Finder window hangs when opened through any O365 office app

Hi Team.

We are experiencing a severe lag in response from the finder window when trying to open a file or save-as a file through an Office 365 app on Mac. 

Current Mac OS: Big Sur 11.2

Office 365 version: 16.45 (21011103)

This happens when we try to attach a file through an email attach command, or when opening a file in Excel or Word.

The finder window is simply unresponsive for about 2 minutes, then is periodically slow.  I haven't found any posts about this yet. 

Thanks, P