The retail giant is one of several household names to have signed up for ground floor lettings as developer Frontier Estates prepares to reopen the doors after a multi-million pound renovation in conjunction with the Royal Bank of Scotland.
City workers and shoppers have watched progress with interest as the seven- storey building on the corner of St Philip's Place and Colmore Row has been brought up to date by builders, creating 64,845 sq ft of grade A office space and 7,883 sq ft of retail units. And now the wraps are coming off.
Frontier agreed to modify the ground floor layout to accommodate the Marks & Spencer layout, with retail agent King Sturge negotiating the surrender of leases with the existing retail tenants such as Pizza Hut and Pret A Manger.
As a result, Marks & Spencer is moving into a 5,540 sq ft unit on a new 20 year lease at an annual rental of #222,000, with three months rent-free.
James Howarth, associate director of Frontier, says: "The quality of space, combined with the high-profile central location of the building, has achieved the highest rents and attracted high quality tenants, including a new offer for Birmingham with the M & S Simply Food Store.
"Our retail tenants reflect the quality of the building, its location and the strength of the property market in Birmingham."
Halifax is returning to the building having signed up for a new ground-floor unit of 2,300 sq ft plus basement on a new 20 year lease at an annual rent of #140,000, with three months rent-free.
Fitout of this unit is nearly complete and the bank should start trading very soon.
Completing the hat trick of lettings is HSBC, which has taken a 3450 sq ft unit next to M&S on a new 15-year lease at a rent of #145,000, with six months rent free.
According to Mr Howarth, all three retail outlets will be open for business in the next few months - and he is optimistic that the revamped offices will attract a similar calibre of occupier.
"Five St Philip's is a distinctive and strikingly elegant building with a prominent city centre location," he says.
"The quality of the refurbished building has already been recognised by our new retail tenants who will bring life and activity at street level and we are confident that it will also attract the highest calibre office occupiers.
"Having been vacant for such a long period of time, we are delighted to have restored this impressive building to its landmark status."
Frontier acquired the building from The Prudential two years ago in a #10 million deal and has spent close to #10 million on its revamp, which began in January 2002.
The newly-unveiled office space, with floorplates of 10,000 sq ft, will help to meet the current shortfall of prime office accommodation in the city.
With that in mind, Mark Swallow, of Knight Frank, joint office letting agents with Insignia Richard Ellis, is quietly confident.
"This renovation has given Five St Philip's Place a new lease of life. Contemporary in design, the building has an imposing presence on St Philip's Place and Colmore Row - right in the heart of the city's financial and professional district," he tells Business Property Review.
"It provides high-quality finishes and a superb working environment with impressive views across the city, providing an important addition to the current supply of office space in Birmingham."