Clock Tower Building Sells for $14.6 Million

SANTA MONICA, CA- Sagamore Equities LLC, the equity arm of Sagamore Realty Group LLC, has paid $14.6 million for the landmark 12-story Clock Tower office building/retail complex at 225 Santa Monica Blvd. here.

The second-tallest building in ground-hugging Santa Monica, the 70,000 sf complex features a clock tower with four clocks that stopped at 4:31 a.m. on Jan.17, 1994 when the Northridge earthquake devastated the LA area.

Brokers E. Michael DeSantis, Ryan Smith and Eric Olofson of the West LA office of Cushman Realty Corp. represented both the West LA-based buyer and the LA-based seller, Amcal Partners, in the all-cash deal. The complex consists of a 12-story, 55,000-sf office building and a 15,000-sf retail space housing the Trastevere restaurant fronting the Third Street Promenade.

Sagamore Equities president Kevin Green said his firm will spend about $5 million renovating the building, opening up its chopped-up 4,000-sf floorplates to accommodate larger users. The renovation is expected to be completed late next year, he says..