The Commonwealth Institute building on Kensington High Street will be redeveloped by Ilchester Estate and Chelsfield Partners, PropertyWeek has reported.
The companies have appointed two Rotterdam-based architects from the Office for Metropolitan Architecture (OMA).
The project will see the 60,000 sq ft exhibition galleries in the centres’ iconic pavilion preserved and £150 million of luxury flats developed.
Before the scheme moves forward, the architects will establish proposals and then submit an application for planning permission.
The property is a Grade II listed building which housed the Commonwealth Institute’s collection before it was moved to the British Empire and Commonwealth Museum in Bristol.
Planning applications for the redevelopment of older buildings come under close scrutiny. Developers of new offices in London often hope to retain their authenticity and add more efficient design touches when they take on such projects.