JPMorgan Chase & Co. is looking to sell a loan backed by Manhattan’s HSBC Tower as banks face heightened pressure from regulators to reduce exposure to office real estate.

The bank has approached potential buyers to take over its roughly $350 million loan on 452 Fifth Ave., according to people familiar with the matter.

To sweeten the deal, the bank has offered financing with cheaper-than-market rates to the potential buyer, the people said, asking not to be named because the matter is private.

The move comes just one year after JPMorgan refinanced the debt on the building, owned by Israel-based Property & Building Corp. The loan matures in 2024, with potential extension options, according to Property & Building’s financial statements.

A JPMorgan spoksperson declined to comment. A representative for Property & Building didn’t immediately reply to a request for comment.

Banks are seeking ways to manage their exposure to commercial real estate as risks mount and regulators ramp up scrutiny. Office buildings in particular face challenges as borrowing costs increase and demand shifts with the rise in remote work and layoffs.

Read more: JPMorgan, Wells Fargo Bulk Up Reserves for Office Loan Losses

The 30-story, 865,000-square-foot (80,361-square-meter) building has struggled in the past year. HSBC Bank USA announced plans last year to downsize and move its headquarters from 452 Fifth Ave. to the far west side of Manhattan in early 2024. The owner, Property and Building, will have to find tenants to fill the space, at a time when demand is still relatively low and vacancies are high across the city.

The firm has explored selling the HSBC Tower since 2021 and gone through at least two failed processes recently.

According to news reports, Innovo Property Group agreed to buy the building for $855 million in late 2021 but couldn’t secure the equity to close the deal. A second potential deal to sell the tower also failed to close, Property & Building said in a filing.

Property & Building reported that the value of the tower fell to $720 million in September 2022, after securing the refinancing from JPMorgan.