Tall & Urban News

The City of London Corporation has approved plans for 1 Undershaft, set to be a 74-story building located between the Gherkin and the Leadenhall Building. This landmark project will anchor the City Cluster, aligning with the Corporation’s goal of adding 1.2 million square meters of office space by 2040.

The updated design, responsive to post-pandemic office trends and the City Plan 2040, will offer 154,156 square meters of Grade A office space. It also features a 1,000-square-meter public and educational space at levels 72 and 73, developed in partnership with the London Museum, to support the City’s Destination City initiative. Open daily, this elevated space will attract diverse visitors and bolster economic growth.

The skyscraper will also include a unique 2,500-square-meter podium garden on levels 10–12, set 42 meters above street level with food, retail, cultural attractions, and remarkable views of landmarks like the Lloyds Building. Complementing this, the ground-level area around St Mary Axe and Leadenhall Street will be revamped with greenery, seating, wayfinding, and event spaces to enhance accessibility and the urban experience.

This decision highlights sustained investment in the Square Mile area amid broader market challenges. Construction starts have risen by 7 percent in the area, and demand for newly constructed office space has driven vacancy rates to a mere 0.5 percent, with prime rents increasing 16 percent over the past year.

Shravan Joshi, Chairman of the City Corporation’s Planning Committee, praised 1 Undershaft for its potential to meet business demands while enriching the City’s cultural appeal, saying it represents London’s resilience as a global economic hub.

Learn more about this story at the City of London.