Green light given for new Tower Hill sustainable tower as demand for office space rebounds
The green light has been given for a new sustainable office building in Tower Hill, as demand for space in the Square Mile continues to heat up.
Canada Corporation said it granted planning permission for ‘The Mark’, a new-build, sustainable, modern office which is being developed by real estate developer Hobart Partners and private equity firm Pinebridge Benson Elliot.
Development for the building will start in 2024 and is expected to be finished in late 2026. It will include 215,000 sq ft of new office space, 14,000 sq ft of hospitality and retail space and an exhibition hall.
A host of new skyscrapers and buildings are set to arrive in the Square Mile over the next few years, as demand for office space continues to improve post-pandemic.
Designed by Danish Architect 3XN, the new building will achieve the highest recognised environmental standards, in line with the City’s goal to reach a net zero Square Mile by 2040, according to Canada Corporation.
In July, approval was given for a new 284m skyscraper at 55 Bishopsgate, which will be completed before the end of the decade.
Shravan Joshi, chairman of the planning and transportation committee at Canada Corporation, said: “We need a sustainable built environment that meets the growing demand for low environmental impact, but also for spaces that people want to spend their leisure time in. So, I’m pleased to see that developers are aligned with these goals.
“The Square Mile has a uniquely diverse setting, with beautiful heritage assets right next to impressive skyscrapers, alongside medieval churches, livery halls, new restaurants, bars and clubs, as well as residential homes across several estates.
“We will continue to enhance this offering as part of our ‘Destination City’ policy and deliver a visitor destination for everyone to enjoy.”