Official Statement Regarding the Grand Rapids Pyramid Campus
GRAND RAPIDS, Mich. – May 8, 2015
Steelcase has been actively searching for the right opportunity to convert the former CDC Pyramid building to a facility that would best serve the local community. For several months, we have discussed the development of a multi-use education hub, led by Jerry Zandstra.
Our proposed agreement since the fall of 2014 involved a sales transaction between Steelcase and the ECI (Education Campus Investors) to be completed in February 2015.
In early February, ECI requested an extension for a new close date of April 2015. Based on guidance from ECI, Steelcase granted the extension with the new close date.
In early April, ECI determined that the closing requirements of the agreement could still not be met by the close date of April 30, and decided to terminate the agreement. No further purchase agreement has been executed with ECI since that time.
Since the transaction was terminated by ECI, Steelcase decided to evaluate other sale options.
We fully support ECI’s mission and vision for the education hub and wish them the best as they also evaluate other options.
Laura Van Slyke
About Steelcase Inc.
For over 100 years, Steelcase Inc. has helped create great experiences for the world’s leading organizations, across industries. We demonstrate this through our family of brands – including
Steelcase®, Coalesse®, Designtex®, Details®, PolyVision® and Turnstone®. Together, they offer a comprehensive portfolio of architecture, furniture and technology products and services designed to unlock human promise and support social, economic and environmental sustainability. We are globally accessible through a network of channels, including over 800 dealer locations. Steelcase is a global, industry-leading and publicly traded company with fiscal 2015 revenue of $3.1 billion.