Castlemore has bought a 1.3 acre (0.52 ha) car park site in Glasgow with potential of up to 250,000 sq ft (23,225 sq m) of offices.
Subject to planning permission, the development will be one of the UK’s largest speculative city centre office projects outside central London.
Castlemore has appointed architects SMC Hugh Martin to lead the design team. Discussions have begun with Glasgow City Council regarding planning and work could begin in early 2008.
The developer is also behind the £100m, 217,000 sq ft (20,159 sq m) Waverley Gate building in Edinburgh.
Nigel Crump, spokesman for Castlemore's project team, said: ‘This is a major project which will take advantage of the buoyant commercial market that has emerged in Glasgow.
‘It reaffirms Castlemore's commitment to growing our development portfolio in Scotland by creating landmark buildings that define and add to the urban environment in the cities in which they stand.’