AUSTIN (KXAN) — The Board of Trustees for the Teacher Retirement System of Texas voted Thursday for the agency not to move into the Indeed Tower.

KXAN first reported in January that the agency’s 10-year-lease for office space at that location on Sixth Street would cost at least $326,000 a month in rent.

TRS now plans to sub-lease the Indeed Tower space and negotiate a lease renewal and expansion at their existing 816 Congress location for the agency’s Investment Management Division. Their existing 816 Congress lease is scheduled to expire in March 2021.

Here’s the complete statement TRS provided to KXAN:

“After considerable input from our members and the public, and a full discussion at our Feb. 20 board meeting, TRS trustees have directed the agency not to move the Investment Management Division (IMD) into Indeed Tower and to sublease the space. TRS will negotiate a lease renewal and expansion at its existing downtown lease space to meet the space needs of the IMD.“

“Today, the board considered additional options that recently became available and approved a solution that meets the space needs of our growing investment division, while also demonstrating sensitivity to member concerns,” said Board Chairperson Jarvis Hollingsworth.

TRS will continue to explore long-term space planning options — including the Indeed Tower sublease — and provide updates on the due diligence process at future board meetings.