Thankfully any action like this that is taken by someone with an admin role is logged. If your user leaves the company or, heaven forfend, dies, you can log in as that user and, while impersonating them, transfer ownership of individual folders the account owns to other accounts. In answer to this question, it also gives you the ability to log into other users' accounts and act as that user. You can add accounts, deactivate or even remove accounts. In that toolbox is the ability to manage other accounts. What its role gives you is access to a set of management tools. The account you log in as (hopefully) co-admin is an account like any other. It does not give you power over other users' accounts. New admins often confuse what being an admin in Box means.
The quick answer is yes, you must be the owner of a folder to transfer ownership to someone else.
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