Oceanwide Plaza heads toward new ownership after years of delay
The bankrupt Los Angeles development known as the “Graffiti Towers” is set to change hands for $470 million, according to a court filing submitted Monday. A joint venture between KPC Group and Lendlease has agreed to acquire the stalled Oceanwide Plaza project, pending final court approval.
The mixed-use complex, officially named Oceanwide Plaza, has stood unfinished since 2018 after its China-based developers ran out of funding despite investing approximately $1.2 billion. In 2024, graffiti artists covered the abandoned towers, cementing the site’s nickname and drawing national attention.
Deal structure and financial terms
The $470 million purchase price includes $70 million in cash to cover back taxes, security expenses, and other costs accumulated since the bankruptcy filing. At the time construction halted, the project was roughly 60% complete.
The development includes:
One 55-story tower
Two 42-story towers
An 11-story hotel
A large electronic billboard installation
KPC and Lendlease were the two largest secured creditors in a settlement approved by a U.S. bankruptcy court on Feb. 3. KPC acquired the claim previously held by Los Angeles Downtown Investment LP, an EB-5 investment group whose members sought U.S. residency through capital contributions.
Unless a higher bid emerges before April 9, the court is expected to approve the sale.
Strategic location near Crypto.com Arena
The high-profile project sits directly across from Crypto.com Arena, home of the Los Angeles Lakers, making it one of the most visible unfinished developments in Downtown Los Angeles.
Kali P. Chaudhuri, founder of KPC Group, framed the acquisition as a turning point.
“We are excited to move forward with a catalytic investment that creates a path to turn around a key part of Downtown LA.”
Los Angeles Mayor Karen Bass also welcomed the progress.
“The blighted Oceanwide Plaza has been an eyesore for too long due to failed ownership. With the resurgence of our Downtown and as we prepare to host Olympic and Paralympic events right across the street, I’m encouraged to see the next step in the sale process moving forward.”
Lendlease, headquartered in Sydney and formerly the project’s lead contractor, will serve as an equity partner in the new venture, while KPC will act as developer and oversee construction management.
Further details are expected once the bankruptcy court finalizes approvals and related filings are completed.