The 21-storey high triangular Wembley Point tower - a landmark building in Harrow Road in Stonebridge Park - is subject to an application by owners Bravo Wembley Ltd for prior approval for change of use of the building.
It is envisaged a total of 240 studio flats, 27 one-bedroom flats and 54 two-bedroom flats could be created thanks to a relaxation of permitted development rights last year by the Coalition government although Brent Council will have to sign off on the travel, flooding and contamination mitigation.
Wembley Point contains a serviced office company, training firms, computer companies and a gym.
Bravo Wembley Ltd did not wish to comment.
In 2012, the council approved a scheme to convert 15 floors of the tower into a 306-bedroom hotel.