British Land is expanding its provincial development portfolio with the addition of the former Nat West building in Colmore Row, Birmingham.
The landmark city office site has been sold with vacant possession by Omega Land for £25 million.
It will now be redeveloped into a new high quality "signature" office building.
British Land has already appointed the architects Hamiltons to work with it to design the scheme, which stands on what is widely believed to be the best office development site in central Birmingham.
Robert Samuel, director of British Land Developments, said yesterday: "We have an established portfolio of development sites in the Midlands, including Blythe Valley Business Park, Solihull and New Century Park, Coventry.
"We are pleased to have acquired this prime city centre site and are looking forward to working with Birmingham City Council and the local community to develop an iconic and attractive addition to Birmingham’s office skyline."
Councillor Ken Hardeman, the city council cabinet member for regeneration, said: "Whatever form it takes, I am sure that the scheme will be of the highest quality to reflect our aspirations for this prominent site in the heart of our civic and commercial area.
"I look forward to working with British Land to deliver a landmark scheme which will enhance Birmingham's reputation as a global city."