See who purchased the One American Place building

One American Place in downtown Baton Rouge was sold Wednesday morning at the East Baton Rouge Parish Sheriff’s auction for a tick under $20 million.

Wilmington National Trust Association was the only bidder on the property and won it for $19,966,666, according to a representative with the sheriff’s office.

Wilmington National Trust was the plaintiff in a lawsuit filed this past summer against the owners at the time, One American Place Operating LLC, for defaulting on payments. The sheriff’s office seized the property earlier this summer.

According to the suit filed in 19th Judicial District Court in July, One American Place Operating LLC owed Wilmington Trust National Association roughly $23.9 million.

Court documents show that One American Place Operating borrowed $31.5 million from JPMorgan Chase in August 2018. 

The agreement called for One American Place to make monthly debt service payments and pay off the loan on its Sept. 1, 2023, maturity date.

The sheriff’s sale was initially scheduled for Oct. 2, but the Wilmington National Trust attorney requested that the auction be moved to Wednesday morning.

One American Place was built in 1974 and renovated in 2003. The building is home to several businesses including Capital One Bank, KPMG and Breazeale, Sachse & Wilson.

A staple in One American Place for over three decades, business law firm McGlinchey Stafford announced it will move its Baton Rouge operations into II Rivermark Centre in June.

Lacey Rochester with Baker Donelson represents Wilmington National Trust Association and declined comment on Wednesday’s sale.