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Chesapeake Lays Out Plan for $104M HQ Purchase

FORT WORTH-Chesapeake, eyeing a summer move-in, will rename Pier 1's 460,000-sf HQ and keep 210,000 sf for its own use. The deal drives 40,000 sf to the sublease market.

By Connie Gore | Updated on March 31, 2008

FORT WORTH-Chesapeake Energy Corp. and Pier 1 Imports Inc. just seemed like the perfect fit: much-needed expansion space for the buyer and an owner-user in a non-competing industry for the seller. With the off-market deal now out in the open, the plan is to close June 1 on the $104-million purchase and move into the 210,000-sf balance of the 460,000-sf building in late summer.

“It just came about at the right time,” says Todd Burnette, executive vice president of the Fort Worth office for Dallas-based Staubach Co. “Both velocities were similar. Pier 1 wanted a tenant or owner that didn’t conflict with its business and Chesapeake didn’t want to be in a building with another gas company.” Burnette says the four-year-old building at 100 Pier 1 Circle never made it to the market although he’s not saying that Chesapeake was the only one eyeing the 20-story building. “But to us, Chesapeake was the only real buyer,” he stresses.

The Downtown building will be renamed to reflect the new owner’s name, but the moniker has yet to be picked, according to Julie H. Wilson, vice president of corporate development for the Oklahoma City-based Chesapeake. “However, we will maintain a sensitivity to our tenants and friends at Pier 1 and make sure they continue to have the recognition they deserve as well,” she adds. Chesapeake’s Barnett Shale district headquarters will occupy floors 14 through 20 and Pier 1 will hold onto 250,000 sf in a seven-year sale-leaseback agreement.

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