Mitsubishi Estate Co. Ltd. is partnering up with the real estate arm of Chinese insurer Ping An to fund Lendlease Corp. Ltd.'s planned A$1.5 billion Circular Quay Tower Project project in Sydney, Australia.

Lendlease will retain a 20% interest in the project, while Ping An Real Estate and Mitsubishi Estate will own 50% and 30%, respectively. The project is a large-scale development on an approximately 4,600-square-meter site at Circular Quay in Sydney's central business district.

The development has secured planning approval for a 248-meter office tower, with an international design competition to be organized to finalize the design of the building. Work on the project is set to begin in 2018, with completion expected in 2021.

This will be Mitsubishi Estate's first office development in Australia, according to a news release.

As of Dec. 22, US$1 was equivalent to A$1.38.