Innovation hub The Cannon is expanding into more Greater Houston submarkets, with upcoming leases totaling at least 74K SF in Clear Lake, as it executes ambitious growth plans.
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The leases include 48K SF at 600 Gemini St. and one or possibly two 26.5K SF floors at 1150 Gemini St., the Houston Business Journal reported. The leases should close within the next two weeks and next month, respectively.
The Cannon is leasing the space in two buildings owned by Galveston County developer Jerome Karam and his company, JMK5 Holdings, according to the report.
The Houston-headquartered startup hub that boasts a community for innovators, entrepreneurs, small businesses and investors has seven workspaces around Greater Houston and one in Frisco, with plans to grow.
The company, which offers paid memberships, some that include drop-in access to all of its workspace locations, plans upcoming locations in The Woodland’s Research Forest, among others. It is also looking to expand to Atlanta, per the HBJ.
The Cannon is in the scope and design phase for its projects in Clear Lake, but the city has been on its radar for about three years, CEO Jon Lambert told HBJ.
JMK5 holdings bought Gemini Plaza, the six-story, 159K SF office property at 1150 Gemini St. adjacent to NASA Johnson Space Center, from Universal Weather and Aviation this month. Partners Real Estate’s Cary Latham, Wyatt Huff and Dan Boyles represented the seller, and Noah Kruger of Savills represented the buyer.
The sale-leaseback transaction will allow the aviation services company to continue occupying the second and third floors.
JKM5 acquired the 365K SF 600 Gemini in late 2021. Houston-based Axiom Space recently leased 270K SF in the building, according to HBJ.
Karam will pay for The Cannon's build-out in both buildings, telling the HBJ he hopes it will bring in tenants that will eventually need bigger spaces.
Karam has several notable developments in the Webster/Galveston County areas, including Mainland City Centre in Texas City, which brought restaurants, shopping, play areas and more to the defunct Mall of the Mainland, and Falstaff Brewer in Galveston, which turned a brewery built around 1895 into a mixed-use development with a hotel, event center and storage space.
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