Baltic Exchange (building) stopped insisting on a full restoration. What remained of Exchange Hall was completely razed in 1998 with the permission of the planning minister John Prescott over the objections of architectural preservationists, including Save Britain's Heritage, who sought a judicial review of his decision. The site, together with that of the Chamber of Shipping at 30–32 St Mary Axe, was used to built 30 St Mary Axe, commonly referred to as "The Gherkin". The stained glass of the Baltic Exchange war memorial, which had only suffered superficial damage in the bomb blast, has been restored and is in the National Maritime
St Mary Axe may derive from a combination of the church dedicated to the Virgin Mary and a neighbouring tavern which prominently displayed a sign with an image of an axe, or simply from the church name itself, which may have come from the axes used by the Worshipful Company of Skinners, who were patrons. The sign of an axe is reported to have been present over the east end of the church. The street St Mary Axe is now most notable for the Baltic Exchange at No. 38, and the "Gherkin" at No. 30, a distinctively shaped skyscraper built on the site