Trizec to be acquired for $8.9 billion.

Trizec Properties Inc., which last month bought $1.63 billion in Los Angeles and San Diego office properties from Arden Realty Inc., said June 5 that it is being acquired by Brookfield Properties Corp. and the Blackstone Group for $8.9 billion.

It's considered the second-largest takeover ever of a real estate investment trust. Buyout firm Blackstone and New York-based Brookfield, which owns the Word Financial Center in lower Manhattan, will pay $29.01 a share for Chicago-based Trizec, 18 percent more than its closing price the last trading day before the announcement. The partners are paying $30.97 a share in U.S. dollars for Trizec's Canadian subsidiary.

Trizec manages 61 office complexes, or 40 million square feet. including Bank of America Plaza in Los Angeles. The company had $4.7 billion in assets in 2005. Trizec Canada owns 38 percent of Trizec Properties.

The acquisition comes on the heels of Trizec expanding into Southern California. Trizec bought 13 properties, including Howard Hughes Center, from Arden Realty earlier this year, nearly doubling the size Trizec's presence in Los Angeles to more than 8.5 million square feet.

Trizec already owned several trophy downtown L.A. office towers: Ernst & Young Plaza, Figueroa at Wilshire and Bank of America Plaza.

Shareholders of both Trizec and Brookfield must approve the deal, expected to close by the fourth quarter.