It is our home, rehearsal space, creative inspiration, and rusty hunk of lovely metal.
Karl gave Toppstöðin his best shot: http://www.forvo.com/word/toppst%C3%B6%C3%B0in/
It means "top station," which, according to toppstodin.is, "comes from the fact that the power plant was used in high energy need," when it was in active service between 1948-1969.
"The accommodation is an American 6400 sq. m steel frame building which was constructed as a 7500 kw power plant with a powerful turbine for electricity production after WWII…The building was scheduled to be demolished but it was never carried out, as it turned out to be very expensive."
Today, the building serves as a creative space for entrepreneurs, designers, and musicians.