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

[Rick]

Our legislators spent the better part of the last session pandering to teachers, both retired and current. Now we see that TRS is spending an extravagant amount of money to rent three floors in a brand new tower being constructed in downtown Austin.

Let me guess, this, does not include parking.

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

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.

If you are interested in the Indeed Towers, click below.
https://austin.towers.net/yes-indeed...as-a-new-name/

Oh and I forgot to mention that
The Teacher Retirement System of Texas (TRS) currently has $46 billion less than actuaries say it needs to pay for the retirement benefits already promised to teachers.

[sojourner truth]

I believe they did an article a few years ago about TRS losing a bunch investing in Gambling casinos in Los Vegas or somewhere. Glad my wife has 2 other retirement accounts she can sort of rely on.

TMRS, on the other hand, seems to be doing rather nicely for the time being.