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Texas Retirement System Completes Building Buys
The Teacher Retirement System (TRS) of Texas has completed the acquisition of two buildings, totally nearly 500,000 square feet of office space, within the Mueller Business District.
Commercial Edge reports TRS’s campus already includes the Alpha Building, a 210,000-square-foot asset that the public pension plan acquired in December 2021 for an estimated $138.1 million. Shorenstein Properties broke ground on the six-story project in May 2022. It reached completion last February. Shorenstein also sold TRS the second, or Bravo building, that is scheduled for completion in mid-2025. Bravo will be a 250,000 square foot building.
Both buildings are part of a three-phase, 800,000-square-foot office development within the Mueller Business District. Catellus Development Corp. is the developer, Rogers O’Brien Construction the contractor.
TRS’ previous headquarters was at 1000 Red River Road in downtown Austin, some 3 miles from the Alpha and Bravo buildings. In October 2022, the pension plan sold that asset for $108 million to Alexandria Real Estate Equities.
- ◦Sale/Acquisition
