(Bloomberg) -- Vornado Realty Trust is weighing the sale of office buildings in New York and San Francisco co-owned by President Donald Trump’s company, according to people familiar with the matter.

New York-based Vornado said it is exploring options to recapitalize 1290 Avenue of the Americas in Manhattan and 555 California Street, a prominent San Fransisco tower, according to a statement on Tuesday. The company owns a 70% controlling interest in the partnerships that own the buildings.

The Trump Organization may also sell its stakes in the buildings, some of the people said.

Representatives for Trump declined to comment.

The Trump Organization’s 30% stake in the buildings has been described as passive, meaning the business doesn’t actively oversee the properties. The San Francisco building is home to tenants including Goldman Sachs Group Inc., KKR & Co., Microsoft Corp. and McKinsey & Co.

Neuberger Berman and State Street Bank are among the tenants at 1290 Avenue of the Americas.

Trump’s ownership could add complications to a potential deal. Critics have long faulted him for his refusal to sell his business when entering the White House.

Years Ago

Vornado, a major New York landlord run by Steven Roth, has a partnership with Trump in the San Francisco and Manhattan buildings as the result of a series of transactions that began years ago. It started when Trump’s majority partners in a residential project in Manhattan’s west side sold the development against Trump’s wishes.

Trump, believing the properties could have fetched more, sued his partners, including investors Henry Cheng and Vincent Lo, who then bought 555 California and 1290 Sixth Avenue. In 2007, while Trump’s lawsuit was ongoing, Vornado bought the investor group’s 70% stake in the office buildings for $1.8 billion.

Vornado shares have dropped 27% since the beginning of March, with investors concerned that Manhattan offices face a long recovery from the pandemic. The company is spending more than $2 billion to redevelop the area around Pennsylvania Station, hoping to draw tenants to an area that is typically bustling with commuters and tourists.

In 2015, as Salesforce Tower was being constructed nearby, Roth told investors that 555 California was the area’s “dominant building.”

“It has the best roster of financial services tenants of any building anywhere in the United States including in Manhattan,” Roth said.

Trump’s minority stake in the two properties was worth $765 million after accounting for his share of debt in them, according to a Bloomberg Billionaires Index assessment last year.

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