Simon Marshall's Commercial Development Projects has started work on the resurrection of the Grade II* listed building on Manchester's King Street.
The landmark building, designed by Edwin Lutyens, will be refurbished to provide 27,000 sq ft of Grade A offices to lease in self-contained floors from 3,000 to 5,500 sq ft with a ground floor use in the former banking hall.
Celebrity chef Jamie Oliver has been linked with the ground floor unit for his second Jamie's Italian restaurant in the North West.
Rob Yates, office agency director at DTZ, said: "We anticipate strong demand, the building offers occupiers a superb address and an excellent floor plate with fantastic natural light on three elevations. The accommodation will be ready for occupation by summer 2011."
Knight Frank is the joint letting agent.