It has been planned for several years now, and was initially rumoured to be 260 m/55 storeys. However, a planning application submitted in September 2006 revealed it to be 165 m, with 40 storeys. It was approved in April 2007. Construction is unlikely to start until 2011, however, due to the current site lease which runs until then.
The building will contain of office floorspace. It will stand immediately adjacent to the Heron Tower, another skyscraper. There are several other towers planned for the area including the Bishopsgate Tower, 122 Leadenhall and 20 Fenchurch Street.