The NoMad London will mark the brand's first site outside the US.
Led by Sydell Group, which developed The Ned in partnership with Soho House Group, the Grade II 19th century building will be transformed into a 91-bedroom hotel with many of the original architectural features preserved and incorporated into the design.
The building's original courtroom will be reinvented as a space for private events, while a museum with rotating exhibitions will depict the history of the Metropolitan Police Force.
The new hotel, a joint partnership between Sydell Group and investment firm BTC UK, will pay homage to the "traditions of England's heritage, while exploring the relationship between New York and London art scenes", with design firm Roman and Williams appointed to create the new interiors.
NoMad London will feature an F&B offer from chef Daniel Humm and restaurateur Will Guidara of three-Michelin-starred Eleven Madison Park in New York.
The hotel will be the fourth property in the NoMad portfolio, joining hotels in New York, Las Vegas and Los Angeles.