Lone Star Funds (“Lone Star”) today announced that an affiliate of Lone Star Real Estate Fund VII, L.P., along with an affiliate of Highline Real Estate Capital LLC and Square2 Capital LLC, has successfully completed the acquisition of The Alhambra, an office complex in South Florida.
Located in downtown Coral Gables, FL, a submarket of Miami-Dade, the Class A property includes two buildings abutting a Hyatt Regency Hotel and totals 326,451-square-feet of office space. The Alhambra is a top-tier asset with diversified, institutional tenants and is well-located in close proximity to hotels, restaurants and retail destinations. Coral Gables is an affluent suburb of Miami that has experienced significant population and economic growth with convenient access to the city’s major entertainment, hospitality and transportation hubs for corporate tenants to utilize.
This marks the second recent commercial real estate investment that Lone Star has made in South Florida, having acquired 401 East Las Olas Boulevard, a 410,561-square-foot Class AA office building, in Fort Lauderdale in February 2025.
“We continue to see attractive opportunities in this area of the country,” said Jérôme Foulon, Global Head of Commercial Real Estate at Lone Star. “We believe that the commercial real estate market in South Florida will continue to grow with more businesses expanding operations in the state. The ability to address this growing market with key assets, such as Alhambra, will allow us to tap into this growth, while deploying our strategy focused on acquiring best-in-class office assets with strong locational attributes.”
“We have witnessed the tenant migration to Coral Gables driven by a more favorable commute, proximity to Miami’s bedroom communities and private schools, and more affordable rents,” said Tessa Truex, Managing Director at Lone Star. “We believe Alhambra benefits from the best location in the area at the doorstep of Giralda’s Restaurant Row, in addition to offering premium unobstructed views of both Miami’s Brickell neighborhood and downtown Coral Gables.”
The seller was represented by JLL Capital Markets. Financing was also arranged on behalf of the new owner by Paul Stasaitis and Michael Romero of JLL Capital Markets.
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