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Construction work has begun on Land Securities鈥� and Canary Wharf Group鈥檚 拢500m London skyscraper, dubbed the 鈥榃alkie Talkie鈥�.

The Rafael Vi帽oly-designed tower at 20 Fenchurch Street will be 37-storeys high.

The 690,000 sq ft project was shelved in 2009 due to the recession but was resurrected last October when Land Securities and Canary Wharf Group agreed a 50-50 joint venture.

Work officially got underway at a ground-breaking ceremony yesterday. Final completion of the project is expected in early 2014.

Canary Wharf Group chief executive George Iacobescu said: 鈥淚t鈥檚 a fantastic combination 鈥� it鈥檚 a dream ticket to have these two big developers working together. It鈥檚 going to be a boost for the London economy.

鈥淭his is our second project in the City and we hope to continue our diversification by working in the West End and the City.鈥�

Robert Noel, managing director of Land Securities鈥� London portfolio, said: 鈥淚n January 2010 we were the first property company to commit to starting major developments in London in this cycle, as we saw a supply constrained market evolving for prime office space between 2012 and 2014.

鈥淚n starting work on 20 Fenchurch Street with the Canary Wharf Group today, we begin an exciting journey that will bring together our complementary skills in development, leasing and construction to create a new landmark for London.鈥�