The former Port of London Authority headquarters at 10 Trinity Square will become a luxury hotel and residences.
The building and three-acre site next to the Tower of London was bought by Singapore-based KOP Properties and Chinese investment firm Reignwood Group last year. The partners are targeting a 2014 opening.
KOP Properties CEO Leny Suparman said 10 Trinity Square would be the flagship hotel for a new luxury chain in Europe. The company said it is seeking additional sites in the U.K.
Suparman said the London landmark would be a "super luxury" hotel.
"There is no super luxury hotel in the city," she said. "The value in this market has not yet been unlocked."
The owners say the hotel's 120 rooms will "blend classic design with modern amenities of the highest standards."
"The ambience will be that of a luxury private home, with artisanal and bespoke elements," according to the hotel's website. "Arts and artifacts will adorn the rooms and the public spaces."
Plans call for three restaurants, a spa and 37 luxury apartments.
The 10 Trinity Square building opened in 1922 and was damaged by German bombing during World War II. Although the building has been refurbished, much of the internal period elements of the building were retained, said the current owners.
The building was headquarters for the Port of London Authority until 1971, and subsequently was occupied by global insurance broker Willis Group until 2008.