Inc. plans to sell the office portion of Tokyo Garden Terrace Kioicho for about ¥300 billion ($1.9 billion), according to people familiar with the matter.

The New York-based alternative asset manager is negotiating with a potential buyer, according to the people, who declined to be named as the matter was not public. Blackstone is also considering packaging some beneficial interests in the property as digital securities, allowing smaller units to be sold to individual investors, the people said. Blackstone didn’t respond to a request for comment.

The potential sale would come about two years after Blackstone agreed to acquire the landmark mixed-use complex from Seibu Holdings Inc. for about ¥400 billion in what the firm described at the time as the largest real estate investment in Japan by a foreign investor.

The deal would capitalize on strong demand for prime office space in the Japanese capital as Tokyo’s office market which has remained resilient even as rising interest rates increase financing costs for property investors. Asking rents across the capital’s five central wards have climbed to their highest level since the year 2000, according to data from Sanko Estate Co.

Tokyo Garden Terrace Kioicho is a 36-story complex in the heart of the Japanese capital that includes offices as well as a hotel, residences and retail space. The building was completed in 2016. The residential building, which was originally a rental property when the company acquired it, has been turned into condominiums, with the majority of the 135 units sold.

In July, Seibu said it would acquire trust beneficiary rights to the hotel portion of the property and other assets from Blackstone through a private placement fund.