon expiration,” said JLL Marketing Package.

A JLL brochure states that the building was built in 1980. The structure sits on a parcel totaling approximately 8.3 acres, according to county property records.

A few years ago, a veteran real estate firm acquired a large campus next to the recently sold Fujitsu-owned Cobalt Way building.

In 2020, Menlo Park-based Lane Partners paid $104 million to purchase six buildings on East Arks Avenue in Sunnyvale.

According to JLL, the land purchased by Lane Partners totals 26.3 acres and has addresses including 1200, 1230, 1240, 1250, 1260, 1270 and 1280 E. Arques Ave.

Both the recently purchased Fujitsu building and the adjacent campus are considered prime Bay Area locations.

“Ideally accessible from both the Lawrence Expressway and the Central Expressway, 350 Cobalt sits at the heart of one of the most innovative and diverse tenant bases in the world,” JLL said in a marketing brochure. “Lots of high-profile, growth-oriented campuses like Intuitive Surgical, Apple, Applied Materials, and Texas Instruments” are nearby.

https://www.mercurynews.com/2023/01/23/tech-buy-sell-silicon-valley-office-campus-real-estate-build-fujitsu/ Tech firm sells part of Silicon Valley campus to real estate group

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