Andreessen Horowitz Dumps Miami Beach Office
By Julia Echikson September 4, 2024 11:32 am
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Venture capital firm Andreessen Horowitz, one of Silicon Valley’s most prominent players, has shuttered its office in Miami Beach, in a major blow to the city’s burgeoning tech scene.
The investor, best known for making bets on Facebook, Instagram and Airbnb, cut short its lease by about three years because its employees were not making enough use of the office, Bloomberg reported.
In 2022, the Menlo Park, Calif.-based firm, also known as a16z, signed a five-year, 8,300-square-foot lease inside Starwood Capital Group’s headquarters building at 2340 Collins Avenue. The announcement garnered much fanfare, including from Miami Mayor Francis Suarez.
During the pandemic, tech titans, such as investor Keith Rabois, poured into the city, lured by its warm climate, low taxes and pro-business environment. Microsoft signed a 50,000-square-foot lease at 830 Brickell, Miami’s trophy office building.
But since the 2022 crypto meltdown, Miami has struggled to remain a tech hub. The Andreessen Horowitz’s replacement at the Starwood building was not another tech firm, but Bausch + Lomb, which manufactures and sells contact lens products.
A representative for Andreessen Horowitz did not respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
