BENTONVILLE, Ark. (KNWA/KFTA) — Nearly two years ago, Governor Asa Hutchinson and other top brass in Bentonville announced that New York-based WeWork would partner with local developer Josh Kyles to build a 200,000 square-foot building for use as a rentable workspace. The invitation-only event was held in downtown Bentonville in April 2019.
Founded in 2010, WeWork provides sharable workspaces and office services. The commercial real estate company employs 6,000 and more than 800 global locations, according to its website.
Some WeWork trouble brewed in September 2019. Why? In part, because of its corporate structure and there was concern over the company’s actual value listed at around $47 billion — when it may have been $10 billion. The company co-founder Adam Neumann resigned and gave up some of his voting power.
The company planned to go public, filed an S-1 form (a registration filing required by the Securities and Exchange Commission), and amended it. By the end of September, it withdrew its initial public offering.
WeWork in Arkansas
As of November 2020, WeWork was no longer involved in the Ledger project. The company worked together with Center City on the project design, however, the building will be operated and managed locally.
In streamlining our portfolio towards profitable growth, we have reached a mutual agreement with our Center City partners for the project to move forward without WeWork’s involvement. We remain committed to Bentonville through the launch of WeWork Labs in the historic Massey Building downtown and look forward to seeing the Ledger succeed.WeWork spokesperson
Construction is underway on the Ledger. The 230,000 square-foot building, at 240 South Main Street, is expected to open in 2022. “Construction continues to track on schedule despite the ongoing pandemic,” said Center City, LLC Developer Josh Kyles.