August 18, 2018
Hertz Investment Group struck a deal with Houston-based Hines to acquire the 20-story Pier 1 Imports Building, a Class AA trophy office tower in downtown Fort Worth. The 409,997-square-foot, 20-story office building is situated on more than 14 acres of land fronting the Trinity River, and has served as Pier 1 Imports’ corporate headquarters since 2008.
“The Pier 1 Imports Building presented investors with a stable, in-place cash flow, backed by a long-term commitment of a quality tenant who has been loyal to Fort Worth for over 50 years,” said CBRE’s Gary Carr, who helped lead the team that represented the seller. Also on the CBRE team were Evan Stone, John Alvarado, Eric Mackey, Robert Hill and Jared Chua.
Pier 1 is the sole tenant in the building, with its lease set to expire in 2027.
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