Andreessen Horowitz (a16z) has closed a satellite office in Miami Beach just two years into a five-year lease it signed for an 8,300-square-foot space. The reason? Disuse, reports Bloomberg.
Miami — once a hotspot for crypto, an area of interest for a16z — has struggled to retain venture cash and entrepreneurial talent in recent years, Bloomberg notes, with venture investments dwindling to $400 million in Q2 2024 from $5.5 billion in all of 2022, per Pitchbook.
For a16z, the closure deals a blow to plans it outlined in 2022 to ditch a central HQ for “global outposts” in cities including NYC and Santa Monica. Pitched as an antidote to the remote working arrangements that became commonplace during the pandemic (which a16z co-founders Ben Horowitz and Marc Andreessen once derided as “not a good life“), the outposts were meant to “build relationships” amid founders and help “develop [a16z’s]” culture.
Evidently, things didn’t go quite as planned in Miami.