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A witness told BBC London the woman was eating her lunch when she was struck on her chest.
London Ambulance and police were called at 11:30 BST. The woman, believed to be in her 20s, was treated at the scene but was pronounced dead by paramedics.
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Her eyes were open and I saw her hand move and then I think I saw her last breath and then the light went out, she'd gone”
Eyewitness The building, 5 Hanover Square, is a multimillion-pound development comprising six floors of office space. The ground floor is in the process of being turned into an art gallery.
Scaffolding was removed from the outside of the building a few weeks ago.
Orla Wojtowitz said it "happened in a second".
"She was just passing and then she was suddenly lying on the pavement," she said.
Another witness, who did not want to be identified, said the victim saw the frame beginning to fall but could not move out of the way in time.