The new building will be located on Great Maze Pond – adjacent to Guy's Tower – on the plot latterly occupied by the outpatient pharmacy and a small Sainsbury's Local store.
The project is being delivered as part of a 15-year partnership between Johnson & Johnson Managed Services and Guy's and St Thomas' NHS Foundation Trust.
Introducing the planning application at Wednesday night's committee meeting, planning officer Sonia Watson said that the scheme offered "an opportunity to make more efficient use of this existing plot" and the new orthopaedic centre would "improve the quality of the treatment offered, as well as provide opportunities for teaching and research".
Around 120 full time equivalent staff will be employed in the new building, a 20 per cent increase on existing staff numbers.
The application received the unanimous backing of Southwark Council's planning committee.