Sorgente Group of America acquired the Santa Monica Clock Tower in downtown Santa Monica, CA, for $34.3 million. CBRE represented the private investor in the sale of the 12-story, 53,465-square-foot office building
, which equates to $642 per square foot.
Walker & Eisen developed the Art Deco style building in 1929. TrueCar, Orion Health and Living Social are some of the tenants at the property.
“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,” said Veronica Mainetti, president of Sorgente Group of America. “This is our second acquisition in California, and we’re very excited to add this iconic property to our portfolio. The firm’s passion for restoring and preserving the integrity of historical buildings is one we truly value.”
Sorgente Group of America's U.S. portfolio includes the 120,000-square-foot Fine Arts Building in Los Angeles and the 183,449-square-foot Flatiron Building in New York City.
See CoStar COMPS #2731675 for more information.
Editor's note: The article was updated with the final sales price of $34.3 million or $642 per square foot.