The Pearl is probably the most recognisable landmark in Reykjavik. It is built on top of gigantic tanks which hold the city's hot water after it is pumped from geothermal wells outside of town. There is a revolving gourmet restaurant and a more casual café inside. There is one artificial geysir outside the Pearl, and one inside - artificial, but nice! You will also get a great view over the city, and you can have a walk in the forest.
The treasure is hidden in a plastic box measuring 8 * 10 * 15 cm. Original contents: Logbook, pen, a small plastic figure (a geocaching smurf!), a Kinder Egg, 0.20 Euro, 0.25 US$, a Danish coin from 1940, a plug for headsets and a nice geocaching badge.
Please never put food, candy or anything similar in a cache! Such items will attract animals.