Server hosting company UK Fast has purchased the 40,096 sq ft No1 Archway building at Birley Fields, Hulme, from Laing O'Rourke.
UK Fast will house a data centre plus staff at No1 Archway, and the company says it has ambitions to double its workforce to 400 by 2014.
The firm will also use the building as a base for its soon to launch eCloud service.
Founder and chief executive at UKFast, Lawrence Jones, confirmed the firm would invest £20m in the building over the next five years.
UKFast is currently headquartered in City Tower, Piccadilly Gardens.
DTZ acted for previous owner Laing O'Rourke with joint agent Savills. UK Fast was unrepresented.
Rob Yates, director, office agency and development, at DTZ, said: "The sale of this building bodes well for take up for 2013, following on from a great year for south Manchester in 2012 the prospects for similar levels of take up looks promising given this deal and the demand within the marketplace."