HOUSTON-In an effort to centralize its local operations, BBVA Compass will anchor a new 380,000-square-foot office tower in the Galleria submarket. Redstone Real Estate will develop the build-to-suit property, and the global financial services firm will occupy 150,000 square feet of it.

Redstone Real Estate and BBVA Compass are still working through some details of the deal including the length of the lease, according to Troy Lindsey, executive vice president of real estate procurement and corporate services for BBVA Compass. However, the project will move forward, with groundbreaking scheduled for next month.

BBVA Compass will move into the new class A building by the end of the first quarter 2013. The new digs will house 800 current BBVA Compass employees who are currently located in 280,000 square feet in four different office locations around Houston. The space will unite the bank's local executives, multiple business areas and staff units under a single roof located at 2200 Post Oak Blvd.