Work is scheduled to start next year on the firm’s 14 storey new headquarters in the city centre.
The 220,000sq ft development will be completed by late 2015 when it will become home to 1500 ScottishPower staff.
Helical Bar and its Scottish based development partner Dawn Developments have been selected as the preferred developer for the new HQ.
A detailed negotiation process will now start in order to finalise the construction details of the project.
As part of the development, ScottishPower’s current office locations in Cathcart, Yoker and Falkirk will be taken on by Helical Bar, who will seek opportunities for future redevelopment of these sites.
Ignacio Galan, ScottishPower Chairman, said: “Our plans in the UK in the coming years require an office complex that is fit for purpose to deliver and manage these investments.
“This new development will ensure Glasgow remains home to ScottishPower’s UK headquarters for the long term and will be a hub for delivering the £10billion of planned investment over the coming years.”