FORT WORTH Pier 1 Imports will get its name back on the office tower it built as its headquarters last decade following its sale by Chesapeake Energy to Houston-based Hines.
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.
Pier 1, which is the building's only other tenant, will expand its headquarters lease and take over 19 floors, or more than 313,000 square feet of space. Chesapeake will consolidate its employees and offices to the building's 20th floor. The building is being renamed the Pier 1 Imports Building to recognize its long-term commitment to the property, Hines said.
Terms of the deal were not disclosed.
'I'm very pleased to add this iconic building to the investment portfolio of Hines U.S. Office Value Added Venture III,' said 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.'
Said Alex Smith, Pier 1's president and chief executive officer, '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.'
Oklahoma City-based Chesapeake, struggling to reduce a large debtload following the collapse of natural gas prices, had been looking to sell the building for more than two years.
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