Indeed Tower, which has been at the center of controversy among Texas teachers, was sold last week for about $580 million. Teacher Retirement System of Texas’ $487,000-a-month office lease has been the source of outrage for thousands of retired teachers for the past two years.
The TRS handles the benefits for over 1.6 million school employees and teachers across Texas.
Veteran teachers “are saying: ‘Are you kidding me? Our monthly (pension) incomes are so modest,’ says Tim Lee, executive director of the Texas Retired Teachers Association.
However, now, the retirement system has now been released from the lease.
TRS, who owned a major stake in the building, invested $280 million in an investment agency involved in building’s development.
A written statement was issued Friday, stating the retirement agency “has no further lease obligations as a result of the recent sale.”
The retirement system’s executive director, Brian Guthrie, has refused to confirm any ownership stakes in the building on account of state law preventing the disclosure of investment holdings of the system’s partnerships over the past two years. This has further fueled controversy on the subject.
Indeed Tower was sold to Kilroy Realty Corp, a California-based real estate investment firm dedicated to creating dynamic work environments for businesses.