HOUSTON—The first office tower in the Galleria to be built inside West Loop 610 in over 30 years will break ground by the end of 2014.

Peloton Commercial Real Estate will construct Westcreek Centre, a 21-story, 368,000-square-foot office tower slated for delivery by the second quarter of 2016 after an 18 month build out.

The development is located on 3.6 acres between San Felipe and Westheimer and has great access to West Loop South making it a desirable location, Griff Jaggard, vice president with Moody Rambin, told GlobeSt.com. Westcreek Centre will include 14 floors of office and 26,500-square-foot floor plates designed to maximize space planning efficiency. The project is applying for LEED Silver certification by the U. S. Green Building Council.

"Tenants in this market are looking for the efficiency and quality of new construction," adds Jaggard. "Energy-related and financial firms are actively seeking space to accommodate projected growth and designed for today's businesses."

Jaggard and Derek Beck of Moody Rambin are leasing the property. The architect is BOKA Powell and Peloton will provide property management.

"New, large-tenant class A office space is in demand in the Galleria market," says Murl Richardson, partner with Peloton. "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%. The fundamental strength of this market is driving our decision to build Westcreek Centre."

The only two buildings delivered in the Galleria/West Loop submarket this building cycle. BBVA Compass, 2200 Post Oak Blvd., developed by Redstone Companies, delivered just outside the Loop in Q2 2013 at 70% leased and Skanska's 3009 Post Oak completed in Q3 2013 at 81% leased but also outside the Loop. Westcreek Centre is adjacent to the 200,000-square-foot luxury mixed-used development, River Oaks District, which is currently under construction. River Oaks District will offer approximately 100,000 square feet of office space when completed.