A slightly easier solution for me was to do the following:
1. Find SyncServicesAgent in your Applications folder.
2. Click and drag it to your desktop.
3. Rename it to something like SyncServicesAgent1.
4. Go into Activity Monitor, find SyncServicesAgent and Force Quit it. This time it won't restart because the system can't find the app.
5. Download and complete the update.
It was not necessary for me to rename and move SyncServicesAgent1 back to the Applications folder, since the update installed a fresh version of SyncServicesAgent. I just moved SyncServicesAgent1 to the trash.
UPDATE: Since I only use Excel, Word and PPT, not Outlook, I have found out that I don't need SyncServicesAgent. So after I completed the Office Update, I did the same trick again to get rid of SyncServicesAgent. So far, everything running normally and there's no SSA to screw things up and burn up useless (for me) CPU time.