The scheme  will provide a total net office floorspace for UBS of approximately 700,000 sqft, and will include four trading floors capable of accommodating approximately 750 traders per floor.

The building is designed by Ken Shuttleworth at Make and will replace 3, 4 and 6 Broadgate.

A new public route will be opened up east-west connecting Broadgate Circle with Sun Street Passage to provide a direct route to Liverpool Street Station and to Exchange Square to the north.

A new ‘gateway space’, known as Sun Street Square, with a café at the base of 3 Finsbury will be created to provide a new pedestrian crossing to Crown Placeand the northern approach to Finsbury Avenue Square will be redefined with new landscaping.

Environmental measures will include low carbon energy with photovoltaics and solar thermal panels, reducing water consumption by rainwater harvesting and increasing biodiversity through the incorporation of green roofs and terraces.

Chris Grigg, Chief Executive of The British Land Company PLC, said: “It is vital that the City is able to meet the current and future needs of key occupiers for attractive, flexible and sustainable floorspace as financial services will be a major driver in the recovery of the UK economy from recession.

“These proposals meet UBS’ needs and further reinforce British Land’s confidence in the City of London and the development of the Broadgate complex. It is a sign of huge confidence in London’s status as a world financial centre that UBS has committed to building a new world class office building in the heart of the City. ”

Ken Shuttleworth said: “We are thrilled to be working with British Land and Blackstone in realising UBS’ vision of a flexible, highly insulated and energy efficient building at Broadgate.

“Our bold design was conceived from the idea of a perfectly cast ‘engine of finance’, and responds to the strength and spirit of Broadgate. We believe it sets a new standard for the future generation of truly adaptable buildings.”