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Fonterra's preferred site for a new global headquarters is on Fanshawe St, opposite Victoria Park, in central Auckland.
A press statement from the dairy giant says a joint venture between Goodman Group and Fletcher Buildling will develop the site, enabling Fonterra to bring its employees from several locations into one.
Goodman Group will own the building and Fonterra will take a long-term lease.
The dairy giant's lease on its Princes St headquarters expires in July 2016.