Staples Center is no more … the iconic building that the Lakers and Clippers have called home since 1999 is getting a new name — Arena.

Officials announced the stunning name change Tuesday night … explaining the rebrand will take effect on Christmas Day next month.

The new name will stick for the next 20 years as part of the new agreement, officials say … and the new deal will all reportedly cost the cryptocurrency app around $700 MILLION.

Of course, the announcement was hardly met with joy from L.A. fans — as the building has only been known as Staples Center for YEARS to Kings, Sparks, Lakers and Clippers fans.

Still, officials were pumped over the move nonetheless … sending out a mock of how the new signage will look on the top of the building in 2022.

In the announcement of the new deal, officials also promised "large-scale, premium branding and signage throughout the interior and exterior" of the new Arena.

As for how Kobe Bryant‘s family is reacting to the news — considering Staples has been dubbed "The House That Kobe Built" — Vanessa Bryant shared a photo of the building on social media following the announcement, putting a crown emoji on her late husband’s head.