The adaptive reuse of a former art deco Sears department store officially opened its doors as The Ion last year in midtown Houston looking to be the epicenter of innovation, where academic institutions, accelerators, businesses, incubators and investors can collaboratively create pathways for Houston’s future workforce.
The property: The 266,000-square-foot, mixed-use project at 4201 Main St. includes office space, shared workspace, event space, classrooms, a 250-seat forum, prototyping labs, maker spaces, communal areas with shared amenities, and creative lounges. Current tenants include Microsoft, Chevron Technology Ventures and coworking company Common Desk.
Developer: The project was developed by Rice Management Co., which is responsible for Rice University’s $8 billion endowment. Funding the development through Rice University ensured The Ion wouldn’t have to rely on city financing to come to fruition. Hines was the development manager.
Architects: SHoP Architects, James Carpenter Design Associates and Gensler
General contractor: Gilbane Building Co.
The backstory: Rice University and the city of Houston partnered after the city failed to make the short list for Amazon's second headquarters, known as HQ2. Ryan LeVasseur, the managing director of real estate for Rice Management Co., said The Ion was the result of Houston losing out on that HQ2 project. Amazon leadership, according to LeVasseur, said Houston didn’t present a cluster of place or a clear future of talent growth. So, the city of Houston and Rice Management Co. developed a place-based approach to provide a plan for growth, both for existing industries and new opportunities.
Going deeper: LeVasseur said The Ion represents the evolution of the energy industry and whether Houston would be at the forefront of the world switching away from fossil fuels and toward new technologies.
What they're saying: “It means continued opportunity, continued growth. The Ion was born from Amazon HQ2 not happening," said LeVasseur.
CoStar's Impact Awards highlight the commercial real estate transactions and projects that have transformed their markets over the past year. The winners are chosen by independent panels of industry professionals who work in the markets they judge. A list of judges can be found here and the criteria for selecting winners can be found here.