A Luxembourg-based development company founded in Bratislava has bought Elizabeth House next to Waterloo Station in York Road.
HB Reavis has bought the site from London & Regional Properties who gained planning permission for a 29-storey development designed by David Chipperfield.
"We're excited to add Elizabeth House to our portfolio," said Tomas Jurdak, chief executive officer of HB Reavis UK.
"The development provides a unique opportunity for us to deliver a building that will transform the area through our considered approach to development and placemaking.
"The deal aligns with our strategy of acquiring well-located sites in London with significant potential to deliver innovative, contemporary office schemes that employ the latest technology, are heavily focused on the needs of their occupiers and improve life for those who use our buildings as well as the surrounding community."
Pavel Trenka, chief executive officer of HB Reavis Group, added: "In recent months we have been asked about our perspective and commitment to the London market.
"This deal – our largest yet in the UK – affirms our long-term commitment and aligns with our plan to position one third of our business operations in London by 2019."