Teacher Retirement System of Texas to spend at least $326K a month in rent

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AUSTIN (KXAN) — A public records request to the Teacher Retirement System of Texas has revealed that the agency will spend at least $326,000 a month in rent for office space in the Indeed Tower.

TRS signed a 10-year lease for three floors of office space at the Indeed Tower, which is scheduled to be completed in 2021, on Sixth Street.

TRS Executive Director Brian Guthrie told KXAN in a prepared statement that because the agency committed early to the Indeed Tower, “we were able to stabilize the rent and negotiate favorable per-construction rates for the 100,000 square feet.”

“Today, 18 months later, those lease rates are well below current rents for comparable space in Austin’s tight rental market,” Guthrie said.

Here’s how the rent breaks down over the length of the lease:

The agency noted in a December 2019 Board of Trustees presentation that TRS’ Investment Management Division, which will occupy the Indeed Tower location, is “out of space” at its current 816 Congress location.

That lease, signed in March 2009, expires in March 2021.

See Guthrie’s full statement below as well:

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