Hunton Andrews Kurth advised Axiom Space on the deal.
Axiom Space announced a long term ground lease agreement at the Houston Spaceport, where it will develop an aerospace campus and headquarters in support of its ambition to create the world’s first commercial space station.
On January 12, 2022, the City of Houston approved a 20-year lease agreement with Axiom, enabling the private space infrastructure company to begin construction at the spaceport, located at Ellington Airport. Hunton Andrews Kurth handled the lease negotiations with the City of Houston on an accelerated time table, in conjunction with Axiom’s in-house counsel and their real estate consultant Savills.
Under the terms of the lease agreement, Axiom will build a high bay building for space station modules and other facilities. In support of the agreement, the City of Houston approved the appropriation of approximately $40 million from the city’s Airports Improvement Fund, to serve as an advance recoverable under the lease and which will partially fund Axiom’s capital improvements to the leased premises.
Axiom, which was selected by NASA in 2016 to develop a commercial module that will attach to the International Space Station, ultimately intends to send a series of modules into orbit, which could serve as the successor to the ISS when it is retired. The company’s commercial activities also include human spaceflight, astronaut training, in-space research and manufacturing, and space exploration.
The Hunton Andrews Kurth team included partner Mark Arnold (Picture) and associate Jason Antrican.
Law Firms: Hunton Andrews Kurth LLP;
Clients: Axiom Space;