Santa Monica Clock Tower Sells for $28.5 Million
The 12-story office building was sold to the Mani brothers after the previous owner defaulted on their loan.
Updated on Oct. 28, 2026 in Commercial
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The Mani brothers recently purchased the 12-story Santa Monica Clock Tower for $28.5 million after the previous owner, Rockwood Capital, defaulted on its loan. This transaction follows the maturity of the property's debt in May 2025 and subsequent court proceedings.
Why it matters
The sale highlights the ongoing pressure on commercial office assets in Santa Monica, where the vacancy rate has climbed to 28.5 percent. For local stakeholders, the deal reflects a significant valuation adjustment, as the property previously sold for $58 million in 2019.
The 50,000-square-foot office building sold for $28.5 million, marking a steep decline from its $58 million valuation in 2019. Currently, the property is 43 percent occupied, reflecting broader market conditions in a city where office vacancy rates now sit at 28.5 percent.
The players
Mani brothers
Real estate investors who purchased the Clock Tower and assumed the property's outstanding commercial debt.
Rockwood Capital
A private real estate investment firm that previously owned the Clock Tower before defaulting on its loan.
The details
The acquisition by the Mani brothers involved assuming an existing commercial mortgage-backed securities debt that had fallen into dispute following a loan maturity in May 2025. By settling the outstanding obligations and extending the loan maturity to May 2027, the buyers take control of a property that includes 30,000 square feet of available creative office space and 5,000 square feet of retail or restaurant frontage. This restructuring allows the new owners to address the building's current occupancy challenges.
Timeline
The property reached a $49 million valuation in 2015.
Rockwood Capital purchased the building for $58 million in 2019.
The property loan reached its maturity date in May 2025.
Legal proceedings regarding the loan dispute began in September 2025.
The Mani brothers completed their purchase in September 2026.
Money Landscape
The sale of the Clock Tower illustrates the sharp decline in office property values relative to the 2019 Santa Monica commercial real estate market peak. This transaction updates the local market trajectory by demonstrating a valuation drop of more than 50 percent since that benchmark period.
Local business owners and tenants should note the continued shift in office space availability and pricing in the Santa Monica area. Those navigating commercial lease renewals or seeking new office footprints should consult a qualified commercial real estate professional to understand how recent shifts in local vacancy rates may affect future negotiation leverage.
The takeaway
The $28.5 million sale of the Santa Monica Clock Tower serves as a reminder of the volatility currently facing office properties in the region. Investors and business owners should monitor local vacancy data and loan maturity cycles when assessing the health of commercial assets.
Further reading
For more information on market trends, visit our Commercial section.
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