Miami-Area Office Complex Trades for $120M
The buildings are connected to a Hyatt hotel.
An affiliate of Lone Star Funds and an affiliate of Highline Real Estate Capital LLC and Square2 Capital LLC have acquired The Alhambra, a two-building office asset in Coral Gables, Fla., outside Miami.
The partners paid $119.6 million for the buildings, or $368.62 per square foot, according to the South Florida Business Journal, with FS Credit Originator providing a $98.7 million loan for the transaction.
The previous owners were DWS Group and RREEF Alternative Investments, which purchased the towers in 2015 for $118.5 million from USAA Real Estate, Yardi Matrix shows.
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Totaling 324,451 square feet, The Alhambra consists of two office towers attached to a Hyatt Regency hotel, which is not included in the sale. One tower, 2 Alhambra Plaza, rises 14 stories while the other, 95 Merrick Way, rises seven stories.
The property was built in 1988 and underwent a cosmetic renovation in 2018, according to Yardi Matrix. Notable tenants include Prudential, ESPN, AECOM and Kellogg’s.
Tenants have access to a fitness center, Wi-Fi and covered parking. Both buildings are LEED Gold-certified. The complex is located about 5.4 miles outside downtown Miami and within 6 miles from Miami International Airport.
JLL Capital Markets represented DWS and RREEF in the sale, and JLL Senior Managing Director Paul Stasaitis and Analyst Michael Romero arranged the financing.
The sale comes a few days after Lone Star purchased the mortgage for 600 California St., a 358,591-square-foot office tower in San Francisco. WeWork had previously owned the tower, Yardi Matrix shows. The coworking firm took out a $240 million loan originated by Goldman Sachs in 2019 to fund a $330 million purchase of the building.
Office sales slow in Miami
As of August 2025, Miami investors generated $387.2 million in deals, with 32 office properties totaling 2.2 million square feet changing ownership at the time, according to a Yardi Matrix report. The amount represented a 17.9 percent decrease year-over-year. The average office sale price in Miami was $244.72 per square foot as of August 2025, far below the sale price of The Alhambra.
The Miami metro recorded a vacancy rate of 15 percent as of the third quarter of 2025, according to a report from Cushman & Wakefield, with Coral Gables’ figure clocking in at 15.2 percent.
Miami also recorded the highest level of office visits in the country as of November 2025, according to a Placer.ai report, with the city’s level of visits being 15.9 percent lower than in 2019, compared to second-place New York City’s figure of 23.2 percent.
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