(Bloomberg) -- Ares Management Corp. is seeking office space in Miami Beach as the city tries to move past its partying reputation.

The Los Angeles-based asset manager is looking for as much as 15,000 square feet (1,400 square meters) of space in the area, according to people familiar with the matter, who asked not to be named citing private discussions. The firm hasn’t made a final decision and the plans are still in early stages

A representative for Ares declined to comment. 

Ares has offices in about 20 US cities, including in Palm Beach Gardens, according to its website. But an Ares outpost in Miami Beach would help the city’s efforts of diversifying its economy from tourism, as scores of wealthy newcomers purchased property across Miami Beach in recent years. 

While most of the new finance tenants have set up shop in the Miami mainland’s Brickell district, demand for office space in Miami Beach is picking up. 

In February, New York-based hedge fund J. Goldman & Co. leased space at a new Miami Beach office building with some of the highest rents ever seen in the market. Sumaida + Khurana, which developed that project, is already looking to build more office space in Miami Beach and so are other developers including Michael Shvo. 

Watch: Michael Shvo Sees Miami as Potential ‘Mini Wall Street’ (Video)

With about $419 billion under management, Ares already has ties to a popular Miami institution. The firm purchased a stake in Inter Miami CF in 2021, before the soccer club catapulted to the spotlight for attracting superstar Lionel Messi, then added to that investment last year. All told, Ares has invested $225 million in Inter Miami.

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