The decision to go-ahead with the 320,000 sq ft 2 Aldermanbury Square development follows the announcement this morning of a pre-let deal with legal firm Clifford Chance to take all floors of the building.
The agreement to lease is conditional on the discharge of two planning conditions by May 2023 and full approval from the City of London.
Demolition contractor Keltbray is already well advanced on the demolition of City Place House on 55 Basinghall Street, a marble-clad office block in Moorgate to clear the way for the project, which is understood to be worth around £130m.
The new building will be net zero carbon, as well as providing expanded public realm and amenity, along with new retail space.
GPE Development Director, Andrew White, said: “City Place House is next in our near-term development pipeline with a potential start in early 2022. It will provide an exemplary building that meets the needs of current and future occupiers whilst delivering the highest standards of sustainability together with expanded public realm and amenity.”
Toby Courtauld, GPE Chief Executive said: “We are excited to be building a new home back in the City of London for one of the world’s pre-eminent law firms and we have enjoyed working with the City of London, as well as Clifford Chance, to create a best in class office building.
“In Clifford Chance we have found a partner who shares our values and, in particular, our commitment to the highest sustainability standards, with 2 Aldermanbury Square set to hit our 2030 sustainability commitments almost five years early.”
He added: “This is GPE’s largest ever letting and is yet another example of the enduring attraction of the City of London; as well as the resilience of the wider central London office market. We are delighted to welcome Clifford Chance to GPE and look forward to working with them to create their new global headquarters.”