By Jon Peterson
San Francisco-based Sansome Street Advisors and its Redwood City-based equity partner, Verajoy Capital, have together acquired the 116,056 square foot Latham Square office building in Oakland for $61.5 million, or just around $530 per square foot, according to sources that track the sale of office buildings in the East Bay.
Bentall Kennedy was the seller of the property. This real estate manager was represented in the transaction by Kyle Kovac and Michael Taquino of CBRE in San Francisco. CBRE declined to comment when contacted for this story.
This sale represents the third time the property has traded hands in the last four years, according to public documents. Bentall Kennedy had bought the property for $47 million in October of 2016. The asset had been sold for $12 million in 2014 through an auction process when it was bought by San Francisco-based Ridge Capital Investors and Greenwich, Conn.-based Contrarian Capital Management.
Latham Square is located at 1611 Telegraph Avenue in Oakland. The asset is considered to be a Class A historic building. The improvements made to the property over the past few years have included activating the retail areas on the ground floor.
Sansome Advisors is known as a value-add player focused on repositioning real estate assets, according to its website. The company owns at least two other buildings in Oakland. These are 405 14th Street and 1440 Broadway Street I. Verajoy manages the United States real estate investment program for its parent company Verakin Group, one of the largest real estate developers in Chongqing, China.