LONDON-The British Land Co., based here, has joined with Toronto-based Oxford Properties to build the 47-story Leadenhall office tower here. It will cost about $471 million to develop the 610,000-square-foot property, according to the partnership.

Oxford, the real estate arm of the Omers Worldwide Group of Cos., has agreed to join with the local REIT, pending a final agreement, expected to be signed by the end of the year. Preliminary site work is already underway, and construction would start in February if the agreement is finalized, according to a British Land statement. The trust said practical completion to shell and core is expected in mid-2014.

The building was designed by Rogers Stirk Harbour and Partners, and will rise to 736 feet tall. Located in the Square Mile, the facility will combine a four-story landscaped public space at the base of the building with office and some retail space. Floor plates will range from 21,000 square feet at the base of the tower to 6,000 square feet at the top.

There have been no tenants yet announced for the property. However, the trust said the building is already generating interest from a “broad range of occupiers from across the insurance, financial, professional and corporate business sectors,” according to the statement.