Lone Star Funds, Highline Real Estate Capital and Square2 Capital have acquired The Alhambra, an office complex in South Florida for $119.6 million. The S. Florida Business Journal reports DWS Group and RREEF Alternative Investments were the sellers. The property last traded for $118.55 million in 2015.

Located in downtown Coral Gables, the Class A property includes two buildings abutting a Hyatt Regency Hotel and totals 326,451 square feet of office space.

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.

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.