Arab Investments, the asset manager for the building, is on the verge of completing a finance deal with a consortium of banks, and is anxious to resume building to meet the predicted office space shortage in the city.
The 64-storey Pinnacle project in Bishopsgate stalled just as the first Byrne Brothers poured concrete core rose out of the basement level. Cranes stood idle for much of this year on the city site waiting for a full funding deal to be thrashed out.
During this time there have been several occasions when the job was said to be ready to restart but the site remained closed. This time round Brookfield has been formally instructed to restart building work, according to reports.
Khalid Affara, managing director of Arab Investments, told the Financial Times: “The Pinnacle has agreed with Brookfield to commence the final phase of construction works at the end of June to enable delivery of the City’s tallest building by 2014.
“The Pinnacle is a unique product at 945ft and will be delivered into a market where there will be a shortage of high-quality office space.”
The tower, also dubbed the Helter-Skelter for its corkscrew design rather than the twists and turns experienced with financing the job, was designed by architects Kohn Pedersen Fox.
The building will contain more solar panelling than any other building in the UK, with 2,000sq m of photovoltaic solar cells, generating up to 200 kilowatts of electricity
Once completed in 2014, the Pinnacle will stand as the tallest skyscraper in the city of London.