NOVATO, CA-American Financial Realty Trust has agreed to sell the Fireman’s Fund Insurance Co. headquarters, a 700,000-sf, three-building class A office campus here, for upward of $310 million. The purchaser is an as yet undisclosed joint venture of a California-based private real estate investment group an institutional real estate investor.

Jenkintown, PA-based AFR acquired the 64-acre campus from the Fireman’s Fund Insurance Co. 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 a 7.82% capitalization rate (average revenues over the remaining term of the Fireman’s Fund lease less operating expenses divided by the gross purchase price) based on projected cash flows.

Eastdil Secured has the disposition assignment. The transaction is scheduled to close before the end of June. A source with the Fireman’s Fund tells that its headquarters will remain in Novato.

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