HOUSTON – Dallas-based Peloton Commercial Real Estate has announced plans to develop the 21-story, 368,000-square-foot Westcreek Centre, the first office building to be built on the east side of West Loop 610 in the Galleria/Post Oak market in 34 years.
Located between San Felipe and Westheimer in Houston’s Uptown/Galleria area, Westcreek Centre will be under construction by the fourth quarter of 2014 with completion in the second quarter of 2016. The office building is located on 3.6 acres between the West Loop and Westcreek Lane adjacent to the 200,000-square-foot luxury shopping/restaurant/hotel/residential River Oaks District currently under construction.
The 30-acre Westcreek land, owned by Cypress Real Estate Advisors, has been sold at a brisk pace. Pelican Builders has purchased land for a residential development and a 25-story residential tower is being developed there by Novare Group, Pete Dienna, Simpson Housnig and Batson-Cook Development. Brendan Lynch of CBRE has handled the land sales.
The new office project, a 21 story structure with 14 office floors and 7 parking floors, is being leased by Griff Jaggard and Derek Beck of Moody Rambin are leasing the property. The architect is BOKA Powell. Peloton will provide property management.
The building will feature 26,500-sf, rectangular floor plates and it is expected to LEED Silver certification by the U. S. Green Building Council.
“New, large-tenant Class A office space is in demand in the Galleria market,” says Murl Richardson, partner, Peloton Commercial Real Estate. “In the last two years, the new buildings in this market have been absorbed upon completion, with 675,000 square feet absorbed in 2013 and a current Class A vacancy rate of 12 percent. The fundamental strength of this market is driving our decision to build Westcreek Centre.”
“Tenants in this market are looking for the efficiency and quality of new construction,” says Griff Jaggard, vice president, Moody Rambin. “Energy-related and financial firms are actively seeking space to accommodate projected growth and designed for today’s businesses.”
Peloton has offices and properties in Houston, Dallas, Fort Worth, Austin and San Antonio. Established in 2002, the firm leases and manages 30 million square feet of office space in Texas has developed office and industrial space and master-planned communities.
Moody Rambin is Houston’s largest locally owned, full-service commercial real estate brokerage and management firm. Established in 1969, Moody Rambin specializes in providing project leasing, tenant representation, disposition, development, consulting and management services to owners and tenants throughout the United States. The firm’s portfolio includes the retail, office and industrial properties.