Connect with us

Florida

Florida tech and crypto boom flags as Andreessen Horowitz quietly shutters Miami outpost

Published

on

Florida tech and crypto boom flags as Andreessen Horowitz quietly shutters Miami outpost


When Andreessen Horowitz opened an outpost in Miami Beach, the $43 billion venture capital giant bolstered the region’s ambitions of becoming a tropical tech mecca.

Two years and a crypto meltdown later, that office has been quietly shuttered.

Andreessen Horowitz exited the space in May because employees weren’t using it enough, said people familiar with the matter, who asked not to be named citing private discussions. In 2022, the firm had signed a five-year lease for 8,300 square feet (770 square meters) in Barry Sternlicht’s Miami Beach office building at 2340 Collins Ave.

The departure underscores the potential weakness of Miami’s staying power after the city lured a rush of finance and tech companies in recent years. Shortly after Andreessen Horowitz said it was opening the office, Miami’s crypto dreams began to crumble with the implosion of Sam Bankman-Fried’s FTX.

Advertisement

A representative for Andreessen Horowitz confirmed that the firm no longer has a Miami office but declined to comment further.  

Venture capital money flowing to Miami has flagged since 2022. Miami-based companies brought in $400 million in the second quarter, compared with $5.5 billion for 2022 as a whole, according to PitchBook data. 

By contrast, the artificial intelligence boom has given San Francisco even more of an edge as a tech capital. In the second quarter, companies in the Bay Area got $18.7 billion in venture capital funding. 

Andreessen Horowitz tried to keep the Miami offices going past the 2022 crypto rout, with partner Chris Lyons giving a tour of the facilities on Instagram in May 2023. 

The Menlo Park, California-based firm manages $7.6 billion in crypto-related assets and employs a team of more than 100 to bankroll emerging startups and manage existing bets on dozens of crypto startups. The company expects to raise a new cryptocurrency-focused fund in 2025, Bloomberg reported in April.

Advertisement

The former Andreessen Horowitz office is now occupied by contact-lens maker Bausch + Lomb Corp., said Brandon Charnas of Current Real Estate Advisors. He facilitated the deal with the new tenant along with Kevin Gonzalez and Stephen Rutchik of Colliers. 

“There was a lot of hype around promoting crypto in Miami, but crypto had a small office presence even at its peak,” Gonzalez said. 

He estimated that crypto companies only ever occupied about 70,000 square feet of office space around the Miami area.

“We’re not seeing a ton of crypto companies saying they need an office space in Miami,” said Charnas, who worked with Andreessen Horowitz on its original lease. “We’re seeing more interest from family offices, investors and private equity.”

Recommended reading:
In our new special issue, a Wall Street legend gets a radical makeover, a tale of crypto iniquity, misbehaving poultry royalty, and more.
Read the stories.





Source link

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Florida

4-star DE Hilson latest to decommit from FSU

Published

on

4-star DE Hilson latest to decommit from FSU


Javion Hilson, ESPN’s No. 71 overall prospect in the 2025 cycle, has decommitted from Florida State with plans to make a final commitment closer to the Dec. 4 early signing period, the four-star defensive end announced via social media Sunday afternoon.

Hilson had been committed to the Seminoles since Jan. 12 and was the second-ranked member of Mike Norvell’s 2025 class, per ESPN’s rankings. His decommitment comes amid Florida State’s 0-2 start to the 2024 season and marks the second departure from the program’s incoming class this weekend after four-star defensive tackle Myron Charles (No. 166 in the ESPN 300) flipped to Texas on Saturday.

“After careful consideration, I have decided to decommit from Florida State and reopen my recruitment,” Hilson said in his announcement. “I will be making my final decision in December. Thank you to everyone at FSU for their support.”

Hilson is a star pass rusher at Florida’s Cocoa High School, where he logged 97 total tackles and 14 sacks while leading the program to a second consecutive Class 2S title as a junior last fall. The 6-foot-5, 235-pound defender is ESPN’s No. 11 defensive end and the 11th-ranked prospect from the state of Florida in the 2025 class.

Advertisement

Hilson took official visits to Florida, Texas and UCF this spring before a pair of trips to Florida State from June 21 to July 27.

Florida State’s 2025 class came in at No. 18 in ESPN’s latest rankings for the cycle before Hilson and Charles pulled their pledges. The Seminoles did gain a recruiting boost in the 2026 class earlier this week when former Syracuse safety commit Izayia Williams, ESPN’s No. 39 prospect in 2026, announced his pledge to Florida State following a Labor Day visit with the program.

The Seminoles were off Saturday and will host Memphis at Doak Campbell Stadium in Week 3.



Source link

Advertisement
Continue Reading

Florida

Dolphins star Tyreek Hill detained by police entering stadium but will play in Week 1

Published

on

Dolphins star Tyreek Hill detained by police entering stadium but will play in Week 1


Tyreek Hill was detained by police entering Hard Rock Stadium on Sunday morning ahead of the Miami Dolphins’ Week 1 game.

The NFL’s leading wide receiver from last season has since been released and will be available for the game against the Jacksonville Jaguars, the team confirmed in a statement. The Dolphins said that several teammates saw the incident and stopped to support Hill.

ESPN’s Adam Schefter shared a video of the incident, with Hill being handcuffed on the ground while surrounded by multiple officers.

ESPN’s Jeff Darlington reported that Hill was cited for reckless driving. He then got into a verbal altercation with the police, according to Darlington, and the officer then chose to handcuff Hill.

Hill is available to play in the team’s season opener, which kicks off at 1 p.m. ET in Miami. The 30-year-old wide receiver is entering his third season with the Dolphins after signing a restructured contract with $65 million guaranteed last month.





Source link

Advertisement
Continue Reading

Florida

Florida Republican, Democrat team up to tackle student loan debt as Biden-Harris forgiveness bids derail

Published

on

Florida Republican, Democrat team up to tackle student loan debt as Biden-Harris forgiveness bids derail


Join Fox News for access to this content

Plus special access to select articles and other premium content with your account – free of charge.

By entering your email and pushing continue, you are agreeing to Fox News’ Terms of Use and Privacy Policy, which includes our Notice of Financial Incentive.

Please enter a valid email address.

Having trouble? Click here.

A seemingly unlikely duo is pushing for Congress to do something about ballooning college debt that’s plaguing millions of Americans.

Advertisement

Reps. Jared Moskowitz, D-Fla., and Anna Paulina Luna, R-Fla., introduced a bill to cap federal student loan interest at 3% this week, and Luna told Fox News Digital that she’s already gearing up to lobby Speaker Mike Johnson, R-La., for a House-wide vote.

“I actually fully anticipate having that conversation in person when we return next week,” Luna said.

TRUMP AND HARRIS IN TOSS-UP RACES IN KEY SWING STATES PENNSYLVANIA, GEORGIA, NEVADA: POLL

Reps. Anna Paulina Luna and Jared Moskowitz are engaged in serious bipartisan talks to get a bill to limit federal student loan debt interest. (Getty Images)

She wants Johnson to fast-track the bill under a procedure known as “suspension of the rules,” which allows legislation to bypass the normal committee process in exchange for raising the threshold for passage from a simple majority to two-thirds – which both Luna and Moskowitz anticipated the bill would see.

Advertisement

“I think this would pass if you put this to the floor. In fact, if you bypass committee, I think this would probably get two-thirds. I mean, I think it would pass overwhelmingly,” Moskowitz told Fox News Digital.

Luna similarly said, “I think it would be really hard for any member to vote against it.”

She also suggested creating a discharge petition for the bill – a measure that would force a piece of legislation up for a vote if the petition got a majority of House lawmakers’ signatures. 

KAMALA HARRIS GOES VIRAL WITH ‘CRINGE’ NEW ACCENT AT DETROIT RALLY, SPARKS ‘FOGHORN LEGHORN’ COMPARISONS  

Discharge petitions rarely, if ever, succeed in forcing a House-wide vote themselves, but Luna said that just the creation of one could be enough to pressure leadership into action.

Advertisement

“I talk to people that are just like, ‘I am literally paying off loans from 15, 20 years ago, and because the interest rate is so high, we’re not even able to make a dent,” Luna said. “It’s turning Americans into indentured servants.”

President Biden has tried to implement broad student loan forgiveness multiple times.

President Biden has tried to implement broad student loan forgiveness multiple times. (AP Photo/Manuel Balce Ceneta)

It comes after the Biden-Harris administration’s multiple attempts at mass student loan forgiveness keep getting blocked by GOP-led states and even the conservative-leaning Supreme Court. President Biden has managed to implement more narrowly targeted forgiveness measures, however.

And while Luna and Moskowitz’s opinions on Biden’s initiative differ, both said they have heard people on both sides of the aisle express a need for reform to the student debt system.

“Quite frankly, we both, we both were working on this issue in a silo, and then in a conversation one day, we both brought it up,” Moskowitz said of how their partnership on the issue came about. 

KAMALA HARRIS HAS YET TO DO FORMAL PRESS CONFERENCE SINCE EMERGING AS DEMOCRATIC NOMINEE

Advertisement

“Everybody knows it’s a problem. . . . Let’s start here, where we have some common ground, where people who can’t afford an education can go get a loan, but they won’t be saddled with debt for the rest of their lives.”

Both also dismissed concerns about giving each other’s side a win during the hyper-partisan environment of an election year.

“I can’t be concerned about that, because at the end of the day, if we’re going to make progress for the American family, I’m not interested in this credit nonsense,” Moskowitz said. “If I’m out there criticizing Republicans who wanted to deny Joe Biden a win on something, I can’t then partake in that behavior myself, right?”

Dunster House on Harvard University campus

Both lawmakers said college and university debt is a bipartisan issue. (Erica Denhoff/Icon Sportswire via Getty Images)

Luna said, “Ultimately, we as a country will take a win.”

CLICK HERE TO GET THE FOX NEWS APP 

Advertisement

“I know that we’re in an election year, and I will say that I wish, and I hope that [Democrats] will look at this legislation not like it’s being drawn from, and passed by, the Republican body, but that, you know, it’s something that would be a net positive,” she said.

At of the end of 2023, roughly 43 million Americans shared the burden of some $1.6 trillion student loan debt in the country, according to federal data.

Nearly 95% of that debt is in federal loans, according to the Education Data Initiative, which also cited the average federal student loan interest rate as 5.99%.



Source link

Advertisement
Continue Reading

Trending