An Italian real estate investment firm that has a love for historic buildings has purchased the Santa Monica Clock Tower in Downtown for $34.3 million, officials said.
A private investor sold the 12-story, 53,465-square-foot office building at 221-225 Santa Monica Blvd. to the Sorgente Group of America, the U.S. subsidiary of the Sorgente Group in Rome.
Walker & Eisen developed the Art Deco-style building in 1929. TrueCar, Orion Health and Living Social are some of the tenants at the property, according to CoStar Group, a real estate analyst.
"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."
Mainetti said Santa Monica's robust economy and collection of tech firms that helped it earn the title "Silicon Beach" were also factors behind the purchase.
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.
"I personally have an incredible respect for the past and tradition … and I am very fascinated about buildings from the past and their representation of victory over time," Mainetti said. "To preserve a piece of history is extremely rewarding for us."
