Investor, Delancey has secured planning permission for a redevelopment of York House in Waterloo, Property Week has reported.
The redesign was granted by Lambeth Council and when completed the new building will feature 345,000 sq ft of commercial office space.
Paul Goswell, managing director, said it "will provide high quality, flexible and sustainable office space" and hoped it would be attractive because it "offers tenants affordability combined with very short travel times to the City, West End and other main central London districts".
The building, already dubbed "Westminster Place", is set to offer a roof terrace with views of the Thames and office space over 18 storeys and 15 upper floors.
The council’s decision to allow the proposal follows its initial acceptance for only 245,00sq ft to be re-developed. Delancey hopes to have work completed by the end of 2010.