Wakefield's Unity Works will reopen three months after going into administration.
It's hoped the future of the 23 businesses currently operating out of the Westgate venue will be guaranteed.
The renamed company running it also want to attract more conferences to the building.
Wakefield BID manager, Elizabeth Murphy said of the news: “This is great for the BID because there were genuine fears the city could lose a valuable resource. Unity has the potential to attract more newer visitors to the city for business and leisure and being run by a company y already successful in the city centre is a huge boost. I am delighted it is here for future generations.”
“Unity House wins because there is nowhere quite like it in the city. It offers banqueting, conference, live events and hospitality as well as office space to numerous business. The event furniture and technical equipment is still on site after purchasing all existing fixtures and fittings prior to auction and the major and minor halls are waiting to welcome back the big-name performers who have previously played and performed here, we are also open to new events and looking forward to working with Wakefield College of music and various charities,” he said.
“Already we are talking to the team behind Wakefield Beer Festival and Wakefield Business Week who have held hugely successful high-profile events at Unity House in previous years as well as other businesses and individuals who had made bookings hoping to persuade them to consider Unity House again for their events