This story is free to read because readers choose to support LAist. If you find value in independent local reporting, make a donation to power our newsroom today.
Downtown LA's 'graffiti towers' have new buyer. Here’s what we know
A bankruptcy court Monday approved KPC Group and Lendlease’s $470 million bid for the property.
(
Mario Tama
/
Getty Images
)
Topline:
The graffiti-covered skyscrapers in downtown L.A. have a potential new owner. On Monday, a bankruptcy court approved KPC Group and Lendlease’s $470 million bid for the property.
What we know: KPC Group owns a network of eight healthcare facilities across Southern California. The California-based development company has stakes in the commercial, hospitality and healthcare sectors. Australia-based Lendlease is the original contractor for the property.
Why it matters: The troubled buildings, officially called Oceanwide Plaza, are hard to miss. The structures went viral in 2024 for their colorful graffiti. After widespread attention, the city of Los Angeles also had to spend millions to secure the property.
How did we get here? Construction on the buildings stopped in 2019 after money troubles, and the developer — Oceanside Holdings — was forced to file for bankruptcy in 2024.
Officials say: Dr. Kali P. Chaudhuri, founder and chairman of the KPC Group, said in a statement that the purchase marks a milestone in improving that part of downtown. “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,” he said.
What’s next? The purchase is subject to final court approval, which officials expect sometime this year.
Sponsored message
Dig deeper … LA Towers Graffiti: Art Or Vandalism?
You come to LAist because you want independent reporting and trustworthy local information. Our newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our connected community. We are free to tell the full truth, to hold power to account without fear or favor, and to follow facts wherever they lead. Our only loyalty is to our audiences and our mission: to inform, engage, and strengthen our community.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive from readers like you will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive from readers like you will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Senior Vice President News, Editor in Chief
