SoftBank and Lendlease are teaming up in a joint venture to buy an estimated 8,000 cell towers across the U.S.
Within the JV, called Lendlease Towers, each company will contribute $200M with plans to introduce capital partners as the company grows. The JV will work with major U.S. carriers to expand infrastructure in an effort to meet an increasing demand for data in the country.
As technology becomes more of a necessity for employers today, strong building connectivity has become a priority for office landlords. Even Amazon has listed optimal connectivity as a top priority in its call for HQ2 bids.
Developers have increasingly focused on building properties from the ground up with telecommunication connectivity infrastructure in mind to accommodate tenants’ needs.
The initial $400M put forward by Lendlease and SoftBank will go toward the acquisition and restructuring of 8,000 existing telecom sites, which include rooftops and other structures across the country. In addition to this JV, Lendlease Towers plans to buy $5B worth of telecom assets.
“I am pleased to announce the establishment of an infrastructure vehicle focused on the U.S. telco sector, which continues to experience unprecedented growth in data usage as the world moves to become more connected,” Lendlease CEO Americas Denis Hickey said in a statement.
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