Ares Management to Open 10.5K-SF Office in Miami Beach
The asset management giant will join Lamborghini and Audemars Piguet at the five-story project set to open before the end of the year
By Nick Trombola November 27, 2024 2:31 pm
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Los Angeles-based private equity giant Ares Management (ARES) is opening a new South Florida office in Miami Beach.
Ares signed a lease for roughly 10,500 square feet at the five-story Eighteen Sunset building at 1759 Purdy Avenue in Miami Beach, a person familiar with the deal told Commercial Observer. The landlords and developers behind the property, Deco Capital Group and RWN Real Estate Partners, also secured another unnamed tenant with a roughly 7,000-square-foot lease at the building, set to open by the end of the year, according to the Business Journals.
Colliers (CIGI)’ Stephen Rutchik represented the landlords in the deals, while CBRE (CBRE)’s Jeff Gordon and Barbara Black represented the tenants. The office component of Eighteen Sunset is now 100 percent leased, per the Business Journals. Other tenants include investment management firm Pretium Partners, Swiss watchmaker Audemars Piguet, and Italian luxury sports car company Lamborghini.
A spokesperson for Ares declined to comment, a representative Deco did not immediately respond to a request for comment, and a representative for RWN could not immediately be reached for comment.
Ares has taken a particular shine to South Florida recently. Aside from the office it already uses at 3801 PGA Boulevard in Palm Beach Gardens (no word yet on whether the firm plans to keep that office in addition to its new one), Ares paid $147 million in October for a 25-acre industrial complex in Miami-Dade County.
On the multifamily front, Ares paid nearly $140 million in May for a 284-unit complex in Boca Raton, one of the biggest residential deals in South Florida this year.
Ares’ interest in South Florida also extends to professional sports. The firm is reportedly in talks to buy a 10 percent stake in the Miami Dolphins professional football team from owner Stephen Ross, chairman of Related Companies. Ares also has invested some $225 million in Major League Soccer team Inter Miami CF.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
