British Land has unveiled plans to refurbish the 199 Bishopsgate office building.
The development company, along with its joint venture partner Blackstone Group, has earmarked £35 million for the project.
An application to begin work during summer 2011 is due for submission at the end of November. If consent is granted, the fit-out is expected to be completed towards the end of 2012.
Tim Roberts, Head of Offices at British Land, said: “When completed, 199 Bishopsgate will provide high quality office space at a time where supply is expected to be severely limited.”
The 142,000 sq ft building at Bishopsgate is currently occupied by Royal Bank of Scotland (RBS).
However, the banking giant’s lease is due to run out March next year. It is as yet unconfirmed whether RBS will continue to lease space there after this point.
News of developments come as British Land recently announced it is reviving plans for the so-called Cheesegrater building, amid improving conditions in the market.