The firm will work with Northacre and Palace Revive Development to deliver works for the new-build scheme on No. 1 Palace Street in St James' Park.
The full project involves refurbishing the existing six-storey listed building, construction behind retained facades and a complex four-storey basement build.
Once finished, the project will house 72 apartments, many of which offer views over the gardens of Buckingham Palace.
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In addition, over 10,000 sq ft of leisure facilities will be built, including a modern gym, a swimming pool and a wellness centre. The site will encompass five architectural styles, ranging from French Renaissance to Contemporary, with a Grade II listed retained façade.
Dean Banks, Balfour Beatty's UK MD of Construction, said: "I am very pleased that our technical solution to the construction of this complex build has been embraced by Palace Revive Development Ltd and Northacre. Our proven ability to succeed in constrained construction environments in busy city centres means we are well suited to this prestigious project and we look forward to securing the full contract award early next year."
Construction is due to begin in early 2016 following full contract awards, with completion scheduled by the end of 2017.
(LM)
