Retired teachers group: Why does TRS need downtown office space?
Many retired Texas teachers are perturbed by a decision by managers of their big public pension fund to lease office space in what’s expected to be among the most expensive buildings in Austin, according to the head of a statewide organization that represents them.
“Optics do matter,” said Tim Lee, executive director of the Texas Retired Teachers Association. “When retirees are tightening their belts every year, it is not wrong to look for the most cost-efficient (office) space.”
The Teacher Retirement System of Texas — which oversees a retirement portfolio totaling about $156 billion for current and former Texas teachers, school employees and beneficiaries — has signed a lease for an estimated 102,000 square feet in a 36-story office tower currently being built on West Sixth Street. The building is named Indeed Tower after the internet job-search company that will occupy its top 10 floors. The building will be finished in 2021.
The retirement system, which signed the lease in February, will occupy floors 16, 17 and 18, and will have exclusive use of outdoor terraces on floors 16 and 18.
Read more: https://www.statesman.com/news/20190919/retired-teachers-group-why-does-trs-need-downtown-office-space