Pier 1 Imports Unveils Plans for New Corporate Headquarters

Pier 1 Imports Unveils Plans for New Corporate Headquarters

Business Editors

FORT WORTH, Texas–(BUSINESS WIRE)–Dec. 11, 2002

Pier 1 Imports (NYSE:PIR) today unveiled plans for a 20-story, $90 million headquarters facility, including land to be built over the next two years along the banks of the Trinity River in Fort Worth. Duda Paine Architects, LLP, of Durham, N.C., is the design architect.

Pier 1 Imports and Duda Paine’s striking design was created after months of research, taking into consideration optimum use of the riverfront site, which is on the western edge of downtown Fort Worth. The 440,000-square-foot building will initially house almost 900 Pier 1 Home Office associates and is expected to satisfy Pier 1’s space requirements through 2015.

The building will be constructed of glass and gray granite; the base, top and shoulders of the building will be internally illuminated with a soft light, complementing the Fort Worth skyline.

“We are excited about this project and appreciate all the support we have received,” said Marvin Girouard, Chairman and Chief Executive Officer of Pier 1 Imports. “It will be a landmark structure for the city of Fort Worth and home to one of the nation’s largest specialty retailers.”

The design considers the importance and location of employee amenities, such as open green space with an employee dining area that overlooks terraced gardens leading to the river. Other amenities include an employee fitness center, conference and training facilities, and free, covered parking. The location affords access to the proposed footbridge to Trinity Park and planned light-rail transportation, which will connect downtown to the cultural district.

According to Girouard, the company plans to break ground in January 2003, with a scheduled move-in date of Fall 2004.

“In planning the future of the company, I believe this new corporate headquarters is the best move for our associates and shareholders,” he said. “This new building with ample land for expansion prepares Pier 1 for a growing future.”

In January 2002, the company finalized the purchase of the former Calvary Cathedral property. The site sits at North Forest Park Boulevard at Belknap Street in downtown Fort Worth.

Currently, Pier 1’s home office occupies eight floors of the City Center II building in Sundance Square, as well as two additional buildings in downtown Fort Worth. Pier 1 moved into three floors of City Center II in December 1985. At that time, the company employed 200 home office associates and operated 278 stores in the U.S. and Canada. Pier 1 presently employs nearly 800 home office associates, who serve 1,028 stores and 17,000 field associates.

Duda Paine Architects, LLP, is based in Durham, N.C., and has other commissions in the Southeast to its credit, including the Bank of America Gateway Village Technology Center in Charlotte, N.C., and Cox Enterprises Headquarters in Atlanta. Ground broke recently for their Congress at Fourth project, the tallest building in Austin, Texas, and Duke University’s Duke Medical Center Eye Research Institute.

Other design consultants include: development manager, MBC/Dunn Consultants; architect of record, Kendall/Heaton Associates, Inc.; interior architects, Gensler; and landscape architects Talley Associates, Inc.

Pier 1 Imports, Inc., celebrating its 40th anniversary year, is North America’s largest specialty retailer of imported decorative home furnishings and accessories with more than 1,000 stores in 48 states, Puerto Rico, Canada, Mexico and the United Kingdom. Additional company and product information can be found at pier1.com.

EDITOR’S NOTE: Please use the numeral 1 when referring to the Pier 1 Imports brand. The company may be referred to as Pier 1 Imports or Pier 1.

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