By Destiny Torres for LAist
Originally published Feb. 23, 2026
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.
Dig deeper … LA Towers Graffiti: Art Or Vandalism?
This report is reprinted with permission from Southern California Public Radio. © 2026 Southern California Public Radio. All rights reserved.