The project will consist of two towers located close to Aldgate Station, which will comprise 417 student accommodation units and 26,500 sq ft of office space in EC1.
Based at 60 Commercial Road, the 19 storey building will also include a sky lounge on the top floor, providing views over London.
Buckley Gray Yeoman are the architects behind the scheme.
Derwent London has also recently announced plans to develop three more Central London office space schemes, totalling 605,000 sq ft. The new office developments will be based at 132-142 Hampstead Road, 2-14 Pentonville Road and City Road Estate in EC1.
The company has so far let 302,400 sq ft of office space this year, generating an annual rent of £7.1m. Land Securities and British Land have also taken advantage of the growing commercial market by submitting plans for London office developments.
British Land recently committed to a £1.5bn London office scheme, while Land Securities are planning a further 600,000 sq ft of office space in London.