Greater Manchester Property Venture Fund has completed a £100m joint venture deal with Argent to refurbish Elisabeth House in St Peter's Square, Manchester city centre.
Argent plans to start work on the 350,000 sq ft office-led scheme around mid-2009.
As plans for the development begins, income will be generated by six month leasehold deals currently on the market for the building.
Gary Taylor, joint managing director of Argent, said: "The scheme will incorporate a vibrant mix of uses at ground floor level as well as a stunning reception area and could accommodate office floorplates of over 20,000 sq ft. With excellent transport links at its doorstep and set amongst the city's most stunning civic architecture, the building promises to be a magnet for high quality potential occupiers."
Glenn Howells Architects won a national competition launched in May 2008, beating FLACQ, Stanton Williams and Austin-Smith:Lord in the final round to design the new scheme.
Planning is due to be submitted in spring next year.
GVA Grimley advised on the deal.