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.
About Lone Star
Lone Star is a leading investment firm advising funds that invest globally in private equity, credit and real estate. The firm has been successfully navigating complex situations for 30 years. The funds are experienced value investors that seek opportunities in situations that are in flux or complicated by specific structural or financial factors, regardless of the prevailing market environment. Our deep bench of senior leaders and expert deal professionals ensures a strong foundation for successful investments and strategic decision-making. Since the establishment of its first fund in 1995, Lone Star has organized 25 private equity funds with aggregate capital commitments totaling approximately $95 billion. For more information regarding Lone Star Funds, go to www.lonestarfunds.com. Follow us on LinkedIn.
About Highline Real Estate Capital and Square2 Capital
Miami-based Square2 Capital and Highline Real Estate Capital are real estate investment and operating firms specializing in value-add retail, office, and mixed-use assets throughout Florida and the Southeastern United States. Their success is driven by a highly focused, micro-level investment approach and the ability to leverage deep industry relationships and decades of experience. The lead principals have been investing and operating in Florida for over 40 years, with a distinguished track record of acquiring and repositioning office properties throughout Florida, and in Downtown Fort Lauderdale, notable projects include Courthouse Commons and Las Olas Square (501-515 E. Las Olas Blvd.).
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