The plans from Great Western Developments and Sellar Paddington Limited (SPL) will transform the former Royal Mail site to create a 360,000 sq ft cube-shaped office block, which will be 14 storeys tall. A decision on the proposal is expected in December.
Developer Irvine Sellar - the man behind The Shard - originally wanted to rejuvenate Paddington with a "Shard of west London"; new plans follow a six-month consultation with local residents who have pushed for a low-rise building.
As part of the plans, a public piazza will be built, involving the pedestrianisation of London Street; £65m is being invested into public realm works in the area.
SPL said 4,000 new jobs will be created as 80,000 sq ft of retail space and restaurants will be opened.
Sellar, chairman of SPL, said: "We are pleased to submit our revised plans for Paddington after months of public consultation.
"Paddington serves as an international gateway to London and our scheme provides both an elegant building and much needed new public space that will become a destination in its own right.
"We believe our plans will deliver significant improvements for the area surrounding Paddington Station and provide a catalyst for local retail, business and leisure to thrive.”