Brookfield Office Properties Inc. and Oxford Properties have signed a pre-let agreement for the London Wall Place in the United Kingdom.

Investment management firm Schroders signed to lease the entirety of the building. The building is 310,000 square feet, making it the largest pre-let agreement in the City of London since 2010.

As a result of this agreement, Brookfield and Oxford can begin the formal construction of the development, following the demolition of the St. Alphage House building. Construction is expected to begin in July 2014, with completion projected for late 2016.

“This pre-let agreement is very positive news and again confirms the city as a natural home for world-leading financial and professional services firms,” says Michael Cassidy, chairman of the City of London Corporation’s Property Investment Board. “We are delighted that Schroders has selected the London Wall site, which demonstrates its desire to consolidate in the Square Mile and highlights the benefits presented by this new development.”

The London Wall Development is made up of two distinct office buildings and approximately 70,000 square feet of public space. At 12 storeys, 1 London Wall Place Building has 310,000 square feet of flexile space and accessible outdoor terraces.The second development, 2 London Wall Place, will be 16 storeys and feature 190,000 square feet of office space.

The development is aiming for an Excellent Building Research Establishment Environmental Assessment Method (BREEAM) rating.