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Commercial
South Florida

Attorney Alex Hanna pays $15M for Flagler Street office building

50K sf building traded in off-market deal, broker says

From left: Keystone Holdings' Mike Mouriz, Reinaldo Mouriz and Enrique Puig (sellers); attorney Alex Hanna (buyer); 4231 West Flagler Street (Alex Hanna, Keystone Holdings, LoopNet)
From left: Keystone Holdings' Mike Mouriz, Reinaldo Mouriz and Enrique Puig (sellers); attorney Alex Hanna (buyer); 4231 West Flagler Street (Alex Hanna, Keystone Holdings, LoopNet)

Miami attorney Alex Hanna and his wife, Lizet Hanna, bought an office building on Miami’s Flagler Street for $15 million.

Real estate development firm Keystone Holdings Group sold the 50,000-square-foot building at 4231 West Flagler Street and surrounding parking lots, according to the brokers. It was an off-market deal.

Neyda Bravo of Bravo And Partners Realty represented the seller, and Jorge Cruz of RE/MAX 360 Real Estate represented the buyer.

The seven-story office building and surrounding parking lots span 1.8 acres, property records show. The building was constructed in 1972, according to real estate data provider PropertyShark.

The parking lots, which total 1.5 acres of the 1.8 acres, are at 4234, 4238, 4242 and 4250 Northwest First Street, as well as at 10 and 90 Northwest 42nd Avenue.

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The law firm, which currently employs more than 200 attorneys and support staff, is expected to move to the office building by year’s end, Cruz told The Real Deal. Hanna’s spokesperson did not confirm that, saying only that it is an investment for Hanna.

The firm focuses on criminal, immigration and family law, according to its website. It’s currently at 8700 West Flagler Street.
In 2020, Alex and Lizet Hanna bought a waterfront Coral Gables house at 6939 Sunrise Drive for $8.5 million. Records show the couple still owns the property.

Keystone Holdings, based in Miami, develops residential and commercial real estate and also offers construction management services, according to its website. Brothers Miguel and Reinaldo Mouriz, along with their cousin, Enrique Puig, formed Keystone Holdings in 1994.

Keystone Holdings lists only projects in Miami-Dade County. They include the 9,566-square-foot Keystone Shoppes at 190 Northwest 42nd Avenue in Miami, and the Villa De Mare condominium at 5801 Collins Avenue in Miami Beach.

The office market in Miami-Dade has been prospering from demand from new-to-market firms, with many honing in on Brickell, Miami Beach and Wynwood. The county’s average asking rent reached $48.66 per square foot in the first quarter of this year, up 10.2 percent from the first quarter of 2021, according to a JLL report. Rents have been increasing countywide for seven straight quarters.

In April, East End Capital and BentallGreenOak sold the Miami Beach office building at 555 Washington Avenue for $52.3 million to Boston-based The Davis Companies.

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Flagler StreetOffice MarketOffices