Steelcase Inc.'s iconic pyramid building is on the market for the drastically reduced price of $19.5 million. That's a far cry from the $111 million that Steelcase spent to build its former corporate headquarters and research facility, which opened in 1989. Just three years ago, the facility had been valued at $70 million.
The 664,000-square-foot building, once formally known as Steelcase's Corporate Development Center, is situated on 125 acres of property in Grand Rapids. The seven-story building includes 333,000 square feet of office space, 242,000 square feet of research and development space; plus a 15,000-square-foot cafeteria, 12,500-square-foot data center and an 8,000-square-foot photo studio.
Soon after the pyramid was listed by CBRE|Martin of Lansing, MI, a rumor circulated that it would be purchased and converted into a casino, ala the Luxor in Las Vegas.
While that scenario is hardly likely to play out, it does add fuel to the questions of who would buy Steelcase's former corporate campus and for what purpose?
The $19.5 million asking price would seem to be a bargain, but the size and scope of the building, is not in just anyone's budget and space needs. Nor is the building's design everyone's cup of tea.
Meanwhile as CBRE|Martin seeks buyers, Crandall Office has been working to sell off nearly 1,000 chairs and furnishings that it purchased from the pyramid. Some of the remaining stock is being sold on Craigslist with prices starting at $35 for stools to $450 for Steelcase-made adjustable tables.