The new offices will be located on the site of 4 and 6 Broadgate and forms part of a deal to retain Swiss bank UBS as the key tenant on the Broadgate Estate.

There is very little detail about the new plan but a source told the Enquirer that the new offices would be on a similar scale to the existing Broadgate development.

There were fears that British Land would lose UBS as a tenant when it reaches break clauses in its existing leases in 2014. The final deal must still be signed with UBS but it comes as a big boost to the City office market.

Last February the joint venture between the two developers, called Bluebutton, said it was seeking planning permission for a refurbishment of 4 and 6 Broadgate by 2013 at a cost of £44 million.

But this plan has been torn up in favour of demolishing two of the existing UBS buildings to make way for a modern office development.

Broadgate was originally the brainchild of Godfrey Bradman, who was, like the Reichmanns, one of the key property figures who reshaped London in the 1980’s.

Bovis pioneered management contracting and fast-track construction at Broadgate during the rapid expansion of the City as a result of Big Bang.