Former Peregrine office building officially for sale

Bids on Cedar Falls location close May 24

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The former headquarters of Peregrine Financial Group in Cedar Falls is officially for sale.

A court-order issued Tuesday retained 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. He was sentenced to 50 years in prison last month.

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.

“This is an extraordinary, world-class building that is an outstanding location for a corporate headquarters or a tremendous opportunity for an investor,” GA Keen Co-President Matthew Bordwin said in a statement. “The building’s sustainable design and highly desirable amenities make it an attractive purchase for a variety of users."

"Additionally, it’s nestled in a beautiful suburban area that’s only a few minutes from the interstate.”

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