British Land and Oxford Properties are to press ahead with the “Cheesegrater” project.
The 47-story development, formally known as the Leadenhall Building, had been on ice after conditions in the London commercial property sector raised questions over its viability.
However, this week it was confirmed that British Land and Oxford Properties group had agreed to 50/50 joint venture deal to move ahead with construction of the £340 million building.
Once complete, which is expected to be around the second quarter of 2014, it will provide some 610,000 sq ft of premium office space in the City, as demand continues to recover in London’s financial district.
Last week, Land Securities confirmed it is recommencing work on the 37-story Walkie Talkie building in Fenchurch Street, which was also delayed by the economic downturn.