Gibraltar Savings’ Former Headquarters Up for Sale

The building in Simi Valley that formerly housed the headquarters of Gibraltar Savings is up for sale by the Resolution Trust Corp., the federal agency that seized Gibraltar in 1989. The asking price is $28.5 million.

The 298,000-square-foot facility is on 43.6 acres. Offers are due by Friday, and Bill Ripberger, the Cushman & Wakefield broker handling the sale, said one offer has been received so far. He added that the RTC is not required to accept any offers if it finds none to be acceptable.

Most of the assets of Gibraltar were sold by the RTC to Security Pacific National Bank last year. The headquarters building, however, was not part of that deal. Since the sale to Security Pacific, the RTC has occupied the building and has been continuing to administer the portions of Gibraltar’s loan portfolio that Security Pacific didn’t buy.

Once the nation’s 10th-largest thrift, Gibraltar had lost $750 million over the three years prior to the Security Pacific sale because of investments in high-risk securities and real estate.