Siemens has drawn up a long list of developers to build a new Manchester head office and redevelop the current facility into a science park for like-minded companies.
The energy giant is working through due diligence and expects to announce a shortlist, probably of three potential development partners, by the end of this year.
The brief includes building a new 120,000 sq ft HQ for the Siemens' Manchester operations, which employs 800 people in automation and drive technologies, transmission and distribution.
The existing 100,000 sq ft base, the distinctive white Sir Williams Siemens House on Princess Road, will become 'open access' commercial space for innovation companies working in similar fields.
Siemens is currently on site with a new renewable energy engineering centre, due for completion at the end of the year. No development timetable has yet been agreed for the rest of the development programme.
The development contenders are also being asked to draw up plans for a hotel and later phases of new offices and technology space.
Siemens employs a further 500 people in Congleton and 500 in Blackpool.
Jones Lang LaSalle is advising Siemens.
All parties declined to comment.