LOS ANGELES, CA (February 19, 2026) – Today, a motion was made in federal bankruptcy court to extend the decision period regarding the future of Oceanwide Plaza – widely known as the “Graffiti Towers” – until Monday, when an agreement with a new owner is expected to be filed.
Los Angeles Mayor Karen Bass, City Attorney Hydee Feldstein Soto, L.A. City Councilmember Ysabel Jurado, who represents the site, and the Central City Association (CCA), cheered this movement toward a sale, calling it a strong signal of renewed confidence in Downtown Los Angeles and an opportunity to turn a long-stalled project into a catalyst for broad economic recovery. They also called on the new owners to clean and secure the property as soon as they take possession.
“Right in the heart of downtown Los Angeles, the blighted Oceanwide Plaza has been an eyesore for too long due to failed ownership,” said Mayor Karen Bass. “With the resurgence of our Downtown and as we prepare to host Olympic and Paralympic events right across the street, I look forward to working with the new ownership to transform this plaza into something that spurs further investment – and that Angelenos can be proud of.”
“The City Attorney’s Office is committed to working with the new owner and looks forward to bringing this property into compliance,” said Los Angeles City Attorney Hydee Feldstein Soto. “Graffiti removal and the security of the street conditions are the first priority in the long delayed rehabilitation of the site. Our Office has been instrumental in working with the responsible parties for the property and multiple City Departments to reestablish safety and control of the area and will continue to be involved as new ownership is established to ensure that the longstanding issues are resolved.”
“For more than a decade, this property has brought blight and safety concerns to one of the most visible parts of our City, and Downtown residents have been left to live with the impacts. My office has been actively engaged for months, with repeated site visits and coordination across City departments to address safety concerns and advance solutions that put this space to work for the City,” said Councilmember Ysabel Jurado. “With a new owner on the horizon, securing and cleaning the property right away would show they are ready to be a good neighbor. Downtown LA is on the rise, and in the middle of a budget crisis, our public dollars must go to sidewalks, streetlights, and the services people rely on, not to a long-neglected private property.”
“Downtown’s resurgence is real, and the interest in this property proves it,” said Nella McOsker, President & CEO of the Central City Association. “Downtown’s recovery requires more than transactions, it requires stewardship, and we call on the new owners to immediately clean this site and join us in leading the DTLA turnaround. We thank Mayor Bass, City Attorney Feldstein Soto, and Councilmember Jurado for stepping up and helping lead this charge to do right by the community. Erasing this stain on our skyline is essential to restoring confidence and accelerating DTLA’s comeback.”
Though it accounts for less than 1% of the City’s land area, Downtown Los Angeles generates roughly 30% of the City’s business, parking, and transient occupancy tax (TOT) revenues, demonstrating Downtown’s oversized impact on the economic health and vitality of the entire city.
CCA, which brings together Fortune 500 companies, family-owned businesses, civic institutions, cultural anchors, employers, workers, builders, educators, and innovators, has long advocated for practical solutions that cut through gridlock and move Los Angeles forward. The organization underscored that responsible ownership and attention to public safety, cleanliness, and street-level activation will be critical to ensuring the project’s success — and to sustaining momentum in Downtown’s broader economic recovery.
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Marie Lloyd, 805-729-3118, mariesuzannelloyd@gmail.com
About CCA
Central City Association (CCA) is the premier advocacy organization in the Los Angeles region and leading visionary on the future of Downtown. Through advocacy, influence and engagement, CCA enhances Downtown’s vibrancy and increases opportunity in the region. For 100 years, CCA has produced meaningful results for its members, Downtown and the greater Los Angeles area. It represents a coalition of businesses, nonprofit organizations and institutions in Los Angeles County. For more information, please visit www.ccala.org.