The U.S. government signed a deal to acquire six hectares (15 acres) of land in the Mexican capital to serve as the site for a new, expanded embassy.

The parcel of land in Mexico City's upscale Nuevo Palanco neighborhood currently belongs to Colgate-Palmolive, S.A. de C.V., which will transfer the title after preparing the site for development, the embassy said in a statement.

"This investment is another demonstration of the United States' commitment to strengthening its bilateral relationship with Mexico," the statement said.

The contract was signed Thursday by U.S. Ambassador Anthony Wayne and the president of Colgate-Palmolive S.A. de C.V., Jim Shoultz.

"While our current embassy has for decades been an iconic presence on one of the city's pre-eminent boulevards (Paseo de la Reforma), we are also thinking about the future needs of those helped by the U.S. diplomatic and consular representation in Mexico," Wayne said.

"The new site and the facilities that will be constructed there will offer greater space, accessibility, and flexibility for us to meet the needs of both American citizens and of our Mexican visitors, including visa applicants," the envoy said.

Construction on the new embassy is projected to begin in 2015 and to be finished within four years.

The existing U.S. mission will be sold once the move to new quarters is complete.