Andreessen Horowitz (a16z) is closing its Miami Beach satellite office just two years after signing a five-year lease for the 8,300-square-foot space due to lack of use, Bloomberg reports.
Once a crypto hotspot and area of interest for a16z, Miami has struggled to retain venture capital and entrepreneurial talent in recent years, Bloomberg noted, with venture investment falling to $400 million in the second quarter of 2024 from $5.5 billion for all of 2022, according to Pitchbook.
For a16z, the closures deal a blow to its plans to set up “global hubs” in cities like New York and Santa Monica in 2022. Proposed as an antidote to the remote work arrangements that have become common during the pandemic (which a16z co-founders Ben Horowitz and Marc Andreessen once derided as “not a good life”), the hubs would allow founders to “build relationships” and “share their work.” [a16z’s]”Culture.
Apparently, things didn't go as planned in Miami.