Leicester Square's Swiss Centre with its figurine clock is being taken down to make way for redevelopment.
The centre was built to showcase the best of Switzerland
The centre was built in 1962 as a showcase for Switzerland and included a Swiss bank and the Swiss National Tourist Board.
In its place will be an 11-storey building boasting a shimmering frosted glass facade, containing a hotel, apartments, a casino and restaurants.
"The Swiss Centre building is showing its age," said Westminster Council.
John Whiles, of Jestico and Whiles architects, said there would a glassed veil around the building featuring art work.
"This veil will reflect the different characters of Soho, Leicester Square and all those areas," he said.
"By night, when the reflections of the day die, the building will quietly glow to match the sort of spirit of the West End's illuminations."