Real Estate
Starting Bid of $2.75 Million Offered for PFG Headquarters
Russell Wasendorf Sr. built the state-of-the-art Peregrine Financial Group headquarters in northern Cedar Falls before he was charged with embezzling over $200 million.
An opening bid of $2.75 million has been set for the Peregrine Financial Headquarters.
The LEED-Gold certified building sits on 22 acres of land at 1 Peregrine Way, on the northern outskirts of Cedar Falls next to the Beaver Hills Country Club. The 48,250 sq. feet building was built in 2008 by Russell Wasendorf Sr. to house his international brokerage firm.
Wasendorf, 63, is serving 55 years in prison for embezzling over $200 million while he was CEO of Peregrine Financial Group, also known as PFG.
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PFG is now in bankruptcy, and the building is for sale by order of the United States District Court, Northern Division of Illinois. Federal receiver Michael Eidelman has retained GA Keen Realty Advisors to market and sell the building.
The Waterloo-Cedar Falls Courier reported the opening bid was approved Wednesday. The bidder's identity was not released. The next bidder must offer at least $2.85 million.
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The building goes to auction May 31, with a bid deadline of May 24.
Amenities of the building include a day care area, dine-in cafeteria with professional kitchen, gym with sauna, locker room and laundry facilities, central air units for data center, underground parking garage and security gate.
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