The developer, Bricks Capital, plans to complete the scheme in time for the start of the 2020 academic year.
The building, located on New City Road, will house students from the five main education establishments; the University of Glasgow, the University of Strathclyde, Glasgow Caledonian University, Glasgow School of Art and the Royal Conservatoire of Scotland.
Over the last 12 months, Octopus Real Estate has funded £150m, of student accommodation developments including schemes in Coventry, Bristol, Leicester and Liverpool.
Research by Octopus Real Estate revealed students were prepared to pay more for their accommodation if it had a higher standard of amenities. More than 75 per cent said they pay more rent for a private bathroom while close to 70 per cent were prepared to pay extra for their own cooking facilities.
Gavin Eustace, head of development at Octopus Real Estate, said: “The student accommodation sector is growing and offers a huge opportunity for developers who are willing to listen to and respond to students’ needs and demands.”