The downtown Los Angeles skyscrapers, which have attracted graffiti artists, vandals and daredevils, has been sold to new owners, prompting city officials to demand “immediate cleanup.”
Following two years of bankruptcy proceedings, the Oceanwide Plaza development, also known as the graffiti towers, has been submitted for a purchase and sale agreement with the KPC group, a Southern California-based company, and Lendlease, an Australian real estate firm, the joint venture announced Monday.
The KPC Group and Lendlease filed for ownership Monday after the bankruptcy court approved the takeover of the massive property made up of three high-risers, condominiums and retail space on Flower Street, across from Crypto.com arena.
The construction of Oceanwide Plaza has been stalled for a past couple of years after its original owner, Oceanwide Holdings, had defaulted on debts tied to the project, prompting foreclosure and bankruptcy proceedings.
“We are excited to move forward with a catalytic investment that creates a path to turn around a key part of Downtown LA,” said Dr. Kali P. Chaudhuri, Founder and Chairman of the KPC Group in a statement “We are eager to work in partnership with the City of Los Angeles and the Downtown community to move quickly on what is truly a keystone project for Downtown revitalization and that will deliver economic benefits across the region.”
LA Mayor Karen Bass, Councilmember Ysabel Jurado and other stakeholders have issued a statement, calling on the new owners to “clean and secure the property as soon as they possession.”
“Right in the heart of downtown Los Angeles, the blighted Oceanwide Plaza has been an eyesore for too long due to failed ownership,” Mayor Karen Bass said in a statement last Thursday, expecting the acquisition. “With the resurgence of our Downtown and as we prepare to host Olympic and Paralympic events right across the street, I look forward to working with the new ownership to transform this plaza into something that spurs further investment – and that Angelenos can be proud of.”
Over the past few years, the abandoned towers have been home to several issues. As base jumpers used the building for their stunts, a man even walked a tightrope between two of the towers. Another man got the tattoo of infamous building on his back.
Los Angeles Police Department officers spent thousands of hours on duty to deter artists and vandals from the unfinished high rise towers, further stressing the already-understaffed police department.
“This has strained our deployment,” then-LAPD Chief Michel Moore said in February 2024. “We have called in some officers on an overtime basis, so that we can provide for these added patrols or station them at that site to deter vandals and others from gaining access to it while also ensuring that we meet the minimum deployment requirements for stations across the city.”
The new owners said they will release additional details about the towers “once court filings are complete and the approval process progresses.”