Mani Brothers Buys Santa Monica Clock Tower for $28.5M
An affiliate of Mani Brothers Real Estate Group acquired the 1929 Art Deco landmark at 225 Santa Monica Boulevard after its prior owner defaulted on debt.
Updated on Nov. 5, 2026 in Commercial
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An affiliate of Mani Brothers Real Estate Group purchased the 12-story Art Deco clock tower property at 225 Santa Monica Boulevard for $28.5 million. The sale price is roughly 50 percent below the property's 2019 valuation, following Rockwood Capital's loan default.
Why it matters
The property was placed into court receivership after Rockwood Capital defaulted, and the sale resolves that process at a steep discount to its prior value. The transaction shows how distressed debt conditions are reshaping pricing for landmark commercial buildings in Santa Monica.
The 12-story building, completed in 1929, sold for $28.5 million, about half its 2019 valuation. The sale price, the debt terms, and the buyer's plans for the property have not been fully disclosed.
The players
Mani Brothers Real Estate Group
A real estate investment firm that acquired the Santa Monica clock tower through an affiliate, adding to its portfolio of commercial holdings.
Rockwood Capital
The investment firm that acquired the property in 2019 and later defaulted on its debt obligations, triggering the receivership and sale.
The details
Rockwood Capital acquired the building in 2019 but defaulted on its debt obligations, prompting the property to be placed into court receivership. The buyer, based in West Hollywood, assumed the outstanding debt and negotiated loan extensions as part of the transaction.
Timeline
2019: Rockwood Capital acquires the 225 Santa Monica Boulevard property before later defaulting on its debt.
November 5, 2026: Reports of the $28.5 million sale are published.
Market Landscape
The property's sale at roughly half its 2019 valuation reflects the pricing pressure that followed Rockwood Capital's loan default. It shows how distressed transactions can reset the value of older commercial landmarks in Santa Monica's core retail district near the Third Street Promenade.
Residents and businesses near the Third Street Promenade may see changes to the building's use or tenancy under new ownership, though the buyer's plans have not been disclosed. The sale ends the receivership process that had placed the landmark under court supervision.
The takeaway
Distressed sales can reset the value of established commercial landmarks quickly, so buyers and neighborhood stakeholders should watch how ownership changes affect the building's future use. Local commercial pricing may shift as similar loans come up for review.
Further reading
For more on local commercial property trends, explore Commercial real estate coverage for Santa Monica.
Source note: This article includes information reported by SM Mirror.
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