Pier I takes 313,000 SF of Fort Worth Chesapeake Plaza

FORT WORTH – Pier 1 Imports will get its name back on the 20-story office tower it built as a headquarters a decade ago following the building’s sale by Chesapeake Energy to Houston-based Hines.

Pier 1 will expand its headquarters lease and take over 19 floors, or more than 313,000 sf of space. Chesapeake will consolidate its employees and offices to the building’s 20th floor.

The office complex on the banks of the Trinity River was built for Pier 1 Imports and later became home to Chesapeake Energy.

Chesapeake bought the building, at 100 Energy Way, from Pier 1 Imports for $104 million in 2008, renaming it Chesapeake Plaza. Pier 1 built the 460,000-sf office tower that opened in 2004, spending $90 million for the land and construction. Its original address was 100 Pier 1 Place.

The central business district has a current vacancy rate of 17.2 percent in its Class A buildings, according to market reports. Sales prices of Class A buildings in the past year have been about $170 per sf, the report said.

The building is being renamed the Pier 1 Imports Building to recognize its long-term commitment to the property.