Legal & General Property has sold a 50% stake to Mitsubishi Estate London to form a new partnership to develop the 250,000 sq ft scheme.
The speculative scheme has been designed by Sheppherd Robson and already has planning consent from Hammersmith & Fulham Council.
The new building will consist of a basement, ground and 11 upper storeys and an extensive public realm, including a new urban park and plaza to the Hammersmith Road.
Simon Wilkes, Head of Business Space Development, Legal & General Property, said: “245 Hammersmith Road will be much more than just an office building; we are creating a destination with modern working and lifestyle trends at the core of our thinking.
“It will set a new standard for Hammersmith. There is still a lack of Grade A development taking place which means we are set to benefit from rental growth.
“We are already seeing high levels of interest from blue chip occupiers, who are particularly drawn to the design and location of the scheme, especially given the competitive nature of the rents compared to the West End.”
The scheme should be completed in the first quarter of 2019.