Manchester City Council has granted a three year renewal to a planning consent for Manchester & Metropolitan Properties to develop the 175,000 sq ft Landmark building.
Michael Hawkins, from WHR Property, who is heading up the advisory team for the private owned developers, said: "This area has two out of the only four 'deliverable' office schemes in the city within the 2013/14 period in the Landmark building and 1 St Peter's Square. Between them they will satisfy the future expansion needs of Manchester businesses for high profile, high specification office space. We believe the Landmark will attract national and international attention in relocation terms. It has the capability of sustaining up to 1,000 jobs in the city's most accessible business location with excellent public transport links.
"It will certainly shift the focus away from Spinningfields which is an entirely different business district in character, ambience and accessibility terms.
"So we have a lot to celebrate in terms of the future of the St Peter's Square area which has these major office schemes to attract a working population that will animate the new public space, as well as creating new jobs and associated economic benefits city-wide for the future."
The 14 storey office building, designed by international architects Squire & Partners, will occupy a position in relation to St Peter's Square, close to Elizabeth House, also due to be redeveloped as offices by developers Argent.
The building will be situated on the site of the former Odeon cinema, overlooking St Peter's Square and facing on to Oxford Street.
The city council are currently working with selected architects on the masterplanning for St Peter's Square.
Hawkins added that the timing is 'impeccable' in terms of the renaissance of St Peter's Square which he said is a key objective for the city council and the St Peter's Square Partnership.
The St Peter's Square Partnership was launched by David Partridge, joint chief executive of Argent, at MIPIM in March.
The partnership, being led by the city council, is aiming to shape the vision for the future of the St Peter's Square area, and ensuring that the area moves forward as a major new business, leisure, retail and cultural district.
Manchester & Metropolitan Properties originally submitted plans to develop the Landmark building in 2006.