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Oceanwide Plaza sale heads to final approval after objections cleared
KPC Group and Lendlease Americas will fund $517 million in cash and credit to acquire the unfinished $1 billion project and spend about $800 million to finish the three towers.
Los Angeles’ stalled Oceanwide Plaza development, long known as the Graffiti Towers, has been cleared to move forward in bankruptcy court after the city attorney dropped objections to the revised plan, Commercial Observer reported.
The plan centers on a bid from KPC Group, led by Dr. Kali Chaudhuri, and Lendlease Americas, which will provide $517 million in cash and credit to acquire the unfinished three-tower project and commit roughly $800 million to complete it downtown near Crypto.com Arena.
A federal bankruptcy judge said she was ready to confirm the arrangement during a Monday hearing following negotiations, and the final court orders are expected to be filed Tuesday.
Under the court process, KPC has a six month window to complete the sale, after which a backup buyer can be selected, and the company must also remove graffiti from the towers within 90 days.