Lendlease and Canada Pension Plan Investment Board (CPP Investments) have formed a new 50/50 joint venture to develop  a new £1.5bn office-led neighbourhood at International Quarter London (IQL).

The partnership has initially committed to developing the £215m Turing Building where construction will start early this year.

The Turing Building is one of four major new office blocks planned for IQL across a total development area of 1.6m square feet.

IQL is located at the gateway of the Queen Elizabeth Olympic Park and is already home to institutions including Transport for London, Cancer Research UK, the British Council and Unicef.

Bek Seeley, Lendlease Managing Director, Development, Europe, said: “Following a challenging year, with Covid-19 bringing uncertainty to economies across the globe, this deal is a real vote of confidence in future workplaces and London’s office market more broadly. T

“he Turing Building will bring market-leading, flexible workspace to Stratford, sitting alongside cultural heavyweights East Bank, UCL and Here East.

“Sustainability and innovation are at the core of everything we do, and we will be working closely with CPP Investments, and other partners, to develop spaces at IQL where businesses can collaborate, create and grow, surrounded by 560 acres of parkland and waterways.”

Tom Jackson, Managing Director, Head of U.K. Real Estate, CPP Investments said: “Stratford is one of the city’s fastest growing sub-markets, with fantastic transport links, over 500 acres of green space, Olympic quality sports facilities and growing culture, leisure and higher education facilities.

“IQL’s supply of Grade A office space with strong sustainability credentials, will help service current and growing tenant demand for this sub-market. Our partnership with Lendlease forms part of our strategy to align with best-in-class delivery partners and our wider commitment to deliver steady, long-term returns for CPP contributors and beneficiaries.”