Venture capital firm Andreessen Horowitz plans to move its defense and aerospace fund to a West Palm Beach, where it’ll be the newest tenant in a Related Ross building.
The California-based venture-capital giant plans to open the regional headquarters next year for its $1.2 billion American Dynamism fund, which backs national security and industrial startups, the Wall Street Journal reported.
The lease in the 18-story CityPlace Tower, at 525 Okeechobee Boulevard, adds to the growing defense hub in Florida and highlights long-term plans from developers like billionaire Steve Ross to bring major companies to West Palm Beach.
The state plans to invest $23 million into space and defense industries, Gov. Ron DeSantis said Aug. 31. The defense industry in Florida has an economic impact of $102.6 billion and accounts for 865,000 jobs, according to the state’s biannual analysis.
Florida ranked fourth in the country for national defense department spending at $32.2 billion in 2023, a federal report showed.
South Florida is home to defense startups including Space-Eyes, a Miami-based drone-tech company, and Lockheed Martin’s Terran Orbital, once located in Boca Raton. AI giant Palantir, which has defense contracts with the U.S. valued at over $10 billion, is also planning to relocate from Denver to Miami.
The move is also part of Ross’ plan to recruit major players into the region and transform West Palm Beach into “Wall Street South.” Andreessen Horowitz’s presence could encourage the next generation of companies to relocate, Ross said in a statement about the move.
Vanderbilt University is also embracing the vision for West Palm. The college is planning a downtown graduate campus with programs including finance, engineering, space technology and innovation and defense technology and manufacturing.
Ross owns office buildings across the downtown area, including the under-construction 10 and 15 CityPlace towers at the center of the Related-owned downtown mixed-use living, working and entertainment development.
Other tenants in CityPlace Tower include a Cleveland Clinic medical center and UBS financial services.
-Alissa Gary
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