47488 Kato Road


Fremont, CA

Acquisition Date:

May 2023


574,775 square feet

Asset Type:

Advanced Manufacturing, R&D, Industrial


In May 2023, Madison Capital acquired 47488 Kato Road, a 30.9-acre R&D and Advanced Manufacturing campus in Fremont, California comprised of (i) a Class A, LEED Gold 574,775 square foot building, (ii) 705 surface parking spaces, and (iii) 10.2 acres of excess developable land. Built in 2010 and acquired by Seagate Technologies (NASDAQ: STX) in 2013, the property was repurposed and improved by Gensler, with a significant capital investment of over $200 million, as Seagate’s global headquarters and primary R&D facility. Fremont, California is the 4th largest population center in the Bay Area behind San Jose, San Francisco, and Oakland. Fremont is attractive to R&D and Advanced Manufacturing tenants due to its business-friendly government offering significant financial incentives, skilled labor pool, and convenient location for commuters from San Francisco, the East Bay or South Peninsula. Companies with a major presence in Fremont include Apple, Tesla, Amazon, Meta, HP, and Applied Materials. As part of the acquisition, Madison structured a long-term sale-leaseback with Seagate to maintain the company’s full operations at the property.