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Santa Monica News

Santa Monica Clock Tower Traded for $34.3M
Posted by Shine Huang on Apr 30, 2013 - 9:27:09 PM

SANTA MONICA—The cultural landmark known as the Santa Monica Clock Tower has a new owner.

 

On Monday, April 29 the Sorgente Group of America paid $34.3 million for the Clock Tower. Corporate Commercial Real Estate Services presented the private investor in the sale of the 12-story, 53,465 square foot office building which equates to $642 per square foot.

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Santa Monica Clock Tower.

Veronica Mainetti, president of Sorgente Group of America, said: “Our primary reason for purchase is to conserve this cultural landmark and further ensure the tower remains prominent to Santa Monica, as it always has been,” according to costar.com.

 

This is the second property owned by Sorgente Group of America. The other property includes the Fine Arts Building in Los Angeles, which occupies 120,000 square feet.



 

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