One Plantation Place, on Fenchurch Street, London EC3, is one of the largest developments in London and is 100% occupied by tenants including Accenture, Wachovia Bank, Aspen Insurance and Royal & Sun Alliance. Designed by Arup Associates for the British Land Co., the two-building development comprises almost an entire block, bounded by Fenchurch Street, Rood Lane, Mincing Lane and Eastcheap.

Tishman's acquisition of the property comes "at a time of rapid rental growth" in London, notes Alan Levy, chairman of Tishman International. He says that the rising rents make Tishman "very confident" about the upside of the acquisition.The office project produces an income of euro 39 million ($47 million) a year, after rent guarantees, according to Tishman. In what Levy calls a "fast-heating market" in London, he says that the company expects income from the property to increase substantially in the next few years through a combination of rent increases and "strategic management."Levy's comments echo one of the conclusions of a report published this week by GlobeSt.com. The report pointed out that returns from UK office buildings last year outperformed those from retail and industrial for the first time in five years.The report was based on a study by Scottish Widows Investment Partnership. It said that the London City market is expected to lead a UK office market that will deliver the strongest total returns of any commercial real estate sector over the next few years.British Land was advised by Jones Lang LaSalle in the One Plantation Place transaction, with Morgan Consulting advising the buyers.