I am guessing that those ‘fluted’ facade panels provide some sort of acoustical properties: to deflect or absorb all the noise emanating from the vehicle traffic below.
When I say ‘guessing’ here - I really mean it… 
If only decorative; well that is good enough - they have a very pleasing visual effect.
https://www.instagram.com/p/DBRy0h8SKNn/?hl=en&img_index=1