Councillors granted permission for the 'iconic building', which would accompany Piano's spectacular 305m-tall 'Shard of Glass' at London Bridge if built, at a planning meeting held yesterday evening.
Construction of the building would involve the demolition of an existing 1960s office tower, replacing it with a 600,000m 2office and retail building.
Piano said: 'My vision is that New London Bridge House becomes a building with its own character; strong, compelling and visible, yet not competing with the Shard.'
He went on to describe New London Bridge House's form as 'sculpted naturally by the curve of the railway lines' and 'facetted like a gem'.
The architect, and the building's developer Sellar Group, also propose to create a new Tube entrance at London Bridge station.
This would accompany substantial improvements to the public realm around the new building.