Interpreting Sec 469 - Offsetting rental losses with S-Corp income

All:
I have been reading over §469 and trying to determine if a client can offset rental losses with their S-Corp income. Would love some feedback.

FACTS:
Taxpayer owns 100% of an S-Corp. The S-corp will have a very profitable year in 2023. In 2023 the taxpayer got the opportunity to buy the land & office their S-Corp is in, so they formed a new real estate LLC; taxpayer owns 100% of this RE LLC. The S-Corp is the only business that is, or will, rent space in this building. In addition, the property taxpayer purchased has a residential house on it that the taxpayer lives in as their primary residence. Both S-Corp and the taxpayer are paying rent to RE LLC at fair market value. RE LLC has a triple-net lease with S-Corp & taxpayer. RE LLC is considering having a cost seg done, however it would create losses that would be suspended for 10+ years.

ISSUE:
I'm trying to determine if there's a way offset the S-Corp income with the RE LLC loss. I believe that §469 has provisions that allow a rental activity to be grouped with a business activity to form an appropriate economic unit. However, I am not familiar with this section of the code and want to ensure I'm considering everything.

If you have any insights on if this is feasible, or if I am failing to consider something, I would love your feedback.