The University of Southampton and Lloyd's Register will collaborate to build a £116m ($178.9m) maritime research institute in Southampton, UK.
The building will be built at the university's former Boldrewood campus.
The campus will include the Lloyd's Register Group Technology Centre and will focus on innovations in transport, energy and the environment.
Work will begin in early 2011, with the first phase due to be completed by 2014, according to lr.org.
Southampton University received funding from the Higher Education Funding Council for England and the South of England Economic Development Agency for the project.