Teacher Retirement System of Texas (TRS) Executive Director Brian Guthrie is making no apologies for the new $326,000 a month deal for office space the agency just signed off on in the new Indeed Tower.

“We were able to stabilize the rent and negotiate favorable per-construction rates for the 100,000 square feet,” Guthrie said in a statement to KXAN. “Today, 18 months later, those lease rates are well below current rents for comparable space in Austin’s tight rental market.”

TRS won’t be able to move into its new home before 2021, when the facility is slated to officially open its doors on Sixth Street in Austin.    

TRS’ lease is for 10 years and company officials have indicated staffers from the agency’s Investment Management Division will occupy the space.

“TRS continues to prudently plan for this growth in all areas so we can provide Texas’ active and retired educators the level of service they expect. One important piece of that effort is providing appropriate space for our 180-person Investment Management Division, which must responsibly manage a growing and increasingly complex Trust fund currently valued at more than $160 billion," Guthrie said. "While the trust is funded from employer and employee contributions, nearly two thirds of the fund’s revenue comes from investment returns, reducing reliance on the use of taxpayer dollars."

Once completed, Indeed Tower will have 36 stories and 20,000 square feet of urban greenspace. The project is being worked on by Trammell Crow Co.