The former Tower Bridge Magistrates' Court in Tooley Street has been acquired by asset management firm Dominvs Group which plans to turn into a luxury hotel.
The magistrates' court – a grade II listed building – closed last summer and was put up for sale by the Ministry of Justice along with the adjacent police station.
"After an intensive competitive bidding process, we are pleased to have secured The Tower Bridge site," said Preet Ahluwalia, director of Dominvs Group.
"This is a once-a-decade investment opportunity and its prime location parallel to the Thames River and access to central and South East London, aligns with our London acquisition strategy."
The new owners are expected to draw up plans to convert the building into a 150-200 room luxury hotel.
Simon Hughes MP had previous criticised the Ministry of Justice's handling of the sale but he has since been appointed as a junior minister in that department.