British Land and Blackstone Group have confirmed that their Bluebutton Properties joint venture will develop the £340m building for Swiss Bank UBS.

A planning application will be submitted later this year and construction work is expected to start in mid-2011 with practical completion to shell and core achieved during the second half of 2014.

The new 700,000 sq ft trading building will be developed on the existing site of 4 and 6 Broadgate

The new building is designed for trading and general offices and the four trading floors will each measure one and a half acres.