Restructure sale to lease with option?

[Bob Daniels]

If I were sell my dental office condo to my tenant would it be possible to defer capital gains taxes (purchased in 1979 for $70,000) by designing an agreement more like a lease with option to purchase?
Example:
"sell" for $375,000 with $50K down. Owner carry balance at 8.5% interest only.  Term(s) to be negotiated.
Could I structure this differently? Say, $50,000 as Purchase Option fee with monthly rent equal to the 8.5% interest only?