Could Oakland Become a Tech Hub?

Oakland might become the new SoMa in San Francisco if some developers get their way. Ridge Capital Investors LLC and Contrarian Capital Management LLC are spending $10 million to renovate the the Latham Square office building at 1611 Telegraph Ave.

The building, created in 1927, is going to be renovated by the joint-venture partners and marketed to technology tenants. The asset was purchased in July last year for $12 million. Totaling 114,000 square feet, it was only about 60 percent leased with rents totaling $24 per square foot.

Now the building is 70-percent leased, and rents have shot up to the low-$40 range.