SANTA MONICA, CA-Sorgente Group of America has purchased the iconic Santa Monica Clock Tower for $34.3 million. Sorgente assumed the existing loan on the property from previous owner Clock Tower LLC, but did not provide further details.
The 12-story, 53,465-square foot building is located at 221-225 Santa Monica Blvd. in the downtown area that's nicknamed Silicon Beach, owing to the number of technology firms with offices. The Clock Tower building was built in 1929 by Walker & Eisen.
Sorgente Group of America's investment will be directed to the preservation and maintenance of the historic cultural landmark, including the preservation of the building's Art Deco design and white façade and functioning mechanical clock facing in all four directions at the top of the tower.
“We have a passion for the past and tradition,” says Veronica Mainetti, president of Sorgente Group of America. She tells GlobeSt.com that the company is “always in the market for historic and trophy properties. We believe that buildings with historic and architectural value maintain their worth regardless of where the economy stands. With this said, it is more challenging to work on a historic property. But it is part of our job and it's what we do best.”
The building's elevator will be the only upgrade currently contemplated. “The previous owner did a fantastic job,” says Mainetti. Sorgente will target tech companies for the building's office space.
Sorgente Group of America is a company established under American law as part of a multinational group in real estate and finance. The group encompasses five investment management companies in the United States, Italy, Switzerland and Luxembourg, as well as 41 real estate and financial services companies situated in USA, Italy, France, Great Britain and Luxembourg.
Sorgente Group of America has multiple historic and landmark properties in New York City, including the renowned Flatiron Building and the cast-iron 32-34 Green St.
As reported earlier on GlobeSt.com, Sorgente Group of America also purchased the Fine Arts Building in Los Angeles last year for $28.5 million. The 12-story 120,000-square-foot building was built in 1926 and is also known as the Global Marine House.
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