The building will be 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 precinct. 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. AMP closed its headquarters in March 2018, The original building began demolishing one month later. The building is expected to be complete in 2020.