The B-listed building in North Hanover Street and Cathedral Street, which features a giant People Make Glasgow brand poster, has been acquired by Osborne + Co and joint venture partners Scotsbridge Holdings.

The new owners plan to refurbish the tower into Grade A office space together with serviced flats on the Cathedral Street side of the building.

Osborne + Co has appointed architects Cooper Cromar alongside planning consultants Savills to advance the refurbishment project.

A proposal of application notice has been submitted to Glasgow City Council.

Osborne + Co development director Will Hean said: “This acquisition will allow us to capitalise on Glasgow’s current supply demand imbalance, with the market currently characterised by a dearth of flexible Grade A office space and significant pent-up occupier demand.

“We are very excited by this opportunity and look forward to refurbishing such an iconic building within central Glasgow and continuing Osborne’s investment into the city.

“We will work with the council, Historic Environment Scotland and the wider city community to deliver a refurbishment that the city will be proud of and which will attract major inward investment.”

Fares Samara, vice principal of infrastructure at City of Glasgow College, said: “We look forward to seeing the sympathetic restoration bringing a new lease of life to the building and the improvements the change will bring for both the local community and those visiting our city.”