The new project will create 700,000 square feet of office space for the financial services company UBS.
Working together on the project are the British Land Company and the Blackstone Group.
UBS aims to bring all its operations in London together under one roof. When completed the building will have four floors, each one of which will be capable of housing up to 750 traders.
Chris Grigg, Chief Executive of The British Land Company PLC, said: “The City, in its decision today, has acknowledged the importance of the current and future needs of key occupiers for attractive, flexible and sustainable floor space, the retention of UBS in Broadgate and the maintenance of London’s status as a world-class financial centre.”
The Committee Report stated that the proposed building is “a striking and eye-catching addition to the new architecture of the City”.
Meanwhile, CABE, design adviser to the Government called 5 Broadgate “an exciting opportunity for a major new building in the City of London.”
Recently a report from BNP Paribas’ commercial real estate division predicted that the financial services sector in London will need much more office space over the next few years as banks and service providers are set to add up to 11,000 more employees.
Up to 1.6 million more square feet of office space will be required over the next few years, the report stated.
Heron Tower in central London has just reached completion. At 230 metres high it is now the tallest skyscraper in the UK. However once The Shard is completed in 2012 it will take the mantle as the tallest skyscraper not only in the UK, but the European Union.
Editor’s notes: We first reported British Land’s plans for 5 Broadgate in this article. In the editor’s notes of that article, you will find full details of the 700,000 square foot ‘ground-scraper’ that was completed in 2015 and, as of June 2023, was UBS’ London headquarter offices.