Steelcase sells Pyramid building to Nevada firm
After several years of marketing the iconic Pyramid building to potential buyers, Steelcase announced today the sale of the facility to an out-of-state firm with experience working in West Michigan.
Grand Rapids-based Steelcase closed on the sale of the roughly 663,000-square-foot Pyramid with Reno, Nev.-based Norman Pyramid LLC yesterday. The building is located in Caledonia, at 6100 E. Paris Ave. SE.
The terms of the transaction with the firm are confidential at this point, according to Laura VanSlyke, a spokesperson at Steelcase.
After marketing the building for four years and waiting for the right buyer, VanSlyke said Steelcase was happy to meet up with Norman Pyramid after the previous agreement with Pyramid Education Campus Investors LLC was terminated.
“The organization approached us with a cash offer after our previous agreement had been terminated,” VanSlyke said. “It was after that had happened we had met up with this person, and it was a pretty quick due diligence process for them, and they closed yesterday.”
Norman Pyramid was represented by Colliers International | West Michigan and has experience working in the region, according to VanSlyke.
“Norman is a well-established firm with significant experience repurposing corporate buildings, including work in West Michigan,” VanSlyke said. “The Pyramid Building is an iconic structure in Grand Rapids, and we’re pleased to transition ownership to this buyer who envisions a new future for the facility.”
The Steelcase Pyramid opened in 1989 and has more than 200,000 square feet designated for laboratory and support areas and more than 300,000 square feet of open and private office space.
Steelcase was previously negotiating a $7.5-million purchase agreement with Pyramid Education Campus Investors for the facility, with plans to turn the Pyramid into a STEM and arts learning environment.
After a series of discussions and multiple deals over a period of roughly two years, Pyramid Education Campus Investors ended the agreement in April after Steelcase refused an additional extension for the group to complete the due diligence process.
Pyramid Education Campus Investors released a statement on May 9 indicating the two organizations had agreed to a new purchase price of $3 million based on an email exchange on April 22 and April 24. However, Steelcase indicated in a statement that no further purchase agreement had been executed since the transaction was terminated by the group, and it decided to evaluate other sale options.