Veteran venture capitalist Marc Andreessen and his wife, Laura Arrillaga-Andreessen, have put their 12,000-square-foot Bay Area mansion on the market for $33 million, marking a potential shift for one of Silicon Valley’s most prominent figures.
This move coincides with Andreessen Horowitz (a16z), the venture capital firm Andreessen co-founded, closing its Miami office after just two years.
The decision to exit Miami highlights uncertainties surrounding the tech and crypto migration to Florida, which gained momentum during the pandemic. Andreessen Horowitz had signed a five-year lease in 2022 for an 8,300-square-foot office in Miami Beach, but the firm stopped using it due to underuse by staff, according to Bloomberg. The Miami closure marks a change in direction after the firm initially embraced a “virtual-first” operating model, with satellite offices in Miami, New York, and Santa Monica.
Despite the enthusiasm for Miami as a growing hub for crypto and finance, the office closure suggests the tech migration may not be as permanent as initially thought. Some companies, like JPMorgan Chase and Citadel, continue to expand their presence in the city, while others, like Andreessen Horowitz, are pulling back.
Venture capital investment in Miami saw a steep decline, with 2023 investment dropping 70% compared to the previous year. Though Miami-Dade’s office vacancy rate is lower than the national average, the hype around crypto offices in the city seems to have faded, especially following the collapse of FTX and other crypto downturns.
The departure of Andreessen Horowitz from Miami signals that the city’s status as a tech and crypto hub may be less certain than expected, as firms reconsider their long-term office needs and geographical presence.
Fortune, Bloomberg, and Business Insider contributed to this report.
