The Ô£16.5 million building, which will be adjacent to the National Theatre, will be designed by the architecture firm Allies & Morrison and will house the company's studios, administration, and educational facilities.
Mark Baldwin, the company's artistic director, said in a statement, "This is perhaps the most exciting moment in the company's modern history, a realization of a dream first dreamt by Marie Rambert, when she founded the company. This will be a laboratory to experiment in, the means to reach into the community we serve, and at last a real purpose-built home for the company."
According to the BBC News, the new center should be completed in 2008.
The Rambert Dance Company, Britain's oldest dance company, was founded in 1926 by Marie Rambert as Ballet Rambert. Baldwin succeeded Christopher Bruce as the company's artistic director in December 2002.