Land Securities has secured permission for its planning application for new offices in London, Property Week has reported.
The scheme is on the west side of the City of London, next to the Old Bailey and is a 615,000sq ft structure, known as ‘the divided donut’.
Managing director of Land’s London portfolio, Mike Hussey, said it is an exciting design, which will appeal as it offers "high quality and efficient accommodation".
"As with the City of London, we expect interested parties to recognise the attention to detail and the potential for this building to be a strong contributor to the growing attraction of the City as a place to work," he went on.
Land Securities’ commercial property stocks were the only ones not downgraded by HSBC yesterday, the Times has reported.
It noted Hammerson, which owns an array of retail properties, saw its stocks fall 54p to £10.19.