Scheme by Eric Parry was given planning more than three years ago

Multiplex is emerging as favourite to win the prized deal to build a new tower in the City of London, Building understands.

The firm, which posted an improved profit last year, is understood to have pipped remaining rival Mace to the deal.

Mace is understood to have privately conceded defeat with formal award to Multiplex expect any day now. “It’s 99% certain it’s off to Multiplex,” one subcontractor said.

50 Fenchurch Street by Eric Parry Architects

Source: DBox / Eric Parry Architects

50 Fenchurch Street is due to finish in 2028 and will include significant heritage work

Designed by Eric Parry, the architect behind the planned 1 Undershaft tower elsewhere in the City, the office scheme is currently slated to complete in the first quarter of 2028.

Development manager on the 35-storey job is Yard Nine, while the project manager is Third London Wall with Core Five the QS. Arup is the consultant on M&E and structures. Client on the scheme is 22 Bishopsgate owner AXA IM Alts which bought the site in 2022.

The 50 Fenchurch Street scheme, opposite Parry’s 120 Fenchurch Street, will also provide a new home for the 500-year-old City livery company, the Clothworkers’ Company.

The 150m tall project would involve the demolition of the existing 1950s livery hall and will include a replacement underground livery hall topped by retail and 78,000 sq m of office space, a public roof garden and winter garden and a new public space based around a restored grade I church tower.

The grade I tower, the Tower of All Hallows Staining, which was built around 1320, and the grade II Lambe’s Chapel Crypt, which dates from 1200, will both be restored under the plans.

The tower will incorporate a vertical green wall, bespoke ceramic cladding at ground level, a glazed podium and crafted glass detailing on the upper levels.

Earlier this year, Keltbray won a £30m contract for structural demolition, basement dig and piling wall work on the scheme as well as work to protect a listed church at 50 Fenchurch Street.

Meanwhile, Multiplex and Lendlease are expected to find out later this month who has won the £250m deal to revamp the current offices of Deutsche Bank at 75 London Wall. A bid for the job, which is being run by developer Castleforge, from Mace was tailed off earlier in the process.

And the same three firms will also find out this month who has won the scheme to redevelop a former government building in London’s Victoria.

Built in 1960, 1 Victoria Street was home to the Department of Business, Energy and Industrial Strategy but civil servants have moved out with Keltbray beginning soft-strip work in February. Development manager on the £250m deal is Stanhope.