Teacher Retirement System of Texas (TRS) has acquired the Alpha Building, a mixed-used property in Austin, which will serve as its new headquarters.
The $202bn (鈧�178bn) pension fund will move some of its investment team to the building in the spring of 2023, having purchased the six-storey asset from Shorenstein Properties.
TRS will move the remainder of its staff the following year to the Bravo Building, which is also being developed by Shorenstein.
The Alpha and Bravo buildings are the first of four developments that Shorenstein has planned for the Mueller Business District of Austin. They will provide 210,000sqft and 250,000sqft of office space, respectively.
鈥淭RS looks forward to serving members in our new Austin location,鈥� said Brian Guthrie, executive director of TRS.
鈥淭he campus in the Mueller development ensures the System鈥檚 growing membership will have improved access to counselling staff and other services outside busy downtown Austin.鈥�
The price being paid by TRS was not disclosed.
Troy Holme, executive vice president at CBRE, who represented TRS in the transaction, said: 鈥淭RS is beginning a new chapter, and this transaction will generate a positive, long-lasting impact for the system鈥檚 members.
鈥淭he search was long and carefully considered, but the right opportunity materialised at Mueller that will allow the system to best serve its membership of educators throughout Texas.鈥�
Shorenstein is planning the next two buildings at Mueller, known as the Charlie and Delta, which will contain approximately 350,000sqft when completed in 2024.
鈥淲e are thrilled to partner with TRS on their headquarter campus at Mueller,鈥� said Colby Wick, managing director at Shorenstein.
鈥淢ueller marries urban-style retail and entertainment with a lower density neighbourhood setting that includes generous parks and outdoor spaces 鈥� a compelling combination for companies returning to the office post-pandemic. We鈥檙e confident TRS has made the right decision and will enjoy calling Mueller home.鈥�
