Sale of Oceanwide Plaza in DTLA Clears Hurdle with Bankruptcy Court Approval

Los Angeles Mayor Karen Bass said Tuesday that graffiti removal and blight abatement will now begin following a confirmation hearing earlier Tuesday for the sale of Oceanwide Plaza. The hearing followed Monday’s announcement by the U.S. Bankruptcy Court for the Central District of California that it would approve the plan of liquidation for Oceanwide Plaza LLC, clearing the path for the $470 -million-plus sale of the long-idle Downtown Los Angeles development to a joint venture of KPC Development and Lendlease.

“This confirmation is the culmination of a long and complex process, and it delivers exactly what we set out to achieve: a credible path to finally bring this project back to life,” said Bradley Sharp, Oceanwide’s chief restructuring officer.

Located at 1101 S. Flower St., the 1.5-million-square-foot Oceanwide Plaza project sits directly across Figueroa Street from Crypto.com Arena, The property has sat unfinished and largely vacant since construction halted in 2019.

“We’re proud to have supported Oceanwide and its stakeholders in reaching this outcome,” said Jeffrey Azuse, Executive Director, head of brokerage operations for Hilco Global, which served as court-approved broker on the transaction. “This is a strong result for creditors and for the City of Los Angeles.”