An Unfinished Skyscraper Complex Covered With Graffiti Finds a Lifeline
By Katie King
(WSJ) -- A trio of half-completed, graffiti-covered skyscrapers in downtown Los Angeles has become one of the world’s most notoriously stalled real-estate projects. Now a buyer has emerged to give it new life.
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Now the brokers representing the building’s owners in bankruptcy court are in advanced talks with an unidentified local developer to acquire Oceanwide Plaza. The developer would act as a stalking-horse bidder and pay about $500 million to assume ownership if no higher bid emerges by a bankruptcy-bid deadline scheduled for mid-August or at a Sept. 17 auction.
https://www.wsj.com/real-estate/luxury-h...-with-graffiti-finds-a-lifeline-13e68932
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