Ridge Capital Sells Latham Square Building for $47M
Ridge Capital Investors just sold the Latham Square at 1611 Telegraph Ave in Oakland to Bentall Kennedy for $47M.
The 116k SF, 14-story trophy creative office space recently underwent a $14.7M renovation, including to the lobby, signage, façade, tenant lounge, shower and bike locker facilities, along with a full seismic retrofit and the installation of new electric and plumbing infrastructure. The property was 86% leased at time of sale and tenants include Fluid and Pyatok.
Latham Square is next to Latham Square Plaza, where the city recently improved the streetscape and a public open space near the property’s entrance. The building is near two BART stations, restaurants and retail.
CBRE Capital Markets’ Institutional Properties team in Northern California, including managing director and vice chairman Russell Ingrum, first VP Tyler Meyerdirk, EVP Sean Sullivan and VP Seth McKinnon repped the seller.
CBRE San Francisco EVP Bill Cumbelich and associate Patrick Devinger and CBRE Oakland SVP Mike Keely and associate Jake Norton are marketing the building for lease.
