Alhambra West was built in 1961 and renovated in 1987. The Alhambra Plaza was built in 1987. The two towers are an average of 93% leased and no one tenant occupied more than 13% of the space. Tenants of include the US Department of State, Yahoo, Quick & Reilly, Bank of America, Hyatt Corp., Prudential, Dannon, Wrigley, Holliday Fenoglio Fowler, BBDO Worldwide, PeopleSoft and Buena Vista International Inc., doing business as Walt Disney Television International Inc.Crescent's purchase was funded by a $45-million loan and a draw on the company's revolving credit facility. "This strategic acquisition substantially increases our presence in the South Florida market," John C. Goff, vice chairman and CEO of Crescent, notes in a statement. "With nearly 1.8 million sf wholly owned or joint ventured in Miami, we continue to consider it one of our targeted markets for further acquisitions and joint-venture activity."Manny de Zarraga, Dan Carlo and Hermen Rodriguez of Holliday Fenoglio Fowler represented the sellers and were the only brokers involved in the sale to Crescent.

The Alhambra is Crescent's second acquisition in the Coral Gables submarket of Miami-Dade County. The company also acquired the BAC Colonnade in August 2003.

EdwardsDay continues to look for properties to purchase in the South Florida market. "We are still focused on buying buildings in South Florida. In fact, we are in the process of bidding on a couple as we speak," Day says.