Winrock International announced Tuesday that it is relocating its headquarters across the Arkansas River from Little Rock to space in the Arkansas Regional Innovation Hub in downtown North Little Rock’s Argenta Arts District.
Winrock President and CEO Rodney Ferguson signaled the move earlier this month in an interview with Arkansas Business, saying the nonprofit economic development organization was studying renovating the Hub in the wake of Winrock’s $5.4 million sale of its headquarters building on Riverfront Drive in Little Rock. The Hub has been part of Winrock International since 2016.
In the Oct. 11 interview, Ferguson said Winrock had rented temporary office space at Argenta Place, opposite North Little Rock City Hall, and was “looking into eventually going into the Hub.” The COVID pandemic brought a reassessment of Winrock’s real estate needs, he said, after surveys suggested that only 20 percent of its 225 U.S.-based workers still wanted 9-to-5 office schedules. Half wanted only to work remotely. About 65 Winrock employees are based in Arkansas, Ferguson told Arkansas Business.
“Winrock’s commitment to Arkansas will never change,” he said in a news release issued Tuesday. “We were founded in Arkansas and our headquarters remains here. COVID-19 created an unexpected opportunity to optimize our real estate based on staff feedback while increasing our investment in the Hub. This greater integration of our Arkansas teams strengthens our competitiveness by positioning Winrock and Hub teams for new opportunities to innovate, collaborate and continue expanding our work in Arkansas and across the U.S.”
Winrock has an annual budget of about $100 million and 900 employees in more than 40 countries, pursuing a mission to better the lives of disadvantaged people. To do that more efficiently, Ferguson said, the organization sold the office building at 2101 Riverfront to an investment group led by Cushman & Wakefield/Sage Partners. The site’s new tenant will be Uniti Group Inc., the Little Rock fiber and telecommunications company.
Money was no object in the deal, Ferguson told Arkansas Business, calling Winrock’s financial position “stronger than ever.” Winrock derives much of its revenue from the government, including the U.S. Agency for International Development, and it has a $60 million endowment to draw on. “The sale was a result of the changing needs of our workforce,” he said.
Winrock plans to upgrade the Hub property to include new office space to accommodate both Winrock headquarters and Hub staff, the news release said, “while enhancing program offerings and member services.”
The hub’s 22,000 SF of space will accommodate the staffers and multiple other uses, including development of a dedicated space for the new Best Buy Teen Tech Center. Renovation is expected to be complete in late 2022, the organization said, and the temporary accommodations at Argenta Place will provide workspaces until construction is complete. Another goal was shrinking Winrock’s carbon footprint.
“The Arkansas Regional Innovation Hub is a valuable asset to our community, and the City of North Little Rock has been a proud partner of the Hub since its founding,” North Little Rock Mayor Terry Hartwick said in the news release. “I’m excited to welcome Winrock International as they increase their investment in our community. I look forward to our continued partnership to create opportunities through education, entrepreneurship and innovation.
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