(Bloomberg) -- The City of London approved plans for what will be the tallest tower in the financial district.
The 73-story building, which will include a public viewing gallery and restaurant at the top, as well as enough workspace for 10,000 people, was approved at a vote on Monday. The tower will be constructed by Aroland Holdings Ltd., a closely-held company based in Singapore.
1 Undershaft
Britain's vote to leave the European Union has discouraged companies from building new office space in the capital because of concerns about a potential drop in demand. New London office construction starts fell 42 percent in the six months through September compared with a year earlier, Deloitte LLP said in a Nov. 15 report.
The new building at 1 Undershaft, a plot of land between the skyscrapers known as the Cheesegrater and the Gherkin, will have about 970,000 square feet (90,000 square meters) of mostly office space. It will replace a tower in which insurer Aviva Plc is the biggest tenant.
To contact the reporters on this story: Jack Sidders in London at jsidders@bloomberg.net, Joe Mayes in London at jmayes9@bloomberg.net. To contact the editors responsible for this story: Neil Callanan at ncallanan@bloomberg.net, Andrew Blackman
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