Coral Gables Office Complex Goes On The Block For Target Price Of $125M

DWS Group has put its two-building office complex in Coral Gables, known as The Alhambra, on the market with a target price of approximately $125 million, according to a source cited by The Real Deal.

This listing comes as the German asset manager continues a trend of offloading its South Florida office holdings.

The Alhambra includes two buildings: the 14-story Alhambra Plaza at 2 Alhambra Plaza, which spans roughly 232,000 square feet, and the seven-story Alhambra West at 95 Merrick Way, offering about 94,000 square feet. The two structures, both renovated in 2018, are separated by the Hyatt Regency Coral Gables—though the hotel is not part of the sale. The complex covers an entire city block totaling roughly three acres.

JLL’s Hermen Rodriguez and Matt McCormack are leading the marketing efforts for the listing, according to industry professionals. Alhambra Plaza is currently 89% leased, while Alhambra West is 83% occupied. Notable tenants include Disney Latin America Media, ABH Air Conditioning, Lisinski Law Firm, and Bella Bridesmaids Miami. Transwestern Real Estate Services also relocated to a 4,500-square-foot space at The Alhambra earlier this year.

DWS acquired the property in 2015 for $118.5 million on behalf of an overseas institutional investor, when it operated under the Deutsche Asset & Wealth Management brand.

The Coral Gables listing follows a series of notable divestitures by DWS in the region. In February, the firm sold Las Olas Centre I & II in downtown Fort Lauderdale for $208 million, followed by the $221 million sale of Bank of America Plaza at Las Olas City Centre by its subsidiary Rreef Property Trust.

Despite a high-interest-rate environment and slower leasing activity compared to the pandemic surge, office investment sales in South Florida continue to see momentum.