Switch buying Pyramid Campus property for $25M
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.
Previously, the Business Journal reported that Norman Pyramid LLC bought the 663,000-square-foot building from Steelcase in the summer of 2015.