ION Geophysical Renews 115,056 SF for Worldwide HQ

HOUSTON-ION Geophysical Corp. has decided to keep its worldwide headquarters in CityWestPlace.

The publically-traded company, which provides geophysical technology, services and solutions for the oil and gas industry, inked a long-term renewal for 115,056 square feet. With the deal, the 1.47-million-square-foot CityWestPlace remains 99% leased, according to the landlord, TPG/Cal/STRS LLC, a joint venture between Thomas Properties Group and the California State Teachers' Retirement System.

“ION Geophysical was prepared to relocate their headquarters if the landlord had not accommodated their financial requirements,” says Mark O'Donnell, executive vice president and co-branch manager of Studley’s local office. He represented ION Geophysical in lease negotiations, while Chip Colvill, Michael Anderson and Win Haggard Jr. of Colvill Office Properties represented the landlord.

O’Donnell says that ION Geophysical’s lease expired in 2012 and that he began negotiating the renewal 12 months ago. “Rents have gone up dramatically from the last time they did their deal to where they are today, and ION Geophysical wasn’t interested in a big rent increase,” he tells GlobeSt.com.

ION Geophysical seriously considered one other building nearby that allowed it to keep build-out costs at a minimum. “We originally went in thinking they would move because of the cost savings, but Thomas recognized the impact of not doing the deal and was able to accommodate ION Geophysical,” O’Donnell explains.

As part of the renewal, ION Geophysical received signage rights for the building located at 2105 CityWest Blvd. It occupies the fourth floor, as well as floors six through nine. “The space is pretty new so they aren’t planning to do a lot to it as part of the renewal,” O’Donnell says. “Any concessions for space improvements were applied to reducing the rent.”