Pier 1 Imports HQ in Fort Worth Changes Hands
- Aug 21, 2018
Hertz Investment Group has acquired a trophy office property in Fort Worth, Texas, home to Pier 1 Imports’ corporate headquarters for the last 10 years. CBRE arranged the sale on behalf of the seller, Hines.
Located at 100 Energy Way, the property comprises 409,977 square feet across 20 stories. Constructed in 2003, the Class AA was originally purchased by Hines in August 2014 for $83.2 million. Situated on 12 acres, the building offers 360-degree views of the Clear Fork of the Trinity River, as well as a two-story lobby with floor-to-ceiling glass, high-end finishes, a fully-equipped fitness center and yoga studio, a full-service cafeteria and country club style locker rooms. Pier 1 Imports’ lease is schedule to end in June 2027.
CBRE’s Office Investment Properties’ Vice Chairman Gary Carr, Senior Vice Presidents Evan Stone, John Alvarado and Eric Mackey, along with First Vice Presidents Robert Hill and Jared Chua arranged the transaction.
“Investor interest in this landmark asset was high due to the asset quality and urban infill location along the Trinity. Fort Worth is well-positioned for significant near-term growth and is attracting investors, like Hertz Investment Group, who are looking to purchase assets in markets that are poised for growth,” Stone told Commercial Property Executive.
In April, Hertz Investment Group acquired the Wells Fargo Tower for $36.8 million. The purchase of the Class A office building in Baltimore marked the firm’s first property in Maryland.
Image courtesy of CBRE