The owners of two City of London office towers less than 300 yards apart are looking for a combined £1.4B of debt to refinance their properties or take cash off the table.

The respective consortia that own 22 Bishopsgate and the Salesforce Tower at 110 Bishopsgate are both on the hunt for loans, React News reported.

The larger financing search is at 22 Bishopsgate, where the owners have appointed Eastdil Secured to begin the process of finding about £1B of debt. The building, which is scheduled to complete before the end of the year, was developed by owners AXA - IM Real Assets, Temasek, PSP Investments and British Columbia Investment Management using only equity, so this will be the first time the building has had debt secured against it.

React said the owners are looking for £1B of debt at a 50% loan-to-value, which would put the value of the building at around £2B, making it the most valuable office property in the UK. The 1.4M SF building is 60% leased to multiple tenants, and the search for debt will be a test of appetite among lenders for offices that are not fully leased.

Down the road, the owners of the 440K SF Salesforce Tower are looking for £400M of debt to refinance a loan that matures at the end of next year. The £400M of debt currently secured against the building was provided by ING and LBBW, which may well refinance the loan itself, React said. The 55% LTV on the current debt puts the building’s value at about £720M.

The building is owned by Heron International, Oman’s sovereign wealth fund and Saudi Arabian Prince Abdul Aziz bin Fahd. It was built in 2010 and leased up slowly as the City of London struggled in the wake of the financial crisis. As a result, the project was close to being taken over by lenders in 2013, before Starwood stepped in to refinance it. ING and LBBW took over from Starwood before its five-year loan expired.