In this morning's press release, Alex Smith, president and CEO of the Fort Worth-based Pier 1, says the agreement calls for a seven-year lease for 250,000 sf to be signed in tandem with the sale. Pier 1 developed the 14.6-acre Downtown campus at 100 Pier 1 Place in 2004. According to an SEC filing, the lease terms include one three-year renewal option and the right to terminate the agreement at the end of the pact's fifth year.
Smith says the executive team has spent the past year "evaluating options" for its headquarters. "We had three goals in mind: recouping our investment, minimizing on-going costs and finding a quality business partner for a leasing relationship," he says.
Chesapeake's 45-day due diligence clock began ticking March 25, the actual date of the agreement's signing, according to the SEC filing. The parties of record are Chesapeake Land Co. LLC and Pier 1 Services Co., a wholly owned subsidiary of Pier 1 Inc. The document includes the standard 30-day closing requirement once due diligence ends. Pier 1 will hold a fourth-quarter earnings call April 10.
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