The 10,000 sqft building, which was built in 1865 for the German Gymnastics Society in London, will be redeveloped to create a ground floor 150-cover brasserie and bar with outdoor terraces and a smalller restaurant and private dining area on a mezzanine level.
Work is scheduled to start on the Grade II listed building this year with plans for the new complex to open in the first quarter of 2015.
Des Gunewardena, chairman and chief executive of D&D London, said the new venues would be open all day seven days a week and would be a key part in the 'exciting' development of King's Cross.
“This is a remarkable building and part of what is a remarkable development," he said. "Our aim is to create restaurants and bars that make the most of what is a stunning interior with its 57 foot floor-to-ceiling height.
"The venues will be high quality but have a broad appeal. King’s Cross today is perhaps the most exciting emerging area of London in terms of new development. We have watched and admired King’s Cross coming to life and are very excited to become part of it.”
The new project will be D&D London's largest restaurant opening since private equity firm LDC performed a management buyout of the business to enable it to expand last year.
Richard Poyser of Argent King's Cross Ltd, the asset manager at King's Cross said D&D London, which operates more than 30 restaurants and bars and one hotel worldwide, was 'integral to London's restaurant scene' in which King's Cross was playing an ever-growing part.
"D&D have the experience, attitude and design flair to get the most from this amazing historic building in this fantastic location," he said.
D&D London will join Bruno Loubet, whose second restaurant Grain Store opened in Granary Square last year and the Great Northern Hotel, by opening at King's Cross which is undergoing major development.