Under the deal the developer has bought a 10-acre site at a former biscuit factory from Workspace Group.
The site, known as the Tower Bridge Business Complex scheme, was granted hybrid planning consent earlier this year for 800 new homes, affordable housing, a new public park.
Grosvenor will also deliver new offices for Workspace on its retained 2.4 acre site providing Southwark with its largest hub for small businesses.
Peter Vernon, Grosvenor Britain & Ireland chief executive, said: “This is a very exciting opportunity for Grosvenor to help transform two currently underused sites in a vibrant London location, through a mix of new homes, community facilities, public spaces, and retail links complemented by Workspace’s innovative business hub.
Grosvenor Britain & Ireland will now consider the two sites together before consulting the local community on its development plans.