Despite the project's 'innovative' ideas, the review panel was 'disappointed' by the scheme's lack of awareness of the local area's character, and concerned that the building would ultimately be an 'incongruous addition to the local tight streetscape'.
Situated at 30 Old Bailey, the building will consist of 40,000m2 of offices and 2,000m2 of retail space with a pedestrian walkway running through the centre.
But CABE said tha the lack of natural light could leave the space feeling 'oppressive' and unlikely to attract the public.
The project also faces criticism for failing to convince CABE that it had responded to the needs of the surrounding streets: 'We accept that neither Old Bailey or Limeburner Lane are primary streets, but we think in both cases, more clarity is required in terms of the activity generated.
'The setting back of the retail from the office accommodation above is one way of activating the ground floor levels, however, its success will be dependent on further details showing how the building meets the ground and therefore what the environment is like for people walking underneath the building.'
On a more positive note, CABE welcomed the proposals for sustainability within the scheme and 'urged the local planning authority to make sure that they are an integral part of the development.'
Make was unavailable for comment.