MRP is creating a 300-bed hotel on the corner of Renfrew Street and Renfield Street in the centre of Glasgow
It has now completed the purchase of 200 Renfield Street, the former offices of newspapers The Herald and Evening Times.
The ground and first floors of the building are currently let to the Department for Work and Pensions and MRP plans to refurbish and let the second floor, which is vacant.
MRP said it has also secured planning consent for an office building as the final phase of development in the area, which is known as Broadway.
Angus Monteith, development director at MRP, said: “The purchase of 200 Renfield Street is part of a major, long-term investment project for us in this area of Glasgow.
“Our 300-bed four-star Maldron hotel will open in July 2021 and we have planning consent for our 110,000sq ft Broadway Central office development.
“Our development plans will revitalise an important area of the city centre and support its economic recovery, particularly following the pandemic.
“We plan to create a fantastic, combined estate with generous public realm that will make our new office building at Broadway Central unique in Glasgow city centre.”
Andy Cunningham from CBRE, who handled the sale on behalf of MRP, said there continues to be strong interest for high-quality sites in the right locations despite the pandemic
He said: “It is great news that we have managed to secure the purchase of this well-known building in Glasgow city centre for MRP."