Usually to take ownership of a folder you would follow these steps:
Right-click on a file or folder.
Select Properties.
Click the Security tab.
Click Advanced.
Click "Change" next to the owner name.
Click Advanced.
Click Find Now.
Select your username and click OK
It does seem unusual that you would need to follow these to updates the app, I would first try to run the update installer as an administrator. If this doesn't work then uninstall and reinstall using the latest installation package.