The site will become a 20-level office tower featuring 38,000 square metres of A-grade commercial space.

It was recently bought for $430 million by Invesco and Challenger and will be constructed over the next two years.

The property is located adjacent to ANZ's global headquarters, and the new deal will see the bank lease 26,500 sqm of the 6-star Green Star environmental rated building.

Under the plan, Lendlease​ will develop the property and will seek out other tenants for the remaining 11,500 sqm of space in the building.

It comes as Cushman and Wakefield's head of research, Australia & New Zealand, Dominic Brown, said the fourth quarter of 2016 saw Melbourne's prime gross effective rents rise to $503 per sq m, being an 8.4 per cent annual increase.

Dr Brown said the upward trend is expected to continue into 2017.

"As Sydney prime gross effective rents are trading at a 77 per cent premium to Melbourne, tenants operating in both cities may prioritise Melbourne for future growth," Dr Brown said.

"Looking ahead to 2017, solid demand and little new supply will drive strong rental growth over the near term. With a significant pipeline of confirmed and mooted future developments, and effective rents trading at a significant discount to Sydney, Melbourne appears to have time yet to run in this phase of the cycle."

ANZ Group general manager property, Kate Langan, said having two adjacent buildings across one Docklands location will enable the bank to create a single ANZ campus that will address future workplace demands while also allowing people to work together more "easily and creatively".

"This is the last available commercial building in Victoria Harbour which features the highest concentration of Green Star-rated buildings in Australia. We think it will be great for our staff as well as having significant environmental benefits," Ms Langan said.

"The new lease agreement follows the sale of ANZ's office tower at 100 Queen Street Melbourne to GPT Wholesale Office Fund, which the bank is leasing back with an initial term until 30 June 2019."

Lendlease's chief executive officer for Property, Kylie Rampa, said the deal is evidence of "how desirable commercial space is in Victoria Harbour – both for tenants and investors".

"We're proud that ANZ chose Victoria Harbour for their global headquarters in 2009 and we look forward to working with them again on this project," Ms Rampa said.

"Victoria Harbour boasts the highest concentration of Green Star-rated buildings in Australia and has continually set the benchmark for excellence in commercial office design and quality.

"The unique location and quality of the surrounding precinct make this offering a very attractive proposition, and we expect strong interest from prospective tenants for the remaining 11,500 square metres of space in the building.

Ms Rampa said Victoria Harbour's sustainability credentials have had a significant market impact, and to a degree, driven market transformation.

"Our customers are looking for leadership and excellence in workplace design and we're proud to offer world-class accommodation solutions," Ms Rampa added.

The development of 839 Collins Street, the final major commercial site in Victoria Harbour, will largely complete the commercial elements of the 30 hectare mixed use precinct that houses approximately 15,000 workers across major tenants ANZ, Myer, NAB, Aurecon, Ericsson, Fujitsu and Lendlease.

Dr Brown added with only the return of refurbished stock forecast for 2017, the new development cycle in Melbourne is expected to kick off in 2018, "though with somewhat limited activity".

"However, a number of potential developments are mooted for completion in the early 2020s," he said.