There's actually four characters; 東京高體. The last one is the traditional form of 体.
If it refers to a school, it might be the abbreviation of 東京高等体育学校 Tokyo Higher School of Physical Education, which is one of the predecessors of 筑波大学 the University of Tsukuba. (Incidentally, this school was reorganized from 体育研究所 the Institute of Physical Education in March, 1941, and changed their name to 東京体育専門学校 Tokyo College of Physical Education in April, 1944. Thus, this school name was used in this period.)