FORT WORTH – Hines, the Houston-based real estate firm, has acquired the landmark Chesapeake Plaza, a 409,977-square-foot, 20-story, office building located on more than 14 acres of land along the Trinity River in Fort Worth’s central business district.
Pier I Imports, the décor and furniture retailer, has its headquarters in the building, occupying 313,000 square feet. Hines said the building will be renamed the Pier 1 Imports Building.
Chesapeake Energy is the other tenant in the building, which 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.
Designed by Duda/Paine Architects, Chesapeake Plaza is regarded by some 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).
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.”
“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.”