HFF Secures $34M for Oakland Office Property
- Jan 16, 2017
Oakland, Calif.—HFF recently announced that it has secured a $33.7 million loan on behalf of Bentall Kennedy for Latham Square, a Beaux Arts-style creative office property in the heart of Oakland’s Uptown neighborhood.
The floating-rate load placed with an undisclosed domestic bank was facilitated by Bruce Ganong, senior managing director of HFF, Brandon Roth, associate director, and Zachary Kersten, associate of the company. According to Yardi Matrix data, Bentall Kennedy acquired the property in October 2016 from Ridge Capital Investors for a price tag of $47 million.
Located at 1611 Telegraph Ave., the 116,056-square-foot historic asset was originally constructed in 1927 and recently underwent the first phase of renovations, including a seismic retrofit, new lobby, façade, signage, tenant lounge, conference center, bike locker facilities and showers. The 14-story property is in the process of being converted from significantly multi-tenanted floor plans to full or half-floor suites with creative build-outs, approximately half of the suites being already converted.
The LEED Gold-certified office building features high ceilings and two subterranean levels of parking. In addition, Latham Square is situated one block from the 19th Street BART Station and within walking distance to two of The FREE B on Broadway Shuttle stops, which connect Uptown, Downtown, Jack London Square and the Valdez Triangle.
Image courtesy of Yardi Matrix