Public sector and manufacturing union, Unite, has bought back Transport House, the former Transport & General Workers' Union building on Commutation Row in Liverpool, from the North West Development Agency for an undisclosed sum.
Unite plans a major refurbishment to create a 30,000 sq ft district headquarters, including re-cladding the building with sandstone.
The move follows lengthy negotiations between the NWDA, city centre regeneration company Liverpool Vision and Unite.
Transport House has been vacant since 2000 and occupies a key gateway location on the main road approach to the city centre from the M62.
Mike Ryder, property executive of Purple Apple, adviser to the Union, said: "We are delighted we have been able to reacquire this iconic property and are looking forward to breathing fresh life back into it. The building will have a significant impact on the area and promote the profile of Unite the Union, the largest Union in Great Britain. When refurbishment is completed the building will be renamed as Jack Jones House."
The refurbishment, which already has planning consent, is expected to start next month and take around nine months to complete. It is anticipated that the building will be fully operational early in 2009.
Unite the Union was established in 2007 following a merger between TGWU and Amicus. The Union is currently jointly led by Wirral born Tony Woodley and Derek Simpson.
Steve Elder of Linder Myers Solicitors acted for the Union and Karl Jackson of Mace & Jones Solicitors acted for NWDA.