Cedar Rapids, Iowa News, Sports, and Weather
Former Peregrine Office Building Officially for Sale
By Jeff Raasch, Reporter
CEDAR FALLS, Iowa – The former headquarters of the defunct Peregrine Financial Group in Cedar Falls is officially for sale.
A court order issued Tuesday retained Woodland Hills, Calif-based GA Keen Realty Advisors, a division of the Great American Group, to market the 48,250-square-foot office building. Bids on the property and facilities will be accepted until May 24, and the auction is scheduled for May 31.
Peregrine filed for bankruptcy and the firm's former owner, Russell Wasendorf Sr., has since been convicted of defrauding investors out of $215 million. Wasendorf was sentenced last month to 50 years in prison.
Wasendorf's scheme became public after he attempted suicide outside of the Peregrine office building on July 9 and left behind a note admitting to the embezzlement.
The building, built at a price of $20 million in 2008, features an all-glass exterior and a two-story atrium, with interior finishes of bamboo, cork, carpet and natural stone. Other amenities include a cafeteria, exercise facility with locker rooms and a daycare center.
Located on a 22-acre site at 1 Peregrine Way, the property includes 108 exterior parking stalls and 43 underground parking spaces.
No asking price for the property has been set. Proceeds from the sale are intended to be used to provide restitution to Wasendorf's victims.
GA Keen Co-President Matthew Bordwin said the court-appointed receiver of the property, Michael Eidelman, has the authority to accept offers prior to the auction date.
Bordwin said his office plans to reach out to economic development groups with the city, county and state for their support in selling the property. Hundreds of phone calls will be made to local and regional companies and potential investors, he said.
"The buyer of this property is going to get it for less than it cost to build and will hopefully see the benefits of a beautiful building in great community with access to the interstate," Bordwin said. "I think we'll have some pretty active interest from investors, as a property they can buy and factoring in some time for them to lease it out."