British Land intends to redevelop the Clarges Estate, which it bought for £130m in 2012, with offices and flats in three new buildings.
Laing O’Rourke is due to start building work in the spring once demolition of existing buildings is finished.
The 190,000sq ft scheme includes luxury flats fronting Piccadilly, designed by Squire & Partners, which is expected to cost £180m to build.
Laing O’Rourke will build offices in a separate block, and a new home for the Kennel Club. Waterman Group is structural and building services consultant on the project.
British Land also confirmed this morning that it is pressing ahead with plans to redevelop the former Hempel Hotel into a 40,000 sq ft residential block.
It lies next door to an existing British Land site – together they will create a £125m residential development scheme.