Hines Sells Pier 1 Tower to Hertz Investment Group in Major Deal
Pier 1 Imports headquarters in Fort Worth added to Hertz portfolio.
FORT WORTH – Hines has sold the 20-story Pier 1 Imports headquarters in downtown Fort Worth to Hertz Investment Group, based in Woodland Hills, California, and led by Judah Hertz.
The 410,000-square-foot headquarters overlooks the Trinity River and serves as Pier 1’s primary office location in the city.
Hertz Investment Group has expanded its portfolio across Texas in recent years, acquiring several Houston properties including Royal Oaks Centre in Westchase and three buildings at Brookhollow Central.
In addition to its Texas holdings, Hertz owns One Shell Square in New Orleans, a 1.2 million-square-foot tower originally developed by Hines on Poydras Street in the early 1970s.
CBRE brokers Gary Carr, Evan Stone, John Alvarado, Eric Mackey, Robert Hill and Jared Chua represented Hines in the Fort Worth sale.
“The Pier 1 Imports building offered investors stable, in-place cash flow supported by a long-term commitment from a high-quality tenant that has been rooted in Fort Worth for more than 50 years,” said Gary Carr of CBRE’s Office Investment Properties group. “Buyers were drawn to the chance to establish a significant presence in Fort Worth’s Central Business District as new development continues to spread through the city, drawing residents and businesses to the area.”
The property occupies 12 acres and is situated near the West Seventh District, Fort Worth’s Cultural District, and the downtown area’s walkable amenities, including Sundance Square. It also sits adjacent to two major mixed-use projects: the $300 million Left Bank development and the anticipated $1.2 billion, 800-acre Panther Island project. Pier 1 Imports leases the building through June 2027.
