London & Regional and Chelsfield will submit the proposals later this summer to replace the building with two others, totalling 140,000 square metres of space.
One, 25 storeys tall, will have seven residential floors at its summit. The other will be a grey, nine-storey, office "box". As it stands above tube tunnels, the designs require a massive bridging structure designed by engineers SOM.
A design competition was won last September by David Chipperfield and the tower will have glazed curtain walling which "will allow glimpses of the interior steel structure".
The smaller building on York Road and Leake Street will feature offices with ground-floor retail and cafés.
There will be a new entrance to the station. If approved, building will complete in 2015.
