Coral Gables Office Complex Sells, Fetches 96% Of Target Price

The Alhambra office complex in Coral Gables has changed hands in a $119.6 million transaction, underscoring continued investor interest in well-located South Florida office assets.

The two-building complex, totaling 317,566 square feet at 2 Alhambra Plaza and 95 Merrick Way, was sold by DGE Alhambra LP, an entity managed by Chicago-based DWS Group and RREEF Alternative Investments. The buyer was LSREF7 Alhambra Propco LLC, an affiliate of Dallas-based Lone Star Funds, partnering with Miami-based Square2 Capital and Highline Real Estate Capital.

The acquisition was financed through a $98.47 million mortgage provided by FS Credit Originator, an affiliate of Rialto Capital Management. The loan structure included the assumption of the seller’s existing debt, along with a $40.22 million increase.

The seller was represented by a JLL Capital Markets team led by Hermen Rodriguez, Ike Ojala, Mathew McCormack, Blake Koletic and Hunter Smith. Financing for the buyer was arranged by Chris Drew, Paul Stasaitis and Michael Romero, also of JLL Capital Markets.

DWS Group initially brought the property to market in July 2025, seeking approximately $125 million. The complex last sold in 2015 for $118.55 million.

Constructed in 1988, the 14-story and seven-story office buildings sit on a 2.3-acre site and are physically connected to a Hyatt Regency hotel, which was not part of the sale. The buyers report the property is currently 87 percent leased, with Square2 Capital set to handle day-to-day management.