Portsoken Investment has received planning consent for the Butterfly commercial office scheme in Portsoken Street in the City of London.
The Butterfly will replace the Lloyds Chambers office block and provide more than 400,000 sq ft of net office and retail space.
Almost 35,000 sq ft of retail and leisure space will also be delivered.
The City of London Corporation’s Planning committee gave the go-ahead for the building, designed by SPPARC Architecture, last week.
The scheme will go out to tender shortly, with selection criteria for contractors yet to be confirmed.
Portsoken Advisers co-director Mike Ryan said the development would “define this corner of the City and its connection to Aldgate and the Tower”.
He added: “The Butterfly, with its beautiful and highly efficient design, will offer office space to meet the needs of the modern occupier, increasing the building’s current floor capacity while transforming the streetscape in this part of London.”