OAKLAND, CA—In a transaction valued at $12 million, SanFrancisco-based Ridge Capital Investors LLC andContrarian Capital Management LLC have acquiredthe Latham Square office building, located at 1611Telegraph Ave. The seller was a lender that had foreclosed on theproperty in 2012.
The 114,000-square-foot, 15-story office property is located inOakland's Uptown district. Ridge plans to substantially improve theproperty and its amenities, transforming the historic 1920's erabuilding into Oakland's premier multi-tenant, creative officebuilding. The plans include the refurbishment of the systems,office space and common areas to offer high quality, flexible andcollaborative spaces that fit the needs of today's tenants.
Ridge principal Thomas Daniel tells GlobeSt.comthat “Asking rents in Oakland have begun to show positive momentumthis year and with continued strong demand from tenants looking forbest-in-class creative space. We believe Latham Square provides anopportunity to create a work environment for today's modern tenantsand capture significant growth within the market.”
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