Santa Monica Clock Tower Sold for $28.5M, Half Its 2019 Price, to Mani Brothers

The Santa Monica Clock Tower has been sold for $28.5 million — roughly half its 2019 purchase price — to an entity connected to the Mani brothers, after prior owner Rockwood Capital defaulted on its loan. The buyer, linked to Simon, Daniel and Joseph Mani of Mani Brothers Real Estate Group, purchased the property late last month, assumed the loan and extended its maturity to May 2027, per servicer commentary via Morningstar Credit. Rockwood bought the century-old, 12-story, 50,000-square-foot office building at 225 Santa Monica Boulevard from Sorgente Group of America for $58 million less than a decade ago, assuming about $27 million in CMBS debt. Rialto Capital, the special servicer, sued Rockwood alleging roughly $25 million owed; the loan had been in special servicing since its May 2025 maturity. The building was 43 percent occupied and not generating enough cash to cover the debt, while Santa Monica offices carry a 28.5 percent vacancy rate, per Colliers.