Santa Monica Clock Tower Sells for $28.5 Million
The historic building changes hands at a discount as the local office vacancy rate hits 28.5 percent.
Updated on Oct. 28, 2026 in Commercial
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In September 2026, the Mani brothers purchased the historic Santa Monica Clock Tower for $28.5 million. The acquisition follows a loan default by the previous owner, Rockwood Capital, and includes an extension of the existing mortgage to May 2027.
Why it matters
This sale highlights the ongoing pressure on Santa Monica commercial real estate as office vacancy rates hover at 28.5 percent. The transition marks a significant shift in value from the property's previous $58 million purchase price in 2019.
The 12-story, 50,000-square-foot building is currently 43 percent occupied, leaving 30,000 square feet of office space and 5,000 square feet of retail space available. The sale price represents a steep discount from the $58 million paid for the site in 2019.
The players
Mani brothers
A West Hollywood-based real estate group that manages various commercial assets.
Rockwood Capital
A private real estate investment firm that focuses on office and mixed-use property management.
The details
The purchase occurred after Rockwood Capital defaulted on its commercial mortgage-backed securities debt, leading to legal proceedings that began in September 2025. The new owners assumed the outstanding loan, which was roughly $25 million to $27 million, and negotiated an extension of the maturity date to May 2027. This move stabilizes the asset while the new owners address the building's high vacancy rate in a challenging local market.
Timeline
2015: The tower held a valuation of $49 million.
2019: Rockwood Capital acquired the property for $58 million.
May 2025: The property loan reached its original maturity date.
September 2025: Court proceedings regarding the loan dispute commenced.
September 2026: The Mani brothers completed their $28.5 million purchase.
The Home Front
The sale of the Clock Tower underscores a period of recalibration for landmark office buildings facing high vacancy rates across Santa Monica. This transaction mirrors regional trends where office valuations are adjusting to match current occupancy realities.
Local business owners and renters should keep an eye on how the new management repositioning affects the availability of the 5,000 square feet of ground-floor retail space. Residents can track further updates on the building's occupancy status to see if it brings new commercial activity to the neighborhood.
The takeaway
The Clock Tower sale highlights the significant price correction occurring in the Santa Monica office market. Keep this event in mind as a benchmark for local commercial property valuations through the 2027 loan maturity date.
Further reading
For more on the local market, see our coverage of Santa Monica Commercial.
Source note: This article includes information reported by The Real Deal New York.
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