The agreement follows confirmation television production company NHNZ has sold the former Garrison Hall property to Octa Associates for an undisclosed sum.
NHNZ is set to move into its new Melville St headquarters later this year.
As part of the deal, computer graphics company Animation Research will in September move to Garrison Hall from its current Moray Pl location.
NHNZ managing director Michael Stedman said the two companies had talked about working more closely for several years.
They were both Dunedin-based with an international focus.
By working collaboratively with technology such as 3D, the industry had the potential to grow from $40 million to $100 million per annum, he said.
"There is a huge potential for what we can do together," Animation Research chief executive Ian Taylor said.
While NHNZ and its 120 staff had outgrown the Dowling St site, it was ideal for Animation Research, which employed 25 staff and required a technologically equipped building, Mr Taylor said.
The animation company might join NHNZ at its Melville St headquarters at a later date, he said.
Mr Taylor said one ambition he had for the companies was to launch a tourism product aimed at showcasing their respective abilities.
Octa Associates managing director William Cockerill said the company would have a "poke around" during the next few years to determine Garrison Hall's best use.
"We are not trying to sell it off for a quick buck."
Octa decided to buy the building after NHNZ corporate services manager Tim Mepham brokered a deal involving Animation Research tenanting part of the property.
Mr Cockerill said the building would not become a hall.
It was best suited for commercial use and equipped with specialised studios which would cost millions to build from scratch.
Since opening in 1879, Garrison Hall has been used as a militia hall, a chief post office, a television studio, before being bought by NHNZ in 1997.
