Starwood Capital has won planning permission to carry out a multi-million pound refurbishment of the Royal Exchange in Manchester by 2016.
The grade two-listed building in St Ann's Square is made up of a theatre, 100,000 sq ft of retail accommodation and 120,000 sq ft of offices.
Trinistar Manchester - a joint venture between Trinity Investment Management and Starwood Capital - will redevelop the reception, office space, and create a new roof garden.
Trinistar will later work on 100,000 sq ft of retail accommodation around the building including a redevelopment of the arcade linking Cross Street and St Ann's Square.
Plans also include new look entrances for the Royal Exchange Theatre - which was opened in 1976 by Sir Laurence Olivier.
Trinistar acquired the building in April 2014 for £45m from long-standing owner M&G Real Estate, formerly PRUPIM.