Nomura Holdings sold a training center in central Tokyo to its real estate affiliate, people with knowledge of the matter said.
The buyer, Nomura Real Estate Holdings, plans to demolish the building and develop luxury condominiums on the site, the people said, asking not to be identified because the information is confidential.
Representatives for the two companies declined to comment.
Japan’s biggest brokerage announced in February that it would sell the training center, which is located in Tokyo’s Minato district. It expects to book a ¥56 billion ($392 million) gain from the sale in the quarter ending June 30.
Japanese companies have faced pressure from the Tokyo Stock Exchange and investors to offload noncore assets such as real estate to use capital more efficiently. A resurgence in the property market has boosted competition to develop housing and other real estate in Tokyo.
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