The site is currently home to a M&S storage warehouse and the parties have agreed a three year leaseback on the property to give M&S time to relocate.
The site forms part of a wider regeneration programme within the White City Opportunity Area which sets out plans for 4,500 homes and 10,000 jobs in the area through projects including the completed Westfield shopping centre, the redevelopment of the BBC studios and a new Imperial College campus.
"St James will use all its expertise in place-making to create a fantastic new location, with a public park, improved connections and homes for thousands of people," said Berkeley Group chairman Tony Pidgley in a statement.
The deal was welcomed by Deputy Mayor for Planning Sir Edward Lister. "This is an extremely positive step forward in the regeneration of White City which is set to deliver thousands of new homes. We have ambitious plans for this area's wider development, seeking to build on its heritage, attract further investment and create jobs," he said.
