Sri Lanka's Board of Investment which gives tax breaks to investments said the office complex built on a 74-perch block is expected to finish in 36 months.
Designed as a 'green building' with roof gardens, it will have computerized energy saving and automated building management systems, centralized drinking water systems, solar power rain water harvesting technology, liquid waste recycling and automated parking.
It will be built by Access Realties 2 (Pvt) Limited, is a unit of Access Realties (Pvt) Limited which is fully owned by Access Engineering Plc.
It will have 25 floors with 240 parking slots.
"Access Tower 2 will cater to high-yield customers who are seeking quality office accommodation in an up market business centre that is located in the heart of Colombo city limits," the BOI said.
"Since the vicinity is mainly developed for up market residential apartments, the development of business office space would bring immense benefits for many prospective customers."
The existing building has seen 100 percent occupancy.