Nomura Real Estate Holdings is acquiring an entire condominium building in Takanawa from its apartment owners association. The 42-year-old apartment building will be demolished and replaced with an office building.
There are typically two ways that condo-style apartment buildings are redeveloped: the owners vote to demolish it and replace it with another residential building in which the original tenants can live or the owners vote to sell the building to a developer and have no say in what it is replaced with.
Takanawa Koyo Heights is a 1980s-era construction with 106 apartments distributed over 12 stories. It had long needed some structural and plumbing repairs and was found not to meet current seismic resistance standards in 2013. The apartment owners eventually sold it and it’s land off to Nomura, who will replace it with office buildings.
Tentativley named PMO Takanawa, it will have 10 floors and a total floor size of around 5,600 square meters (60,256 square feet). Demolition of the former apartment building began in August 2022 and completion of the new office building is scheduled for 2024.
For more on this story, go to Japan Property Central.