Former bank HQ sells in minutes at auction.The former headquarters of Community Federal Savings and Loan Association Federal Savings and Loan Association An institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgage loans. , an architectural showpiece located on a hilltop in suburban Des Peres, Missouri Des Peres (French: Des Pères) is an affluent suburb in west St. Louis County, Missouri, United States. The population was 8,592 at the 2000 census. The city is the birthplace of Tracy Posner. , was sold within minutes after the start of a public auction for the property. Shortly after a 1 p.m. start, Sheldon Good & Company of Chicago gaveled down the winning bid of $18 million entered by the brokerage firm of Edward D. Jones Edward D. Jones, Sr. (July 29, 1893-October 10,1982) was an investment banker born in St. Louis. He graduated from Bellefontaine High School in Bellefontaine, Ohio in 1913, then from New York University in 1916. After graduating from NYU, Jones was employed by N. W. & Company. The buyer has 2,017 offices throughout the U.S. and intends to use the building, former headquarters of the defunct Community Federal Savings and Loan Association, as its corporate headquarters. In a bidding match by open outcry Open Outcry A method of trading on a commodity exchange by making verbal bids and offers in the trading pits. Notes: A contract is made if one trader cries out that he wants to sell at a certain price and then another trader yells out that he will buy at that same price. within the building's opulently appointed executive conference room, Edward D. Jones & Company bested the offers of 10 other prospective buyers. In a decisive move, the seller, Resolution Trust Corporation, opted several months ago to bypass traditional workout arrangements and place the building up for sale at auction. This action saved the seller approximately $1 million in carrying costs Carrying costs Costs that increase with increases in the level of investment in current assets. that would have accrued during a workout period. The RTC See real time clock. had set a suggested opening bid of $5 million. When the bidding reached $8.5 million at the auction yesterday, the RTC waived its right to refuse a winning bid. After that, the bidding rapidly escalated to $18 million. The 10-story, 397,000 square-foot building is located on a professionally landscaped, well-maintained, 13.3-acre site at 12555 Manchester Road. The property was built in 1976 at a cost in excess of $25 million. Designed by the architecture firm of Hellmuth Obata & Kassabaum, Inc. (HOK), the building has won several national awards for design excellence. |
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