The building is[when?] undergoing a major redevelopment which will see the entire exterior redesigned, to give it a more sleek and modern appearance as part of the new Quay Quarter Sydney transformation of two city blocks into a vmixed-use precinct. As a result of an international design competition, on 24 September 2014, the winning design from architect 3XN was revealed. The core, and two thirds of the original structure facing Bridge Street are being retained. The new structure will be 216m high and 54 floors. The key tenant AMP relocated its headquarters in March 2018 into the historic AMP Building at 33 Alfred Street, and all other commercial tenants found premises elsewhere in the city. The new building, to be known as Quay Quarter Tower, is being built by Multiplex and is expected to be complete in 2022.