Joint developer British Land and Blackstone said that it had now satisfied the remaining conditions on the agreement with Swiss bank UBS to pre-let 5 Broadgate and confirmed that the new 700,000 sq ft building will proceed.
Demolition of the existing 4 & 6 Broadgate buildings is well underway and will be completed in April, with delivery of the new bespoke building on schedule for the fourth quarter of 2014.
The joint venture has already placed or tendered around 60% of the project's construction costs within budget and programme, with Mace as construction manager.
UBS will lease the entire 5 Broadgate building for an average of 18.2 years to first break at an initial rent of £54.50 per sq ft. UBS will be given a rent free period of 18 months.
British Land head of offices Tim Roberts said: "This is another significant milestone in the development of the new UBS building at 5 Broadgate and a real boost for the City. The Broadgate estate continues to evolve to serve the needs of a range of city occupiers and the 30,000 people based there."
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