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Chesapeake Plaza Is Sold, Will Be Renamed Pier 1 Imports Building

August 12,2014

Star Telegram Archives Max Faulkner

Reposted from the Star-Telegram

BY SANDRA BAKER
sabaker@star-telegram.com

FORT WORTH — Pier 1 Imports will get its name back on the office tower it built as a headquarters a decade ago following the building’s sale by Chesapeake Energy to Houston-based Hines.

The Dallas office of Hines, one of the largest real estate firms in the world, late Monday closed its deal to buy Chesapeake Plaza, the 20-story glass-and-steel office tower on the western edge of downtown Fort Worth. News of the impending sale was first reported by the Star-Telegram last week.

Pier 1, which is the building’s only other tenant, will expand its headquarters lease and take over 18 floors, or more than 313,000 square feet of space. Oklahoma City-based Chesapeake, which has been trimming its Barnett Shale operation in recent years, will consolidate its employees and offices to the building’s top floor.

The office tower is being renamed the Pier 1 Imports Building to recognize the home furnishings retailer’s long-term commitment to the property, Hines said. Terms of the deal were not disclosed. The building’s name change takes effect immediately.

“I’m very pleased to add this iconic building to the investment portfolio of Hines U.S. Office Value Added Venture III,” David Congdon, Hines senior managing director, said in a statement. “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.”

Alex Smith, Pier 1’s president and chief executive officer, said in a statement: “We are delighted about this new affiliation with Hines and look forward to a long partnership. 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."

Smith was out of the office Tuesday and not available for further comment.

Company spokesperson Jennifer Engstrand said Pier 1 was already occupying 16 floors at the time of the sale and will add two more. Pier 1 will have the right to occupy the remaining two floors, the 19th and 20th, “at some point in the future,” she said.

Also prior to the sale, Pier 1 had extended its lease through 2022, and has now extended it through 2027, she said.

To read the full story, click here .