Morgan Stanley Investment Management, through funds managed by Morgan Stanley Real Estate Investing (MSREI), has acquired a 290,000-square-foot advanced manufacturing property in Fremont, California, for $110 million in a transaction backed by a long-term net lease with Western Digital.
The facility sits in the San Francisco Bay Area and was described by MSREI as a high-power asset relative to typical market averages, positioning it to serve advanced manufacturing and research-and-development uses tied to the region’s innovation economy.
MSREI said the acquisition aligns with its focus on investing in high-quality R&D assets in core innovation corridors where tenant demand is supported by infrastructure and access to talent, while new supply remains constrained.
The purchase also builds on the platform’s industrial expansion in the U.S. MSREI said it acquired about $1.5 billion of U.S. industrial assets in 2025, bringing its domestic industrial portfolio to more than 75 million square feet.
MSREI is Morgan Stanley’s global private real estate investment management business, and it currently manages $55 billion in gross real estate assets worldwide on behalf of clients. Morgan Stanley Investment Management reported $1.9 trillion in assets under management or supervision as of December 31, 2025.
KEY QUOTE:
“This acquisition reflects MSREI’s conviction in the Bay Area’s advanced manufacturing ecosystem and aligns with our strategy of investing in high-quality research and development assets in core innovation corridors, where demand is driven by superior infrastructure and access to top talent, and where supply remains constrained.”
Will Milam, Head of U.S. Investments, Morgan Stanley Real Estate Investing
