Dec 3, 2024
Ares Inks Office Space at Miami Beach's Eighteen Sunset
Ares Management Corp. (NYSE: ARES), a major player in private equity with $463.8 billion in assets under management, has secured office space in the new Eighteen Sunset building, a premier mixed-use development on Miami…
Traded Editorial
Ares Management Corp. (NYSE: ARES), a major player in private equity with $463.8 billion in assets under management, has secured office space in the new Eighteen Sunset building, a premier mixed-use development in South Beach’s Sunset Harbour area. Eighteen Sunset, located at 1759 Purdy Avenue, is a five-story building combining retail and office spaces with asking rents as high as $200 per square foot. Following recent deals totaling 17,708 square feet, the office portion is now fully leased.
Key Tenants and Leasing Details
Los Angeles-based Ares Management reportedly acquired about 12,000 square feet within Eighteen Sunset, joining:
- Audemars Piguet - Swiss luxury watch brand - 11,841 SF - AP House retail lounge
- Lamborghini - Italian sports car brand - 4,000 SF - Showroom
- Pretium Partners - Investment firm - 11,591 SF - Office
- Uchiko - Sister restaurant to Uchi by Hai Hospitality - 6,000 SF - Ground-floor restaurant
- GFL Environmental - Waste management firm - 20,000 SF
- Kitson Yachts - Yacht brokerage
The Growing Appeal of Miami Beach Office Space
Eighteen Sunset is a reflection of Miami Beach’s increasing demand for high-quality office spaces, driven by the influx of executives relocating from cities like New York, Chicago, and Los Angeles. Class A developments in the area now command rents exceeding $100 per square foot. Stephen Rutchik of Colliers, who represented the building’s developers Deco Capital Group and RWN Real Estate Partners, attributes the trend to decision-makers prioritizing proximity to their homes and premium office environments.
Unmatched Rental Achievements
Eighteen Sunset commands the highest net effective rents of any office development on the East Coast outside Manhattan. The building offers modern amenities, including balconies and sweeping views of Biscayne Bay, adding to its appeal.
This landmark project underscores South Beach’s emergence as a sought-after destination for businesses seeking luxury office spaces in a vibrant urban setting.