The proposed tower at 60 Gracechurch Street within the Square Mile is being designed by Danish architectural practice 3XN, whose projects include 2 Finsbury Avenue at Broadgate.

The intention is to commence the redevelopment of the building once vacant possession is secured in 2026, subject to securing planning consent.

OPUK, which also owns and redeveloped Bracken House, acquired 60 Gracechurch Street in March last year as part of its continued commitment to investing in the UK.

Bruce McAra of Obayashi Properties UK, said: “Having recently completed a full refurbishment of Bracken House in 2019, we are pleased to continue our investment in particularly in the City with the development of 60 Gracechurch Street.

“Working with Sellar we have assembled a world class team to deliver our aspiration for an exemplar commercial building that contributes to the evolving ‘City Cluster’.”

James Sellar, CEO of Sellar, said: “With Obayashi, we share a commitment to delivering one of the most sustainable landmark commercial buildings in the Square Mile, with environmental and wellness credentials that outperform the rest of the City Cluster.

“We look forward to working with the City of London Corporation and other local stakeholders on the next stages of this exciting project.”