Notorious LA towers find new owner in $1.3bn sale after years of being abandoned

• Three notorious graffiti-covered skyscrapers in downtown Los Angeles, known as Oceanwide Plaza or “Graffiti Towers,” have been purchased for a renovation project.
• A joint venture between KPC Group and Landlease acquired the property for $470 million, with an additional $800 million slated for its revamp, bringing the total investment to over $1.2 billion.
• The buildings were abandoned in 2019 by their former owner, Beijing-based Oceanwide Holding, after a $1 billion investment, becoming a symbol of US-China tensions and later gaining international recognition for extensive graffiti.
• The renovated property, situated across from the Crypto.com arena, is anticipated to be completed and ready in time for the 2028 summer Olympics in Los Angeles.
• Officials involved in the acquisition and local residents have expressed positive reactions, viewing the project as a significant improvement for the area.

IN FULL

L.A.’s notorious ‘graffiti towers’ finally find a buyer in $1.2BN renovation project