• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

TOWERS

Austin city life since 2007.

  • News
    • Condo Projects
    • Neighborhoods
  • Listings
    • Austin Condo Guide
  • Newsletter
Search
You are here: Home / News / Teacher Retirement System Site Sells in Downtown Austin’s Innovation District
Search suggestions: condos for sale • rainey street

Teacher Retirement System Site Sells in Downtown Austin’s Innovation District

James Rambin October 6, 2022 Comment

An aerial view of the TRS site, prepared by CBRE to market the property earlier this year. Image: CBRE

News broke in the Austin American-Statesman earlier today that the Teacher Retirement System of Texas has closed on the sale of its longtime headquarters in downtown Austin, a property occupying two full city blocks at 1000 Red River Street near what’s been recently dubbed the city’s new Innovation District. According to today’s report, the 3.83-acre site, currently occupied by some charmingly brutalist ’70s-era concrete buildings housing the offices of the state pension fund, sold to mysterious entity Austin Real Estate Acquisitions LLC for a reported $108 million.

It was not immediately clear who controlled Austin Real Estate Acquisitions, a Delaware limited liability company. And the Statesman said it could not reach a representative for the company and that it was not clear what the new owner plans for the site.

— Austin Business Journal

Apparently the Statesman couldn’t get those folks on the phone to figure out who was actually running that LLC from behind the scenes, and buddy, we feel that pain — thankfully, we have a pretty good idea. The deed for the property links the LLC to California-based investors Alexandria Real Estate Equities, a major public company specializing in properties for the life sciences market.

You’ll note that a recently-posted job opening seeking a real estate development coordinator for Alexandria in the Austin market describes the company with language that summarizes the whole Innovation District thing suspiciously well:

Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® company, is an urban office REIT uniquely focused on world-class collaborative life science and technology campuses in AAA innovation cluster locations.

— Alexandria Real Estate Equities, Austin Job Posting

Shucks, are we really an AAA innovation cluster rather than simply an AA or even a humble single A? The folks at Dell Medical School must be over the moon about this — anyway, smart money says the redevelopment of the TRS site will likely attract a tenant in the life sciences and/or biotech industry, once the agency fully vacates the site and moves to Mueller in 2024. 

A rendering of a possible redevelopment of the TRS site, cooked up for the site’s marketing by real estate firm CBRE. It’s unclear if a project here will look anything like this, but it’s a good illustration of what could be built here. Image: CBRE

Remember, the property — marketed as the “Waterloo Innovation Center” by CBRE earlier this year, by the way — is entirely limited in height by Capitol View Corridors, meaning a building here won’t be allowed to rise more than a few floors, but the massive contiguous floorplates enabled by its oversized double-block tract certainly sound ideal for labs or other technical space. 

A rendering recently added to the portfolio of Weaver Buildings showing what appears to be a redevelopment of buildings at 1101 Trinity Street, a site next door to the TRS HQ. Image: Weaver Buildings

And that’s not the only innovation we’re innovating around here these days — renderings recently added to the portfolio of local developer Weaver Buildings appear to show a new commercial structure rising at the headquarters of the Texas Association of School Administrators, a tract located by the corner of East 11th and Trinity Streets directly north across the street from the TRS site. We’ll have to dig a little more into that one, but one thing’s for sure — the Innovation District is a phrase we’re going to use a lot moving forward, which is why we’ve finally decided to stop putting quotes around it.

Editor's Suggested Posts

Psst, Hey Kid! You Wanna Buy Two Blocks in Downtown Austin?

Psst, Hey Kid! You Wanna Buy Two Blocks in Downtown Austin?

In Praise of Austin's TRS Headquarters, a Doomed '70s Concrete Wonderland

In Praise of Austin's TRS Headquarters, a Doomed '70s Concrete Wonderland

Former State Pension Office Could Host Tower in Downtown's 'Innovation District'

Former State Pension Office Could Host Tower in Downtown's 'Innovation District'

Related

Filed Under: News Tagged With: 78701

About James Rambin

James is an Austin native and fifth-generation Texan, but tries not to brag about it. Email him anything at james@towers.net.

301 West Avenue #1806
Austin, TX
Photo of 301  West Avenue #1806, Austin, TX 78701 (MLS # 2246992)
$1,695,000
34
  • Lot Size

  • Home Size
    1,490 sqft

  • Beds
    2 Beds

  • Baths
    2 Baths

Previous Post: « Turning Empty Rails to Urban Trails at the Bergstrom Spur in South Austin
Next Post: It’s Last Call to Vote for Housing at the Palm District in Downtown Austin »

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  •  Schedule a showing

FEATURED Listings

2305 Coronado Street #E
Austin, TX
Photo of 2305  Coronado Street #E, Austin, TX 78702 (MLS # 7596312)
$550,000
18
  • Lot Size
    1,394 sqft

  • Home Size
    1,252 sqft

  • Beds
    1 Bed

  • Baths
    2 Baths

608 Brentwood Street #A
Austin, TX
Photo of 608  Brentwood Street #A, Austin, TX 78752 (MLS # 3202099)
$989,608
33
  • Lot Size
    4,356 sqft

  • Home Size
    1,959 sqft

  • Beds
    3 Beds

  • Baths
    3 Baths

44 EAST Avenue #2310
Austin, TX
Photo of 44  EAST Avenue #2310, Austin, TX 78701 (MLS # 9418770)
$1,425,000
40
  • Lot Size

  • Home Size
    1,260 sqft

  • Beds
    2 Beds

  • Baths
    2 Baths

View Virtual Tour
360 Nueces Street #2710
Austin, TX
Photo of 360  Nueces Street #2710, Austin, TX 78701 (MLS # 8186211)
$619,900
39
  • Lot Size

  • Home Size
    770 sqft

  • Beds
    1 Bed

  • Baths
    1 Bath

View Virtual Tour
70 Rainey Street #1403
Austin, TX
Photo of 70  Rainey Street #1403, Austin, TX 78701 (MLS # 2486918)
$580,000
25
  • Lot Size

  • Home Size
    663 sqft

  • Beds
    1 Bed

  • Baths
    1 Bath

austin condo report

Featured Buildings

  • 360 Condos
  • Austin City Lofts
  • The Independent
  • The Shore Condos
  • 70 Rainey

Footer

LEGAL NOTICE

TREC Information About Brokerage Services (pdf)

Texas Real Estate Commission Consumer Protection Notice


TOWERS realty

Austin Condos For Sale

Agents

Downtown Buildings

Luxury Towers

  • Four Seasons Residences
  • W Hotel & Residences
  • The Austonian
  • 5 Fifty Five at Hilton

Most Popular

  • The Shore
  • 360 Condos
  • Seaholm Condos
  • Spring Condos
  • Milago Condos

New Construction

  • The Independent
  • 70 Rainey
  • Austin Proper
  • Fifth & West

Loft Style

  • Austin City Lofts
  • Brazos Place
  • The Sabine
  • Plaza Lofts
  • Avenue Lofts
  • Brazos Lofts
  • Brown Building

Resources

  • Austin Condo Guide
  • Condos For Sale
  • Condo Buyer FAQ
  • Property Search

Featured

Archives

Newsletter · About · Contact Us · DMCA · Privacy Policy · SLAPP · Copyright © 2007-2022 TOWERS.net · All Rights Reserved
 

Loading Comments...