Hull's urban regeneration company CityBuild said the planning consent would drive forward plans for a revitalised office market in the city.
CityBuild chief executive Neil Bradbury said the Island Wharf scheme was an opportunity to showcase world-class design and also help safeguard jobs for the city.
He said: "We have been working very closely with Hull council and our partners to develop this scheme. It is a testament to their enthusiasm and support that we have reached this significant stage in the regeneration of the city."
Bradbury added that he had also worked closely with conservation bodies because of the project's sensitive location.
He said: "We are taking into account residents' concerns about traffic and conservation and will continue to work with these groups to find satisfactory solutions for all partners involved."
Regional regeneration body Yorkshire Forward purchased the Island Wharf site in January 2002. Leisure and retail developments have also been proposed for the site.