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Oceanwide Plaza Sold for $470M, Major Renovations Planned

3/4/2026

35 7 Full Breakdown

Summary

Story summary

Oceanwide Plaza in downtown Los Angeles was purchased for $470 million by KPC Group and Landlease.
The buyers plan to spend about $800 million on renovations before the 2028 Summer Olympics.
The three graffiti-covered skyscrapers have been abandoned since 2019 and symbolized U.S.–China tensions during the pandemic.
Local residents have mixed feelings; some view the graffiti as art, while others see it as a nuisance.

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Story summary

Oceanwide Plaza in downtown Los Angeles was purchased for $470 million by KPC Group and Landlease.
The buyers plan to spend about $800 million on renovations before the 2028 Summer Olympics.
The three graffiti-covered skyscrapers have been abandoned since 2019 and symbolized U.S.–China tensions during the pandemic.
Local residents have mixed feelings; some view the graffiti as art, while others see it as a nuisance.