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We experimentally demonstrate and characterize the performance of a 400-Gbit/s orbital angular momentum (OAM) multiplexed free-space optical link over 120 m on the roof of a building. Four OAM beams, each carrying a 100-Gbit/s quadrature-phase-shift-keyed channel are multiplexed and transmitted. We investigate the influence of channel impairments on the received power, intermodal crosstalk among channels, and system power penalties. Without laser tracking and compensation systems, the measured received power and crosstalk among OAM channels fluctuate by 4.5 dB and 5 dB, respectively, over 180 s. For a beam displacement of 2 mm that corresponds to a pointing error less than 16.7 μrad, the link bit error rates are below the forward error correction threshold of 3.8×10^−3 for all channels. Both experimental and simulation results show that power penalties increase rapidly when the displacement …