The development at 21 Moorfields will be the new headquarters for Deutsche Bank, which agreed to take most of the space contigent on planning being granted.

Landsec had already committed to construct the substructure, which is due to complete in March 2019 and now expects that construction will continue straight through to practical completion, anticipated in November 2021.

Landsec says the new building will contain twice the quantity of steel in the Eiffel Tower

Colette O’Shea, Managing Director, London Portfolio, Landsec, said: “We welcome the resolution to grant planning permission and look forward to continuing to work in partnership with Deutsche Bank and the City of London Corporation to deliver this strategically important site.”

Chris Hayward, Planning and Transportation Committee Chairman, City of London Corporation, said: “With the Elizabeth line supporting the creation of an estimated 63,000 jobs in the City of London and Isle of Dogs, this office, located above a future station, fits in well with the City’s ambitions for growth.

“Deutsche Bank’s move demonstrates a high level of confidence in the City of London as a leader in financial and professional services. The City Corporation remains committed to supporting businesses with an additional 1.37m sq m of office space under construction that has the potential to accommodate 85,000 workers.”