A skyscraper the same height as The Shard has been approved by the City of London Corporation.
One Undershaft will be the tallest in the City of London containing 74 storeys.
It will also feature a public garden on the 11th floor and a London Museum education centre.
The plans were approved by the City of London Corporation on Friday but some consultees remain opposed to the plans, including Historic England and Tower Hamlets Council.
An artist’s impression of the ground level view of the new building
The building, with a height of 309.6m (1015.8ft), will be situated between the Gherkin and the Cheesegrater buildings.
It will be constructed following demolition of the existing Aviva Tower.
Several consultees have maintained their opposition to the proposal, including Historic England and Tower Hamlets Council, over concerns including the projected impact on heritage assets such as the Tower of London.