Pier 1 to sell corporate HQ

FORT WORTH, Texas Pier 1 Imports has announced that it will sell its corporate headquarters facility located in Fort Worth, Texas to a subsidiary of Chesapeake Energy. The company has maintained its headquarters in the building since completion of construction in 2004. The company plans to continue to occupy approximately 250,000 square feet and expects to enter into a seven year lease agreement at closing.

 Alex Smith, president and ceo, commented, “We have spent the past year evaluating options concerning our headquarters. We had three goals in mind: recouping our investment, minimizing on-going costs, and finding a quality business partner for a leasing relationship. The deal that we have structured with Chesapeake accomplishes all three goals. We are proud to be partnered with a leader in the natural gas industry as well as a leader in the Fort Worth community.” 

Pier 1 expects the transaction to close no later than June 30.