Real Estate and Technology

Switch buying Pyramid Campus property for $25M

October 23, 2017
TAGS Switch
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Switch interior
Switch’s bright, modern lobby is in sharp contrast to much of its functional space, which includes room for rows and rows of client servers. Courtesy Switch

Switch is buying the site of its Pyramid Campus for $25 million.

According to the Oct. 5 prospectus for its initial public offering, or IPO, on the Nasdaq stock exchange, Las Vegas-based Switch, a data center company, notified the landlord, Norman Pyramid LLC, of its Pyramid Campus building and land in Gaines Township, at 6100 E. Paris Ave. SE, in December 2016 of its intent to exercise the purchase option pursuant to their lease agreement. 

The sale will close on Jan. 1, 2018.

The $25-million purchase price will be “less 65 percent of all rent payments made to the landlord,” the prospectus says.

As of June, Switch has more than $23 million in “accrued Michigan building and land purchase” liability on its balance sheet, the prospectus says.

Previously, the Business Journal reported that Norman Pyramid LLC bought the 663,000-square-foot building from Steelcase in the summer of 2015. 

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