The City of London Corporation has resolved to grant planning permission for Mitsubishi Estate Company's (MEC) plans for a 240,000 ft² (approx. 22,296 m²) office redevelopment, at River Plate House, 7-11 Finsbury Circus, EC2.
MEC is looking to complete the building in 2016.
The elegant Wilkinson Eyre scheme sees the construction of a nine-story office building with 19,000 ft² (approx. 1,765 m²) column-free floor plates and ancillary retail on the ground floor.
The City's Planning and Transportation Committee, agreed with the City Planning Officer, that the scale, architectural rhythms and Portland Stone facade preserve and enhance the character and appearance of the conservation area and complements the setting of adjacent listed buildings and the historic garden.
MEC takes possession of the site in September 2013 and is looking to complete the building in 2016 which will take advantage of the limited speculative development in the City currently being envisaged.
The building is expected to have broad range of appeal to corporate, financial and professional services' occupiers.
MEC's UK managing director, Hiroyuki Arimura said: "This excellent news underlines Mitsubishi Estate Company's commitment to the UK as a long term investor and developer.
"We will deliver an office scheme of the highest possible design specifications which will stand the test of time, and contribute to the City of London's prominence as the world's leading financial centre."
Alistair Brown director in DTZ's agency team which is advising MEC on the scheme said: "As would be expected from the developer of Paternoster Square and Bow Bells House in the City and Central Saint Giles in the West End this will be a much anticipated development. It is a fantastic space and the stunning roof terrace with views over the gardens is particularly unique."
Gerald Eve advised on planning.