Specialist landscape contractor Maylim will build the park designed by architects DSDHA which will quadruple the amount of green space at Broadgate.
The 1.5-acre park will feature expansive green space, a stream flowing through it, amphitheatre seating and new retail and event spaces, all of which will be open to everyone.
Enabling works are already underway and site works will commence in December.
Oliver Sells QC, Chairman of the City of London Corporation’s Open Spaces and City Gardens Committee, said: “London’s green spaces are more important now than ever before and are treasured by residents, workers and visitors alike.
“We’re pleased to support British Land’s plans for Exchange Square. This move aligns with our radical Climate Action Strategy which will make the City of London net zero emissions by 2040 – in part by increasing the amount of green space in the City.”
David Lockyer, Head of Broadgate, British Land said: “Creating better quality, healthier and more sustainable places is now even more important as result of Covid-19.
“We are already doing this at Broadgate, which has undergone significant transformation into a mixed use destination that appeals to everyone.
“This is a fantastic opportunity to continue to do this, by creating a new park for London at Broadgate that can be enjoyed by all the community.”