Designs from architect AHMM will see the 1920s building revamped behind a retained facade.
A full demolition and rebuild will take place behind the facade creating three floors of retail space and a further seven floors of high quality offices.
The project is the second major scheme that Galliford Try has undertaken for The Portman Estate following the successful completion of 1-9 Seymour Street in 2018.
Ian Jubb, Managing Director for Galliford Try Building, said: “Our business has an excellent track record in producing high quality mixed-use schemes throughout London.
“We are delighted that The Portman Estate has entrusted us once more with such a high-profile scheme in such an iconic location and look forward to working with them to create a memorable destination for the West End.”
Michael Jones, Projects Director at The Portman Estate, added: “Following the success of 1-9 Seymour Street in 2018, we are delighted to confirm that Galliford Try Building has been re-appointed as our delivery partner on our latest direct development, 1-4 Marble Arch.”