Hamburg-based Union Investment Real Estate GmbH, the owner of Finsbury Circus House, appointed city project managers Core to handle the upgrade scheme on its behalf.

Initial works include the demolition of the ground floor slab, together with structural alterations to the existing eight-storey office building.

During the reconstruction phase, Skanska will build an additional roof top floor.

Work also includes the full restoration of the existing façade to the  Finsbury Circus elevation and the construction of a new rear façade incorporating Portland Stone.

Skanska’s team will install mechanical and electrical services throughout, as well as new internal finishing including high-quality toilet and  reception areas, and six new passenger lifts.

Work will start on site immediately, with completion scheduled for January 2013.

Paul Heather, managing director of Skanska’s south east building arm, said: “The award of this contract demonstrates our capability to  develop the range of projects we undertake, and deliver value solutions to our clients.

“We have worked with both Union Investments and Core on previous schemes in  London and I am delighted that we will be continuing to build upon our successful  relationship at Finsbury Circus House.”

Dr Karl-Joseph Hermanns-Engel, Union Investment Real Estate said: “The  current market cycle in London provides an almost perfect opportunity for this type of  reconstruction in prime locations.

“Repositioning our property will enable us to meet the high demand for energy-efficient core properties in the financial district.”