The developer has secured consent for a 77,000 sq ft office development that will be home to motor insurance firm Admiral.
The developer is on course to complete the building during December 2013 and to move Admiral employees into the site in early 2014.
Admiral also considered taking space in a Midas Construction scheme on Network Rail-owned land.
“The new location in Queensway should be much better for our current employees and any future new recruits in Newport. As well as great transport links they will have access to all the amenities and facilities of Newport city centre.”
Admiral also appointed Sir Robert McAlpine to build a new headquarters in Cardiff a few months ago where work is shortly to get underway.