HOUSTON – (Realty News Report) – Microsoft Corporation will be a major tenant at The Ion, the innovation hub created by converting the old Midtown Sears building into a collaborative center managed by Rice Management Company, a subsidiary of Rice University.
“Having Microsoft as a major tenant is a significant step toward realizing The Ion’s vision as a dynamic hub that brings together Houston’s key innovation assets,” Rice University President David Leebron said.
The Art Deco building, constructed in 1939 on Main Street near the former Delman Theater, is being transformed into The Ion—a multiuse space designed to support startups, foster interaction among technology companies and entrepreneurs, and promote collaboration across sectors.
The former Sears location at 4201 Main Street sits within a 16-acre urban campus owned by Rice University’s endowment, which manages approximately $6.5 billion in assets.
Rice Management Company announced that Microsoft will occupy space on the fifth floor of The Ion but did not disclose the exact square footage. The company also withheld the precise size of Chevron’s office when that tenancy was announced, which led to speculation about the footprint of Chevron’s presence.
The Ion is focused on enabling partnerships among entrepreneurs, incubators, accelerators, corporations, academic institutions, and the broader Houston community, according to Rice Management Company.
“We’re working to ensure The Ion and the surrounding district become the premier destination for businesses and innovators to grow and collaborate,” said Ryan LeVasseur, Managing Director of Direct Real Estate at Rice Management Company. “Microsoft’s long-term commitment as both a tenant and programming partner will help us achieve that goal.”
The redevelopment of the 288,000-square-foot former Sears building accelerated amid efforts to bolster Houston’s technology and innovation ecosystem after the city was not selected among the Top 20 finalists for Amazon’s HQ2.
In 2018, Sears Holdings filed for Chapter 11 bankruptcy protection, triggering the closure of hundreds of stores; fewer than 100 Sears locations remain open in the United States.
Dec. 17, 2020 Realty News Report Copyright 2020
File: Microsoft Leases Space in The Ion