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$312M Fireman's Fund HQ Sale Closes

NOVATO, CA-American Financial Realty Trust sells the 700,000-sf, three-building class A office campus here to a joint venture American Assets, Inc. and General Electric Pension Trust.

By Brian K. Miller | Updated on May 17, 2007

NOVATO, CA-A joint venture of American Assets Inc. and General Electric Pension Trust has acquired the 700,000-sf Fireman’s Fund headquarters campus here for $312 million. The property was tied up in March. The seller is American Financial Realty Trust.

The three-building, class A office campus sits on 64 acres. It was acquired by AFRT in August 2005 for $283.5 million. As part of the deal, the Fireman’s Fund agreed to net lease the property through November 2018. The deal translated to an average cap rate of 7.82% over the life of the lease. Eastdil Secured had the disposition assignment.

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