The Corporation of London's planning committee yesterday delivered a resolution to grant approval for the mammoth building, which will become the tallest skyscraper in the City.
The developer DIFA and the architect will now have to wait to find out if the Government Office for London decides to call in the scheme for a planning inquiry.
At 288m, the tower will loom over other tall buildings in the Square Mile, such as Norman Foster's Swiss Re tower and Richard Rogers' proposed Leadenhall Street skyscraper.
Unsurprisingly, DIFA bosses said they were delighted with the major step forward. Three years ago a similar skyscraper proposal by Helmut Jahn for the huge German developer collapsed.
Speaking in the aftermath of the decision, Frank Billand, DIFA board-member, said: 'The Bishopsgate Tower will be a development of exceptional quality which has been carefully designed by KPF to create a vibrant commercial hub for this central City site, while making a significant contribution to public realm.
'We are delighted that the City of London has resolved to grant approval for the Bishopsgate Tower and we look forward to progressing the development shortly.
'We believe that investing in the London property market represents a sound long-term strategy and the potential for a new global icon in the heart of Europe's most important city is a very exciting prospect going forward,' he added.