Bidding Opens on Peregrine Financial Headquarters

When Peregrine Financial Group founder Russell Wasendorf Sr. brought his company to Cedar Falls, he built a gleaming headquarters for the brokerage firm in northern Cedar Falls.

It turns out the LEED-certificatied, state-of-the-art building was funded with non-existent money, resting on a fortune that collapsed when Wasendorf was charged with embezzling over $200 million.

Now the building is being auctioned off as part of bankruptcy proceedings. Wasendorf's home and personal assets have already been sold.

GA Keen Realty Advisors, a division of Great American Group, Inc. is marketing the 48,250-square-foot office building in Cedar Falls.

The property and facilities are being sold as part of a Federal Receiver’s sale, with GA Keen Realty Advisors working with the court appointed receiver, Chicago-based attorney Michael M. Eidelman.

The bid deadline for the property is May 24, with an auction scheduled for May 31. Bid procedures are available and offers can be accepted by the Receiver prior to the auction.

“This is an extraordinary, world-class building that is an outstanding location for a corporate headquarters or a tremendous opportunity for an investor,” said GA Keen Realty Advisors Co-President Matthew Bordwin in a press release.

When it was built in 2008, the headquarters, located on 22 acres at 1 Peregrine Way, next to Beaver Hills Country Club, was lauded for its Leadership in Energy and Environmental Design (LEED) Gold standards, which are awarded for environmentally-friendly construction. The building is designed to minimize emissions, water use, waste and indoor pollutants.

The property is designated as a Class A professional office building and includes 108 exterior parking stalls and 43 underground parking spaces. The exterior is all glass and features finishes of bamboo, cork, carpet and natural stone. Amenities also include a two-story atrium, kitchen and cafeteria, an exercise facility with locker rooms, a day-care center, and flexible office configurations with movable systems. 

For more information about the office building, contact Matthew Bordwin at mbordwin@greatamerican.com, Chris Mahoney at cmahoney@greatamerican.com or Heather Milazzo at hmilazzo@greatamerican.com or call 646-381-9222. Additional information can be found at www.greatamerican.com/keen