The facility will act as the bank's UK technology hub and will accommodate more than 5,000 employees once open in 2022, subject to planning permission.
Osborne and Co has been chosen as development partner to deliver the project, marking the company's third major deal in the UK.
Conor Osborne, Director at Osborne and Co, said: "Santander's new UK technology hub in Milton Keynes will set a benchmark for large scale developments in this country, and we are excited to build a world-class facility.
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"Our partnership with Santander follows the successful delivery and sale of HSBC's new HQ in Dubai, cementing our position as the real estate partner of choice to global corporations, cities and landowners."
Osborne is working with Santander to finalise designs for the new purpose-built campus and a planning application is expected to be submitted early in 2019. Award-winning practice LOM Architecture & Design has been appointed to design the development.
Nathan Bostock, Chief Executive, Santander UK, said: "We are excited to be sharing our proposals for this major investment in Milton Keynes, reflecting our long-term commitment to the local area.
"We want a workplace which truly reflects our culture and our vision for the future, which is based on innovation and harnessing new technology to make banking simpler and more personal for our customers."
Osborne is working with Santander to finalise designs for the new purpose-built campus and a planning application is expected to be submitted early in 2019.
(LM/CM)
