Derwent London has signed a new 150-year lease agreement with Crossrail on a £400m office and shopping development above Tottenham Court Road station.
The developer is effectively buying back the site at 1 Oxford Street after having to surrender it in 2009 to Crossrail.
Derwent will receive £55m on completion of scheme in around 2020. Crossrail will also receive five per cent of the rent on the commercial space and 16 per cent of any development profit.
The 275,000sq ft scheme near Centre Point comprises of two buildings with offices, shops and a 350-seat West End theatre. Work is due to start in 2018.
The launch of Crossrail in 2018 is set to transform the area, with an extra 200,000 people expected to travel through Tottenham Court Road station each day.