A sorta pop culture/Instagram-worthy landmark has just hit the Downtown Los Angeles market with the announcement that Oceanside Plaza is officially for sale. The unfinished build has become known as the “graffiti towers,” as taggers spray-painted dozens of floors on all three towers, visible from various vantage points in L.A.
Now, Colliers, with Hilco Real Estate, has announced they have been awarded the listing for one of the largest mixed-use developments in the history of Downtown Los Angeles. The assignment, subject to bankruptcy court approval, was recently appraised at $440 million.
“Oceanwide Plaza is an important and iconic development, central to Downtown Los Angeles and across from Crypto.com Arena. We are determined to run a disciplined and orderly process to identify the right developer to finish the project in time for the 2028 Summer Olympics,” said Mark Tarczynski.
Construction on Oceanwide Plaza started in 2015 with plans for condos, a hotel and retail, but work stopped in 2019 when the foreign developer ran out of money. In June 2023, a notice was filed in L.A. County stating that China Oceanwide had defaulted on $157 million it owed to a group of EB-5 lenders on Oceanwide Plaza. In February, contractors filed an involuntary bankruptcy petition against Oceanwide.
Occupying an entire city block, once completed, Oceanwide Plaza will span 1.5 million square feet of real estate in DTLA.