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 the 24th 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 original building will be demolished in 2017. The building is expected to be complete in 2020.