Office Tower to be renamed the "Pier 1 Imports Building"
(FORT WORTH, Texas) – The Dallas office of Hines, the international real estate firm, announced today it has acquired the landmark Chesapeake Plaza. The marquis property is a 409,977-square-foot, 20-story, Class A office building located on more than 14 acres of land along the Trinity River in Fort Worth’s central business district. It was completed in 2004 and originally developed as the headquarters location for Pier 1 Imports. Pier 1 Imports sold the building to Chesapeake Energy Corporation in March 2008. Financials on today’s deal were not disclosed.
Designed by Duda/Paine Architects, Chesapeake Plaza is widely regarded as the highest quality office building in Fort Worth. Its proximity to Sundance Square and the West 7th District provides convenient access to both the amenity base found in Sundance Square (hotels & restaurants) and the mixed‐use developments of the West 7th District (residential & retail). Duda/Paine also designed a 23-story office tower which Hines currently plans to develop in Victory Park in Dallas.
Chesapeake Plaza remains the headquarters location for Pier 1 Imports with the company currently leasing approximately 313,000 square feet.
The remainder of the building is currently leased to Chesapeake Energy.
“I’m very pleased to add this iconic building to the investment portfolio of Hines US Office Value Added Venture III,” said David Congdon, Hines Senior Managing Director. “We are bullish on Fort Worth’s steadily growing economy and believe Hines’ management team will add considerable value to this investment and Pier 1 Import’s occupancy. And, in recognition of Pier 1 Imports’ long term commitment, we are very pleased to announce the building will now be known as Pier 1 Imports Building.”
“Pier 1 Imports is a world class organization,” added Hines Dallas Managing Director Heath Johnson. “The company’s long term commitment to the building made this acquisition possible, and as Pier 1 Imports’ new landlord we are eager to provide them with the highest level of service.”
Pier 1 Imports originally purchased the site in January 2002 and consolidated into its new home office in August 2004 from three different downtown locations. Its associates enjoy such facilities as a fitness center, an on-site café, a conference center and numerous other state-of-the-art amenities.
“We are delighted about this new affiliation with Hines and look forward to a long partnership,” said Alex W. Smith, President and Chief Executive Officer of Pier 1 Imports. “Pier 1 Imports has been associated with Fort Worth for more than 50 years, and our associates are committed to our community. We are pleased that this deal helps to ensure our well-loved company will remain in Fort Worth for many years to come.”
About Pier 1 Imports
Pier 1 Imports, Inc. (NYSE:PIR) is the original global importer of home décor and furniture. For more than fifty years, customers have been shopping Pier 1 Imports’ exclusive, one-of-a-kind products, which reflect high quality at a great value. Starting with a single store in 1962, Pier 1 Imports’ globally-inspired merchandise is available in retail stores throughout the U.S. and Canada and online at pier1.com. For more information about Pier 1 Imports or to find the nearest store, please visit www.pier1.com.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,317 properties representing more than 541 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 391 properties totaling 161 million square feet, which includes 89.1 million square feet for third parties. With offices in 115 cities in 18 countries, and controlled assets valued at approximately $28.2 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.
Pier 1 Imports Building
Pier 1 Imports Building