The One Bedford Avenue project was awarded by Exemplar, who are working in partnership with AshbyCapital.
The scheme is scheduled for completion in early 2017 and has been designed by architects Bennetts Associates.
The project involves replacing two outdated office blocks with 115,000 sq ft of retail and office accommodation.
There will be an art installation on the south-west corner of the building, acting as a marker to signify the entrance to Tottenham Court Road.
The mixed-use development close to Tottenham Court Road will kick-start the redevelopment of the surrounding area in anticipation of Crossrail’s completion in 2018.
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The scheme aims to achieve a BREEAM 'Excellent' rating for the commercial space and a 'Very Good' rating in the retail units.
Sustainable measurements include green roofs, photovoltaics and CHP.
Mace's Chief Operating Officer for Construction, Gareth Lewis, said: "This is a fantastic project for Mace and we’re delighted to be working with Exemplar on another high quality, high profile development in London’s West End.
"With Crossrail due for completion shortly after One Bedford Avenue, the scheme will be a major new addition to the Tottenham Court Road area."
Exemplar's Founding Director, Clive Bush, said: "Exemplar, together with our partners AshbyCapital, are excited to be working with Mace to deliver this landmark building in probably the most dynamic location in London.
"The development strengthens our investment in the area and helps underpin the unprecedented growth of Tottenham Court Road and the eastern end of Oxford Street."
(LM)
