Hines Acquires Chesapeake Plaza in Fort Worth
- Aug 14, 2014
Hines entered the Fort Worth market with the acquisition of Chesapeake Plaza, a 409,977-square-foot, 20-story, Class A office building. The financial terms of the transaction were not disclosed.
“I’m very pleased to add this iconic building to the investment portfolio of Hines US Office Valued Added Venture III,” said David Congdon, senior managing director for the company. “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.”
The asset was developed in 2004 to serve as the headquarters for Pier 1 Imports, which sold the office tower to Chesapeake Energy Corp. in March 2008. Designed by Duda/Paine Architects, Chesapeake Plaza is considered to be one of Fort Worth’s top-tier office properties due to its high quality standards and location – it has been developed on 14 acres of land along the Trinity River in Fort Worth’s CBD and is in the vicinity of the hotels and restaurants of Sundance Square and the retail and residential units of the West 7th District.
The officer tower will continue to be Pier 1 Imports’ headquarters; the company is currently leasing 313,000 square feet of office space there.
“We are delighted about this new affiliation with Hines and look forward to a long partnership,” said Alex Smith, president & CEO 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-beloved company will remain in Fort Worth for many years to come.”