SL Green Realty Corp. seeks to exchange its One Vanderbilt tower for J.P. Morgan's two headquarters in New York City, The Wall Street Journal reported, citing people familiar with the matter.

The landlord has proposed a complex deal to trade the 1.75 million-square-foot office building for the bank's 383 Madison Ave. and 277 Park Ave. properties, according to the publication. The sources said J.P. Morgan is looking into the proposal but negotiations have not started.

The Journal reported that striking a deal could be a challenge for SL Green, as the financial company does not need to transfer into a new headquarters.

CEO Marc Holliday previously said SL Green is in discussions with several potential joint venture partners for One Vanderbilt and, according to the Dec. 10 report, the company has recently entered into negotiations with a foreign investor for the sale of a 28% stake in the tower.

SL Green recently began foundation work on the tower, which will open in 2020 and become New York's second-tallest skyscraper.