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Fortress Investment Group, a New York City-headquartered global investment manager, has acquired approximately $1 billion in commercial real estate loans from Capital One Financial Corp. (NYSE:COF).

The transaction was first reported by Commercial Observer – the companies did not issue an official announcement regarding the transaction. The specific loans were not publicly identified, although other media reports indicated the loans were mostly backed by Manhattan office buildings.

The sale comes as Capital One seeks to reduce its risk exposure from the commercial mortgage sector. During its first quarter earnings report, the bank acknowledged having roughly $3.6 billion in commercial real-estate loans classified as “held for investment.” However, in its second quarter earnings report the bank stated it had reclassified $888 million in office loans “from loans held for investment to loans held for sale” while noting there was a $361 million charge off as part of the transfer.