Nomura Real Estate Master Fund, Inc. Sells Part of Harumi Triton
Nomura Real Estate Master Fund, Inc. will transfer its condominium ownership interest in Harumi Island Triton Square Office Tower Z in Harumi, Chuo Ward, for JPY 8.6 billion. The sale is part of a portfolio reshuffling alongside the previously completed March 2026 acquisitions of GEMS Tachikawa and Proud Flat Kiyosumi-dori, with the aim of improving portfolio quality.
Harumi Triton Square is a large-scale mixed-use complex developed in 2001 primarily by Sumitomo Corporation. The complex consists of four buildings—X, Y, Z and W—with total gross floor area of approximately 380,000 square meters and a working population of 20,000 people. In addition to serving as the headquarters of Sumitomo Corporation, it is one of the leading office hubs in Tokyo’s waterfront area, where many major companies are concentrated. Office Tower Z, the portion being sold in this transaction, is a 40-story tower featuring a column-free typical floor plate of approximately 570 tsubo (approx. 20,292 sq. ft.) and a 2,700 mm ceiling height. The building has earned DBJ Green Building certification and also offers environmental features such as district heating and cooling and a rainwater recycling system.
As the property approaches its 25th year and large-scale capital repairs come into view, the investment corporation cited the constraints associated with condominium ownership as a key issue. Decisions regarding renovations to common areas require agreement from the other unit owners, leading the REIT to conclude that there are limits to improving the property’s earning power on its own.
Key Facts
Seller: Nomura Real Estate Master Fund, Inc.
Buyer: Undisclosed (domestic SPC for the Harumi asset; domestic operating company for the Hiroshima asset)
Property Name: Harumi Island Triton Square Office Tower Z
Scheduled Transfer Price: JPY 8,600 million
Appraised Value: JPY 8,420 million (Daiwa Real Estate Appraisal, as of August 31, 2025)
Cap Rate: 3.7%
Location: 8-12 Harumi 1-chome, Chuo-ku, Tokyo
Nearest Station: 5-minute walk from Kachidoki Station on the Toei Oedo Line
Completion: October 2001
Number of Floors: 40F / B4
Gross Floor Area: Approximately 3,255 tsubo (approx. 115,786 sq. ft.) (exclusive ownership portion)
Occupancy Rate: 90.1%