Oceanwide Plaza LLC has filed a Chapter 11 Plan of Liquidation to facilitate the sale of the Downtown Los Angeles mixed-use development to KPC Square LLC, a joint venture between The KPC Group and Lendlease, for $470 million. The transaction, with a confirmation hearing scheduled for April 9, 2026, represents a significant step forward for the troubled 1.5-million-square-foot complex, which has faced prolonged development challenges. Hilco Global is serving as the court-approved broker for the transaction.
The sale agreement positions the landmark project for completion ahead of the 2028 Los Angeles Olympic Games, potentially capitalizing on increased demand for downtown accommodations and infrastructure improvements associated with the sporting event. The project's repositioning under new ownership is expected to address longstanding concerns about the property's development status and its role in the downtown real estate market.
This transaction represents a resolution to the financial complications that have plagued Oceanwide Plaza since its inception, with the court-supervised process providing creditors and stakeholders clarity on the property's future direction and value recovery timeline.