Open house set for $20 million Peregrine Financial headquarters

If no bid, Russell Wasendorf Sr.'s former business headquarters will go to auction

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March 28, 2014 | 1:49 pm

The $20 million office building formerly occupied by disgraced executive Russell Wasendorf Sr. will be shown off for potential buyers at an open house on April 18.

GA Keen Realty Advisors, a division of the Great American Group, has been retained to market the 48,250-square foot former home of Peregrine Financial Group in Cedar Falls. Bids will be considered immediately at the open house.

If a bid has not been accepted by May 24, an auction will be held May 31.

The building, built 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.

Peregrine went bankrupt and Wasendorf, the former CEO, was convicted of defrauding investors out of $215 million. He was sentenced to 50 years in prison in January.

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 U.S. District Court for the Northern District of Illinois appointed Michael M. Eidelman of Chicago as the receiver of the property for Wasendorf.

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.

The open house is scheduled from 9 to 11 a.m. on April 18. Those who wish to attend are asked to RSVP both to hmilazzo@greatamerican.com and info@cedarvalleyalliance.com. Private tours also are available.

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