Steelcase pyramid for sale at $19.5 million
The commercial real estate firm CB Richard Ellis has announced a price tag of $19.5 million on the Steelcase pyramid in Gaines Township, which it says Steeclase Inc. will vacate by the end of the year.
The bronze-colored, six-story office building, which has a metal and glass exterior and is among the more unusual corporate facilities in West Michigan because of its shape, cost the office furniture company $111 million to build. It opened in 1989. Steelcase had previously moved much of its product development and office staff from the pyramid to its Grand Rapids corporate campus.
The announcement states that "this iconic property is priced well below replacement cost." The 663,671-square-foot pyramid — officially named the Steelcase Corporate Development Center — has 333,000 square feet of office and conference room space and 242,000 square feet of space for research and development and support services for R&D. The facility is on approximately 125 acres at 60th Street and East Paris Avenue SE.
CBRE notes that it is an "institutional-grade facility."
The Grand Rapids Business Journal reported in 2009 that the pyramid was up for sale and would be listed by CBRE, although the real estate firm would not discuss it at the time. A Steelcase spokesperson said then that it was not expected to be vacant before early 2010.
The sales team is led by Van W. Martin of the Lansing office (CBRE | Martin), along with Drew Miller of the Grand Rapids office (CBRE | Grand Rapids) and Mark Collins of the Detroit office.