Mitsubishi Estate is one of Japan's major property players and will take an equal stake beside Lendlease in developing the 44-storey skyscraper.
Work is already underway digging the foundations for the building that will rise on the Flinders Street side of the $2.5 billion urban regeneration project in Docklands.
It is the second time Lendlease has partnered with Mitsubishi Estate Asia on a major project. Last the Japanese player signed on beside Chinese insurer Ping An to back Sydney's tallest office building, the $1.5 billion Circular Quay Tower project.
"This is the first time Mitsubishi Estate Asia has invested in Melbourne," said Mitsubishi Estate Asia's managing director Shojiro Kojima.
Designed by Fender Katsalidis Architects, the tower will comprise 719 one-, two- and three-bedroom apartments.
It is one of three residential towers approved for the site, with almost 1700 apartments proposed in total.
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