A joint venture between KPC Group and Lendlease has agreed to acquire the long-stalled Oceanwide Plaza in Los Angeles for US$470 million, according to a recent bankruptcy court filing.
Often referred to as the “Graffiti Towers,” the partially completed project has been stalled since 2018 after its Chinese-backed developers ran out of financing. Construction had reached roughly 60 percent completion on the mixed-use complex, which includes a 55-story tower, two 42-story towers, and an 11-story hotel, along with retail and a large electronic billboard.
The purchase price includes US$70 million in cash to cover back taxes, security, and other costs incurred during bankruptcy proceedings. The development sits across from Crypto.com Arena, placing it at a prominent site within Downtown Los Angeles.
If no higher bids emerge by April 9, 2026, the bankruptcy court is expected to approve the sale, allowing the new ownership group to restart work on the project and potentially reposition one of the city’s most visible stalled developments.
Read more at Bloomberg.