Zell Affiliate to Buy 2nd L.A. High-Rise

An affiliate of Equity Office Properties Trust, which is controlled by Chicago financier Sam Zell, has agreed to purchase 550 South Hope, a 28-story building in downtown Los Angeles owned by Ohbayashi America Corp., for an estimated $100 million, according to sources familiar with the deal. The sale of the 565,000-square-foot building is expected to be completed during the first week of October. Ohbayashi America, which is owned by a large Japanese construction and real estate firm, and Equity Office declined to comment. Zell’s company entered the downtown market last year with the purchase of Two California Plaza, a 52-story building that was in foreclosure.