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7/31/14
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Ridge Capital Investors LLC and Contrarian Capital Management LLC have acquired Latham Square, a 15-story, 114k sf office building in Oakland, for $12 mil ($105/sf). The property, located at 1611 Telegraph Ave, a few blocks west of Lake Merritt, was purchased from a lender that had foreclosed on the property in 2012.
The property is located in Oakland’s Uptown district, the epicenter of the city’s on-going urban renaissance and home to thousands of new residential units, the Paramount and Fox Theaters and an ever-increasing array of new restaurants and social venues.
Ridge plans to substantially improve the property and its amenities, transforming the historic 1920’s era building into a premier multi-tenant, creative office building. The plans include the refurbishment of the systems, office space and common areas to offer high quality, flexible and collaborative spaces that fit the needs of today’s tenants.
“Latham Square is a classic beauty that will be restored to bring out its historic charm, while also offering some of the most attractive creative working environments for tenants that are compelled by the vibrancy of the Oakland Uptown live/work atmosphere,” said Ridge Principal Thomas Daniel. The renovations and the delivery of blocks of 4k sf to 25k sf of space will be completed before the end of 2014.
The property is located just a block away from both the 12th Street and 19th Street BART stations, less than a quarter mile from Interstate 980, and offers on-site parking. These attributes offer a variety of efficient commute options to suit the needs of today’s transit oriented companies.
The acquisition fits well within the venture’s strategy of investing in core locations with strong employment and housing fundamentals. Ridge, an active investor in both housing and office properties in Northern California, had been seeking the right opportunity to capitalize on the strong trends in Oakland for some time.
“We have seen the on-going transformation of many live/work neighborhoods in Oakland in recent years, but the national exposure to this local story makes this an exciting time for all of us,” said, Daniel, who is an active Board Member of Rebuilding Together Oakland – a partnership dedicated to the refurbishment of local neighborhoods.
The property will be managed by Voit Real Estate Services. Leasing and marketing responsibilities will be handled by Bill Cumblich, Mike Keely, Jake Norton and Patrick Devinger of CBRE.
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