CEG has agreed to acquire the 1953 Reality Building on Marshall Street in Leeds, which sits next to the historic Temple Works, for an undisclosed sum.
Previously owned by Kays catalogue company, the deal was brokered by Cushman and Wakefield and Fox Lloyd Jones.
The 7,636 sq m (82,193 sq ft) former storage and office block currently lies vacant.
David Hodgson, head of strategic development at CEG, explains: “With a dearth of quality city centre office space in Leeds, it is our intention to swiftly appoint an architect to design a comprehensive refurbishment and provide a range of office floor space opportunities to the market in early 2021.”
The spokesman added: "CEG continues to work closely with Leeds City Council on formulating plans to support the restoration and revitalisation of Temple Works as well as the comprehensive regeneration of sites within Temple and around the Grade 1 listed building."
Mr Hodgson continued: “Bringing the 1953 building back into productive use, combined with CEG’s speculative development on Globe Road, helps bring the wider masterplan for the Temple district to life.
"The 1953 Building is a strategic element of this major regeneration project for Leeds and we’re delighted to have secured it. We envisage being in a position to make further announcements imminently”