Oxford Properties Group, Inc. and Public Sector Pension Investment Board (PSP) 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 (TSX:RY) to handle the sale, which could fetch more than $500 million ($377 million), 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 Group, Inc. (NYSE:CBRE) is working with Royal Bank on the sale, said one of the people.