US development giant Hines has signed a joint venture agreement with Manchester & Metropolitan Properties to develop Landmark, a 178,000 sq ft 13-storey office building off St Peter's Square in Manchester city centre.
The project will be funded and managed by Hines on behalf of the joint venture.
Planning consent is already in place for the Squire & Partners-designed building, which will replace a derelict cinema.
In a statement, Hines said "there is no current intention to start development speculatively".
Hines currently has under construction two of the most significant developments in Birmingham at Five Brindleyplace and Two Snowhill, in partnership with Moorfield and Ballymore respectively.
Anthony Leonard, director of Hines, said, "We have been looking at opportunities in Manchester for some time and are delighted to have finally secured such a prime city centre site. Availability of quality office space will become scarce and, with few new buildings under construction, we believe there is a tremendous opportunity in Manchester to deliver new class A space. In bringing new stock to the market in 2015 and beyond, we hope to be in a prime position to capitalise on an improving economy."
Andrew Joseph, director of Manchester & Metropolitan Properties, said: "The fact that Hines has exclusively committed to Landmark over any other development in Manchester city centre reflects the quality and integrity of the building's design and location."
Letting agents are WHR and CBRE.