WeWork of New York City is no longer associated with the 230,000-SF office building, now called The Ledger, currently under construction in downtown Bentonville.
The announcement isn’t a surprise after the financial turmoil and upheaval the shared-office company has undergone since 2019. WeWork had announced the project at a conference attended by Gov. Asa Hutchinson on April 1, 2019.
Property owner Josh Kyles, a Bentonville real estate developer, had consistently said the project would still proceed even after WeWork fired founder Adam Neumann, laid off 20% of its workforce and canceled its initial public offering. The Ledger is scheduled to be completed in early 2022 after groundwork was started earlier this year.
Pre-leasing for The Ledger is open. Cushman & Wakefield/Sage Partners of Rogers will manage the property.
“Our goal from day one was to provide Bentonville with a Class A workplace that goes beyond just an office building to connecting directly with the growing community in northwest Arkansas, and construction continues to track on schedule despite the ongoing pandemic,” Kyles said. “The Ledger will be a business and community hub serving as the entrepreneurial heart of Northwest Arkansas.”
The building was designed by Marlon Blackwell Architects of Fayetteville in partnership with WeWork architects. The six-floor building will be bicyclist and pedestrian-friendly as a switchback path outside will allow access to each of the floors.
The location on Main Street, just south of the downtown square, connects to the area’s trail system.
WeWork Labs, a subsidiary of the office-sharing company, recently opened a location in the Massey Building in downtown Bentonville. WeWork Labs offers a platform to help early-stage startups and entrepreneurs.
“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,” the company said in a release; Center City is the LLC through which Kyles owns the property. “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.”