Santa Monica Clock Tower sells for half its pre-pandemic purchase price
Santa Monica Clock Tower has a new owner: the Mani brothers. The deal for the distressed real estate was $28.5 million — about half its 2019 purchase price. The Westside tower, which was once the tallest building in Santa Monica, was in a receiver’s hands after Rockwood Capital defaulted on its loan. Rialto Capital, the special servicer, sued and alleged Rockwood owed about $25 million. The loan has been in special servicing since its May 2025 maturity date and in court since September of that year. Servicer commentary via Morningstar Credit notes that the buyer purchased the property late last […]This article originally appeared on The Real Deal. Click here to read the full story.
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