Oxford Properties Group Inc. and Public Sector Pension Investment Board are exploring the sale of one of Montreal’s iconic towers, 1250 René-Lévesque Boulevard West, according to people familiar with the matter.

The pair have been engaging with prospective buyers for the 47-floor building after hiring Royal Bank of Canada to handle the sale, according to the people, who asked not to be identified because the matter is private. The property is not officially on the market as marketing materials are still being finalized. CBRE is working with Royal Bank on the sale, said one of the people.

PSP, which manages the pension funds of Canadian public servants, is an anchor tenant in the building. Oxford, the property unit of the Ontario Municipal Employees Retirement System, manages it. The skyscraper was built in 1992.

A spokesman for Oxford declined to comment. PSP, RBC and CBRE didn’t immediately respond to a request for comment.