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Pier 1 Imports Has a New Landlord

Through its Dallas office, Hines, an international real estate firm, recently announced the acquisition of Chesapeake Plaza in Fort Worth, Texas, which the company intends to rename the office tower, “Pier 1 Imports Building”. Financial details of the deal were not disclosed.

The property was added to Hines U.S. Office Value Added Venture III (VAV III), which was formed in August 2012 in partnership with a corporate pension fund to acquire existing assets in U.S. markets with a focus on CBD (central business district) office and suburban office campuses.

It seeks opportunities to add value through leasing, management, and redevelopment. The fund has total equity capital commitments of $211 million and closed in October 2012.

Chesapeake Plaza is a 409,977 square-foot marquis property. The 20-story, Class A office building sits on more than 14 acres of land and is situated in the central business district of Fort Worth along the Trinity River. The property was constructed in 2004 as the headquarters for Pier 1 Imports but was sold in 2008 to Chesapeake Energy Corporation.

The building remains the headquarters location for Pier 1 Imports with the company currently leasing approximately 313,000 square feet, while the rest of the building is 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,” commented 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.

Hines’ Dallas Managing Director, Heath Johnson added, “Pier 1 Imports is a world class organization. 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 2002. Associates can enjoy a fitness center, an on-site café, a conference center, and other state-of-the-art amenities in the office building.

“We are delighted about this new affiliation with Hines and look forward to a long partnership,” stated Alex W. Smith, President and Chief Executive Officer of Pier 1 Imports. He continued, “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.”