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| Hines acquires landmark Chesapeake Plaza  The Dallas office of Hines, the international real estate firm, announced it has acquired the landmark Chesapeake Plaza. The marquis property is a 409,977-square-foot, 20-story, 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, the original global importer of home décor and furniture. Pier 1 Imports sold the building to Chesapeake Energy Corporation in March 2008. Financials on the deal were not disclosed.Designed by Duda/Paine Architects, Chesapeake Plaza is widely regarded 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). Duda/Paine also designed a 23-story office tower which Hines currently plans to develop in Victory Park in Dallas. 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, " 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 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 organization, " added 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." 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. write your comments about the article :: © 2014 Construction News :: home page |