International real estate firm Hines announced Tuesday they acquired Fort Worth's Chesapeake Plaza and were renaming it the Pier 1 Imports Building.
Fort Worth-based Pier 1 purchased the site in 2002 and completed construction on their headquarters in 2004; they sold the building to Oklahoma City-based Chesapeake Energy in March 2008.
Hines said in a news release Tuesday that the building will remain the headquarters 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 Imports' 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."
"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."
"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," Hines said in a news release Tuesday.
Financials details were not disclosed.