The City of London Corporation has approved plans by Aroland Holdings to develop the 73-storey structure at 1 Undershaft, which would make it the second tallest building in Western Europe after the Shard.
Overall, the building would provide 130,000 sq m of office accommodation, including over 2,000 sq m of retail space. Up to 10,000 workers will work on developing the project until completion.
A new large public square will be created at the base of the building, including 1,600 cycle spaces and 150 showers with changing rooms.
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Features include a free public viewing gallery at the top, served by dedicated lifts. In addition, a restaurant and interactive viewing spaces will be built, while discussions are taking place to create a dedicated gallery at the top of the building.
Work on the scheme includes the demolition of the existing Aviva Tower before construction could get underway.
Chris Hayward, Chairman of the City of London Corporation's Planning and Transportation Committee, said: "I'm delighted that we have approved 1 Undershaft. It is a truly unique building that fits in well with the City's history, as well as our future ambitions for growth.
"Over the next thirty years I expect that we will need to deliver office space for more than 50,000 extra workers within the Square Mile, and this development is important in reaching that end goal.
"This development shows the high levels of investor confidence in London's status as a global city following our decision to leave the European Union.
"I believe this building will play an important part in increasing London's attraction as the world's leading financial centre."
(LM)
