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Former bank HQ sells in minutes at auction.

The former headquarters of Community Federal Savings and Loan Association, an architectural showpiece located on a hilltop in suburban Des Peres, Missouri, 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 & 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 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 that would have accrued during a workout period.

The RTC 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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Title Annotation:former headquarters of Community Federal Savings and Loan Association in Des Peres, Missouri
Publication:Real Estate Weekly
Date:Nov 18, 1992
Words:266
Previous Article:Sublease plan completed.
Next Article:Retail strip in Village highlight of Dec. auction.
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