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The go-ahead was given on Monday for what will be the tallest building in City of London here, media reports said.
The 73-storey building, towering to a height of 305 metres, won approval despite a protest from the Royal Palaces because of the impact it will have on the iconic Tower of London, a UNESCO world heritage site.
The development, being helmed by Singaporean developer Aroland Holdings, has been dubbed the 'Trellis Tower' for its criss-cross facade.
Most of the building is to be used as office space.
"It would provide a significant increase in flexible office accommodation, supporting the strategic objective of the City of London Corporation to promote the city as the leading international financial and business centre," a report to the city corporation members said.
There were also objections over the proposed demolition of historic buildings that would have to be torn down to make way for the new scheme, currently known as 1 Undershaft, London.
Planners said the proposal would neither obstruct views nor harm the setting nor the significance of the Tower of London or St. Paul's Cathedral.
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