The joint venture partners said the refurbishment project will cost approximately £35m and is set for completion by late 2012.
Work on the 142,000 sq ft building, which is currently occupied by Royal Bank of Scotland and represents some of the prime office space in Central London, is expected to start next summer.
“When completed, 199 Bishopsgate will provide high quality office space at a time where supply is expected to be severely limited,” said Tim Roberts, head of offices at developer British Land.