The West End guru spent nine years as director of communications at the organisation but left in 2013 to join the City & Westminster Property Associations as an executive director.
He rejoined the NWEC less than a year later as managing director of external affairs and was promoted to deputy chief executive months later.
His recent feats including overseeing the launch last year of a new property business improvement district (BID) run by West End landlords to oversee £16m of investment into the area.
Tyrrell has also helped champion business rates reform for the areas 600 businesses, as well as the extension of Sunday trading hours.
Sir Peter Rogers, NWEC's chairman, said: “New West End Company is unrivalled amongst UK BIDs because of the £30bn in Gross Value Added (GVA) contribution our businesses make to the UK. The board and I are delighted we have secured a chief executive that understands the areas unique economic offer and the opportunities and challenges we will undergo with the arrival of Crossrail in 2018."
“As New West End Company celebrates 10 years in the West End I look forward to what we can achieve in the next decade with Jace at the helm,” he said.
Tyrell replaces Richard Dickinson, who stepped down in December.