Three notorious graffiti-covered skyscrapers in downtown Los Angeles have been purchased as part of a renovation project expected to cost over $1.2 billion (£940 million). Oceanwide Plaza, known colloquially as 'Graffiti Towers,' has been acquired through a joint venture between KPC Group and Lendlease for $470 million, with a further $800 million earmarked for its revamp.
The property, located opposite the Crypto.com arena – home of the Los Angeles Lakers – is hoped to be ready in time for the 2028 summer Olympics in the city. The buildings were abandoned in 2019 after their former owner, Beijing-based Oceanwide Holding, pulled out of the project despite having already invested $1 billion.
In early 2024, the three-building plaza gained international attention after base-jumpers and graffiti artists broke onto the property and added colourful tags to the 50-plus stories and large windows of the condos. Residents of downtown LA have reacted positively to the news, with one describing the buildings as an 'eyesore.'
John Petty, director of real estate and construction for KPC Group, said in a statement: 'Oceanwide Plaza is structurally sound and substantially complete, which gives us a real opportunity to move quickly.' Bradley Sharp, Oceanwide's Chief Restructuring Officer since 2024, added: 'It will be the shortest path to completion, and as the city looks forward to the Olympics in 2028, this iconic location ... will be a source of pride for Angelenos.'
