Blackstone 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 in Tokyo’s Chiyoda Ward from Seibu Holdings 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 has remained resilient even as rising interest rates…