Mace is construction manager on the job near Liverpool Street Station where demolition and site preparation work is currently being completed.

British Land confirmed in a Stock Exchange statement this morning that “development of the new 700,000 sq ft building will proceed” now a contract with tenant UBS has been rubber-stamped.

Construction is due to be complete by the end of 2014.

British Land said: “Demolition of the existing 4 & 6 Broadgate buildings is well underway and will be completed in April, with delivery of the new bespoke building on schedule for Q4 2014.

“The Joint Venture has already placed or tendered around 60% of the project’s construction costs within budget and programme.”

Tim Roberts, Head of Offices for British Land, said: “This is another significant milestone in the development of the new UBS building at 5 Broadgate and a real boost for the City.

“The Broadgate estate continues to evolve to serve the needs of a range of city occupiers and the 30,000 people based there.”