Morgan Stanley buys into D.C. real estate

WASHINGTON, Oct. 3 (UPI) -- Morgan Stanley's real estate investment division has paid $644 million for several Washington-area properties owned by the JBG Cos.

Morgan Stanley Real Estate's Prime Property Fund, which owns about $3.6 billion in properties, said the properties cover 1.5 million square feet of top quality office space, American City Business Journals reported Monday.

"Office market fundamentals in the Washington, D.C., market area are strong with continued space demand from a diversified economy, including both the private sector and the federal government," said Dave Hardman, managing director and U.S. head of real estate investing at Morgan Stanley.