Planning approval was granted at Westminster City Councils Planning Applications Committee on 16 June.
TfL will redevelop the Grade I listed 55 Broadway building, delivering a mix of affordable, social and private housing as well as improved retail units and 1,308 square metres of office space.
The scheme is part of TfL's plan to generate £3.4 billion in non-fare revenue over the next decade.
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The approved plan details the delivery of 23.5% affordable and social housing including family sized homes.
The plans enable TfL to maintain the heritage of the building and reinstate Charles Holden's original design for the ground floor.
It is understood the redevelopment will also increase the amount and quality of the retail space at St James's Park Tube station.
Graeme Craig, Director of Commercial Development at TfL, said: "TfL is one of the largest landowners in London.
"I am delighted that 55 Broadway can now be brought forward for development, generating significant sums to reinvest back into the transport network whilst helping us bear down on fares.
"The building is a part of our heritage, and its redevelopment will also enable us to preserve and enhance its historic features."
In January 2015, TfL launched a tender process to identify a number of property development partners to work with on over 50 sites across London.
(LM)
