AUSTIN, Texas — On Friday, the Teacher Retirement System of Texas (TRS) announced the sale of its 3.8-acre headquarters property located on Red River Street. The property sold for $108 million to a real estate investment trust.
TRS aims to help educators by investing assets as well as managing and delivering benefits to those looking to close out their teaching careers.
TRS will stay in the building until its new headquarters in the Mueller Business District is ready for move-in. The new location will save money in downtown leasing costs while providing more office space to employees, according to a release.
"Occupancy of the Alpha building in the new facility is expected to begin in the summer of 2023 with remaining TRS staff moving into the neighboring Bravo building in late 2024," TRS said in a release.
TRS's Red River headquarters housed a little over 200 employees and 300,000 members when it first began in the 1970s. Today, TRS has nearly 1,000 employees and almost 1.9 million members.
A regional office is expected to open in El Paso, Texas, in November 2022.
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