The City of London Corporation has given planning permission for 100 Leadenhall, nicknamed the “Cheesegrater 2”.
Hong Kong developer Lai Sun Development Company secured the green light to build the 56-storey skyscraper, which will be the third tallest building in the Square Mile when completed.
Demolition of 100, 106 and 107 Leadenhall Street will take place to make way for the development.
Over 102,000 sq m of office space will be built as well as ground-level retail space and a public viewing gallery on the top two floors of the building.
The scheme is one of seven tall buildings in the City’s eastern cluster due to be completed by 2026, including Multiplex’s 22 Bishopsgate which is currently under construction.
WSP has been chosen as the building services designer for 100 Leadenhall and construction is expected to begin in 2019.
Around 6,300 construction workers will be needed to deliver the scheme.
City of London Corporation planning and transportation committee chairman Chris Hayward said: “I’m delighted that we have approved latest addition to the City’s growing office district.
“As a leading business district accommodating 483,000 workers every day, it is vital to continue to deliver office space for the significant growth expected with the arrival of the Elizabeth line later this year.”