PLP Architects has secured approval from the City of London's planning and transportation committee for the 62-storey skyscraper '22 Bishopsgate' in the UK.
The 1.3m ft² tower will be constructed by Australian-based contracting and development company Brookfield Multiplex.
The building project is supported by a group of investors led by France-based asset manager Axa Investment Managers, and will replace an earlier plan for a 288m tower named 'The Pinnacle', on which construction started in 2008.
In 2012, construction of The Pinnacle was suspended following the Great Recession and only the concrete core of the first seven storeys was built.
The ground level of the building will have 188,875m² offices, 553m² retail space and a 4900m² public viewing gallery with free public access at levels 58 and 58M.
Levels 59, 60 and part 61 will have a 5485m² public restaurant and bar.
Gross floor area of the building would be 200,527m², which will also have 901m² shared class A3 / A4 and viewing gallery floorspace.
Construction on the tower is expected to commence in 2016, with completion slated to take place in 2019.
Previously, the scheme was opposed by Historic Royal Palaces, Royal Parks and the London Boroughs of Tower Hamlets and Islington, claiming that it will have an impact on the World Heritage Site.
Objections have also been received with regard to the architectural form of the building, and its size as well as its impact at street level.