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Officially called 1 Undershaft, the tower was initially granted approval at a slightly smaller height in 2016 but never started.
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Historic England said in a consultation response to City planners in February that the alterations had not altered its impact and said it would “seriously degrade” the public realm around it.
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London’s office market has been hit hard by higher borrowing costs and more home working post-pandemic, although premium space has remained in demand.
Very few major London office properties have been sold this year. Investors Nuveen and Brookfield are currently trying to sell London office towers, in a major test for investor appetite.
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Critics say London’s skyline has become increasingly cluttered by generic glass-and-metal towers that dwarf historic landmarks, especially in the City of London, home to St. Paul’s Cathedral.
“As another, much needed office development gets approved in the City of London, it speaks to the confidence that global investors have in the London real estate market and the UK economy more widely,” said Shravan Joshi, chairman of the City of London Corporation’s Planning and Transportation Committee.
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