Water Garden II, on Colorado Avenue and Cloverfield Boulevard, is owned by a group that includes LA-based developer J.H. Snyder Co. and an investment fund managed by Colony Capital. The building's most serious suitor is said to be the same J.P. Morgan Chase-advised investment group that purchased the original Water Garden from J.H. Snyder several years ago.

In an exclusive interview with GlobeSt.com, J.H. Snyder partner Cliff Goldstein says that "a number of potential buyers" have shown interest in the 95%-leased Water Garden II. But he won't confirm broker scuttlebutt that a sale to J.P. Morgan Chase is imminent.

"We hired Eastdil Realty to explore different options for the property, including a possible sale or arranging permanent financing to take out the construction loan," Goldstein tells GlobeSt.com. "At this point, we're keeping both those options open."