One American Place, the second-tallest office building in downtown Baton Rouge, is set to be foreclosed by the East Baton Rouge Parish Sheriff's Office after a lawsuit was filed alleging the owner missed mortgage payments.
According to the lawsuit filed last month in 19th Judicial District Court, as of May 30, One American Place Operating LLC owes the trustee, Wilmington Trust National Association, $24.2 million in principal, interest, late fees and other charges. That total also includes $23.9 million in unpaid principal.
According to court documents, One American Place Operating borrowed $31.5 million from JPMorgan Chase in August 2018. The agreement required One American Place to make monthly debt payments and repay the loan on its maturity date of Sept. 1, 2023.
“Though they amicably requested the borrowers to pay the outstanding balance on maturity, the amount was not paid,” the complaint said.
The lenders want Dallas company Triguild IVL appointed manager of One American Place to manage and operate the building.
The East Baton Rouge Clerk of Court's Office issued a warrant for the Sheriff's Department to issue a seizure order on Thursday.
Sheriff's Office spokeswoman Casey Rayborn Hicks said notices about the seizure have been sent to all occupants of the building.
Hicks said a date for the sale of the office building has not yet been set. The initial sale date would be Sept. 18, but the lender's lawyers could request a later sale date.
One American Place Operating is tied to Los Angeles-based real estate investment firm Gemini Rosemont. Ian Brownlow, listed as the LLC's manager, is the former CEO of Gemini Rosemont, and the other manager, Michael Hernstad, is its CFO.
Gemini Rosemont did not respond to repeated emails.
One American Place was built in 1974 and renovated in 2003. The 24-story building is home to several businesses, including McGlinchey, Capital One Bank, KPMG, Breazeale, Satches & Wilson.
The property was listed for sale earlier this year but the offer was recently withdrawn. Sales documents show the property is 83 percent occupancy.
In other lawsuits, the law firm Breazeale, Sacks & Wilson sued the building's owner in May for failing to repair the roof. The law firm has offices on the top floor of the building. According to the complaint, a 2016 lease stated that the owner would replace the roof by the end of 2023. The lawsuit alleges that by failing to replace the roof, the owner violated the lease with the law firm.