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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.

For AFRT, the sale represents the tail end of a repositioning plan designed to unlock shareholder value, reduce the company’s leverage ratio and increase availability under the company’s acquisition facility. Company president Harold Pote instituted the plan when he took the company’s helm in August 2006. At its heart was the disposition of up to $2 billion in non-core assets.

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