Canary Wharf Contractors will act as construction manager on the City of London scheme with work on the substructure and detailed design of the superstructure starting straight away.
Completion to the ground floor level is planned for February 2012. Construction of the superstructure will follow, with completion of the project anticipated in the second quarter of 2014.
Land Securities and Canary Wharf Group have formed the 20 Fenchurch Street Limited Partnership to develop the 37 storey building which will provide 690,000 sq ft of space with a skygarden on the top three floors.
The existing cleared site has been sold by Land Securities to the partnership at a price of £90.2m.
Robert Noel, Managing Director of Land Securities’ London Portfolio, said: “Earlier this year we announced our intention to carry out this project in joint venture and we are delighted to have teamed up with Canary Wharf Group to do so.
“The joint venture brings together two substantial companies with complementary skills in the conception and delivery of large schemes in London.
“The transaction allows us to take forward other projects within our substantial development pipeline in London so that we offer a range of building types and sizes in a range of locations across the capital.”
George Iacobescu, Chief Executive Officer of Canary Wharf Group, said: “We are looking forward to this opportunity to apply our extensive experience as a developer of large, high specification and bespoke office buildings for a diverse range of clients.
“We are also delighted that on this occasion we will be working alongside Land Securities with its own impressive pedigree and track record.
“This joint venture project will provide further evidence of our approach to the development and construction of very high quality buildings in London.”