Hines has acquired the landmark Chesapeake Plaza, a 409,977-square-foot, 20-storey, Class A office building located on more than 14 acres of land along the Trinity River in Fort Worth's central business district.
It 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.
Financials on the deal were not disclosed.
Chesapeake Plaza remains the headquarters location 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," says 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."
"Pier 1 Imports is a world class organisation," says Hines Dallas managing director Heath Johnson. "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."