Los Angeles approves $470M sale of graffiti‑covered Oceanwide Plaza

A U.S. Bankruptcy Court in Los Angeles confirmed a revised liquidation plan that clears the way for the $470 million sale of the unfinished, graffiti‑covered Oceanwide Plaza to KPC Square, a joint venture of the KPC Group and Lendlease. The city and county withdrew their objections, allowing the court‑ordered removal of graffiti from the three towers within 30 days.

Oceanwide Plaza, a stalled $1 billion multi‑use development begun in 2015, was halted in 2019 when its Beijing‑based parent, Oceanwide Holdings, ran out of financing. The sale and planned refurbishment are positioned as a step toward revitalizing the site ahead of the 2028 Olympics, with Oceanwide’s chief restructuring officer Bradley Sharp noting the confirmation “delivers exactly what we set out to achieve: a credible path to finally bring this project back to life.”