Demolition of an existing building on the site, Europe House, will commence later this month, followed by a 20-month construction programme from January 2003. Completion is expected in late 2004. The Richard Rogers-designed building is a seven-storey glass and steel "U" shape with a full height atrium.

Martin Jepson, TW's Regional Director for Central London said: "Today's announcement represents a major boost for the City property market and confirms that, despite slower conditions, there is still a demand for world-class buildings."

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