Its complete overhaul of the 21-storey One Angel Court building will also increase floor space from 18,000 sq m to 28,000 sq m.

The modernisation plan drawn up by architect Fletcher Priest will see the octagonal tower stripped back to its core and reclad with floor to ceiling glazing to create a gleaming new building.

Waterman is the building service and structural engineer on the job, which will result in a revised BREAAM rating of ‘Excellent’.

The approved plans include new podium buildings either side of the tower, increased public and large landscaped roof terraces.

One Angel Court is one of the older office towers in the City having been constructed in the mid 1970s.

“This is a significant achievement resulting from two years of work in consultation with the City of London that will bring much needed additional Grade A office space,” said Anthony Butler, director, Real Estate Investment Management, TIAA-CREF Asset Management UK.

Redevelopment is scheduled to begin in 2013 and is expected to be completed in 2016.