Following the acquisition of the site by AXA IM Alts on behalf of clients in 2022, the six-year facility will fund the delivery of the 36-storey building.

With demolition and enabling works substantially progressed, construction is expected to commence this year, following the appointment of a main contractor.

YardNine are acting as delivery partner for the project.

Designed to reflect evolving occupier requirements, the building will incorporate flexible grade-A office space.

50 Fenchurch Street will also offer facilities and amenities which enhance occupiers’ experience and aim to improve the health and wellbeing of people working in the building which aims to boost productivity.

The development project includes the retention of two historic listed buildings, the Tower of All Hallows Staining and Lambe’s Chapel Crypt, which will be relocated within the scheme to form part of an extensive new public realm.

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Sustainability and wellbeing are a key focus for the building, incorporating abundant vertical urban greening designed to enhance the workplace environment, biodiversity, and air quality.

The scheme is targeting BREEAM outstanding and net zero in operation, while also adopting the latest innovations to reduce embodied carbon during construction.

Occupiers and visitors will benefit from over 1.5 acres of outdoor space and terraces, with balconies on many levels, including public gardens on level 10 which will provide river views over the Tower of London and Tower Bridge.

Rob Samuel, UK head of development at AXA IM Alts, commented: “The divergence in the London office market between prime well connected, sustainable, amenity-rich spaces and poorer quality buildings continues apace, with a supply-demand imbalance in favour of the former.

“Cale Street’s support for this BREEAM outstanding development is a strong endorsement of our approach at 50 Fenchurch Street, where we will deliver a landmark, next generation office into the heavily supply constrained City of London market.”