To be called 5 Broadgate, it will replace the current 3, 4 and 6 Broadgate and will provide a total net office floorspace of 700,000 sqft (65,032 sqm). It will include four trading floors capable of accommodating approximately 750 traders per floor.
The new building will allow UBS to bring together its trading operation into one building in the City.
The building has been designed by Ken Shuttleworth of architects Make. Shuttleworth said: “Our bold design was conceived from the idea of a perfectly cast 'engine of finance', and responds to the strength and spirit of Broadgate. We believe it sets a new standard for the future generation of truly adaptable buildings."
To fit in with existing Broadgate buildings, the lower trading floors are at the height of the Arena and the upper office floors at the height of the adjacent Exchange House and Bishopsgate buildings.
A new public route will be opened up east-west connecting Broadgate Circle with Sun Street Passage to provide a direct route to Liverpool Street Station and to Exchange Square to the north. A new 'gateway space', known as Sun Street Square, with a café at the base of 3 Finsbury will be created to provide a new pedestrian crossing to Crown Place and the northern approach to Finsbury Avenue Square will be landscaped.
The developer says that the new building will incorporate innovative environmental measures, including photovoltaic and solar thermal panels, rainwater harvesting and green roofs and terraces.
British Land chief executive Chris Grigg said: "It is vital that the City is able to meet the current and future needs of key occupiers for attractive, flexible and sustainable floorspace as financial services will be a major driver in the recovery of the UK economy from recession. These proposals meet UBS' needs and further reinforce British Land's confidence in the City of London and the development of the Broadgate complex. It is a sign of huge confidence in London's status as a world financial centre that UBS has committed to building a new world class office building in the heart of the City."