Caradog House in Cathays Park, Cardiff is to be converted from offices to student flats.
Alder King secured a resolution to grant planning permission for the change of use on behalf of Crown Student Living.
The new building will be designed by AWW architects and include 378 student beds across a mix of one- and two-bedroom flats.
Alder King partner Alan Pearce said: “The proposals will bring a mostly vacant building back into use and deliver superb purpose-built student accommodation which directly relieves pressure on residential streets from houses in multiple occupancy.”