The as-yet-unbuilt Quill development near London Bridge Station has been acquired by Greystar who plan to develop the site as student accommodation.
Architects SPPARC claimed that the Quill's design is an allusion to Southwark's literary heritage and the borough's links to Shakespeare, Chaucer, Dickens and Keats.
In 2015 developers Bilford achieved permission to build the tower as luxury private housing instead of student accommodation.
This week Greystar – a global property firm with its roots in Houston, Texas – announced that is has bought Capital House for an undisclosed sum and intends to build student accommodation on the site under the Chapter brand.
"We are delighted to have acquired this incredible site in one of the best-connected parts of London," said Greystar's Troy Tomasik.
"We're very excited this will be our first development project in Southwark, in addition to our existing Southwark asset at [Great Suffolk Street].
"Chapter has established a reputation for world-class service and exceptional, high quality accommodation, with families around the world trusting us to provide their children with a safe and secure home as they study in this fabulous city.
"Southwark, with its world-class universities and institutions of higher education, is the ideal location for Greystar.
"We look forward to continuing to solve London's shortage of good quality student accommodation and exploring options for the site over the coming months."