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

SUNNYVALE — Fujitsu North America has sold to a veteran real estate company a Sunnyvale site where the tech company has been operating locally.

The office and research building was bought for $31 million, according to documents filed on Jan. 20 with the Santa Clara County Recorder’s Office.

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

PSAI is active in the Bay Area real estate sector, with a number of purchases and sales in the Silicon Valley market in recent years.

The just-sold two-story building totals 134,200 square feet, according to an archived version of a building sales brochure that JLL, a commercial real estate firm, circulated.

“The property is currently 100% occupied by Fujitsu North America, which will execute a leaseback through September 2023 and vacate upon expiration,” the JLL marketing package stated.

The building was constructed in 1980, the JLL brochure states. The structure sits atop a parcel totaling about 8.3 acres, county property records show.

A few years ago, a big campus next to the just-sold Cobalt Way building that Fujitsu occupies was bought by a veteran real estate company.

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

The site that Lane Partners bought totals 26.3 acres and has addresses that include 1200, 1230, 1240, 1250, 1260, 1270, and 1280 E. Arques Ave., according to JLL.

Both the recently bought Fujitsu building and the adjacent campus are in prime locations in the Bay Area.

“Ideally accessed by both Lawrence Expressway and Central Expressway, 350 Cobalt sits in the center of the world’s most innovative and diverse tenant base,” JLL stated in its marketing brochure. “Numerous high-profile and growth-oriented campuses including Intuitive Surgical, Apple, Applied Materials, and Texas Instruments” are located in the vicinity.