Three notorious graffiti-covered skyscrapers in downtown Los Angeles have been purchased as part of a renovation project that is expected to cost over $1.2 billion.
Oceanwide Plaza, known colloquially as “Graffiti Towers,” has been acquired through a joint venture between KPC Group and Landlease for $470 million, with a further $800 million due to be spent on efforts to revamp it.
It is hoped that the property, which sits across the road from the Crypto.com arena – home of the Los Angeles Lakers – will be ready in time for the 2028 summer Olympics in the city.
The Independent has contacted KPC Group for comment regarding the acquisition.
In a statement shared with The Independent, a spokesperson for Lendlease said: “In assessing our recovery options in regard to the Oceanwide Plaza development, Lendlease has entered into a joint venture agreement with KPC who will lead the development.
“The joint venture remains subject to satisfaction of conditions precedent and is expected to preserve the value of Lendlease’s current debt position through conversion into project equity. KPC will act as developer and manage the General Contractor process for the Oceanwide Plaza development, with Lendlease an equity partner.”
“Oceanwide Plaza is structurally sound and substantially complete, which gives us a real opportunity to move quickly,” John Petty, director of real estate and construction for KPC Group, said in a statement shared with The Wall Street Journal.
The buildings were abandoned in 2019 after their former owner, Beijing-based Oceanwide Holding, pulled out of the project despite already investing $1 billion. It became a symbol of ongoing tensions between China and the U.S. during the Covid-19 pandemic.
However, in early 2024, the three-building plaza gained international recognition after base-jumpers and graffiti artists broke onto the property and added colorful tags to the 50-plus stories and the large windows of the condos.
“We are pleased to see this transaction move forward, which we believe is the best possible outcome given the challenging circumstances around this property,” said Bradley Sharp, who has served as Oceanwide’s Chief Restructuring Officer since 2024.
“It will be the shortest path to completion, and as the city looks forward to the Olympics in 2028, this iconic location across the street from LA Live will be a source of pride for Angelenos and a shining example of LA’s vibrant culture.”
Residents of DTLA who spoke to The Journal reacted positively to the news, with one describing the buildings as an “eyesore.”
“Some people see it as a piece of art,” another resident, David Garcia, told the outlet. “But we don’t see it like that. It’s a little bit of a nuisance.” He added that the collapse of the project may have cost the local area.
The development was originally set to be Oceanwide Holdings’ first North American project and encompass a five-star Park Hyatt hotel, a collection of retailers and restaurants and a refined residential offering intended to bring “a new level of sophistication to L.A.'s sports and entertainment district.”
“If [Oceanwide Plaza] had been finished, it would have been a completely different downtown area,” Garcia said.
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