The iconic former headquarters of two regional dailies have been saved from the bulldozers after being bought by developers.
However developers Burrington Estates have purchased the building and now plan spend £5m transforming it into a business centre.
The office is also set to win listed status from Historic England, which had been called for by campaigners while it was still under threat.
Mark Edworthy, co-founder of Burrington Estates, told the Herald: “We are pleased to announce the acquisition of The Ship, one of Plymouth’s most iconic, contemporary buildings. Saving Plymouth’s glass Ship building marks an investment of £5m.
“Burrington Estates not only has a passion for the sensitive and appropriate renovation of historic and significant buildings, but a passion for breathing new life into them and The Ship very much fits into our overall company ethos.
“We are looking forward to working alongside Plymouth City Council to ensure The Ship reaches its full potential within the city.
“Our aim, as with all of our developments, is to restore them to their former glory and we are confident The Ship will be regarded as one of the places to do business in the city in no time at all.”
The building, designed by architect Sir Nicholas Grimshaw, housed the sister dailies between 1993 and 2013 before they moved to a base closer to Plymouth city centre.
DMGT retained the ownership of the building, along with all its other regional newspaper HQs, after the papers which previously occupied it were sold to Local World.