Cutlers Gardens, the prestigious office complex in the City of London, could be up for sale for up to £400m.

Owners JP Morgan and O'Connor Capital have reportedly hired London real estate specialists BH2 to advise on options, which include a sale, a new partnership, or the launch of a fund.

If a sale were to take place it would go down in the record books as one of the biggest single deals the City has seen. The complex commands rent of around £22m, and the estimate of a £400m asking price would give an initial yield of 5.5 per cent.

The nearby Swiss Re Tower (the 'Gherkin'), has recently been put on the market with a £600m asking price, at a yield of 4.5 per cent.

Cutlers Gardens was developed into an office complex in the 1980s when the original Victorian warehouses on the site were refurbished. New buildings have since been constructed in a similar style. JP Morgan and O'Connor Capital purchased the estate from Standard Life in 2001 for £300m. 

It is home to a number of blue chip companies, including Aon, the insurance company whose European headquarters are at the site, and the US broker Prudential-Bache. Future plans for the development include a Missoni hotel, the first venture of its kind into the UK hotel market by the Italian fashion brand.