CBRE announced the sale of Waterloo Innovation Center, a two-building, 198,972-square-foot office campus located at 1000 Red River in downtown Austin. The building was sold by Teacher Retirement System of Texas (TRS) which operates its Austin headquarters out of the property.

CBRE’s Russell Ingrum, Peter Jansen, Troy Holme, Jennifer Joseph, Patrick Benoist and Jared Chua represented the seller. The buyer and terms of the deal were not disclosed.

TRS, the largest public retirement system in Texas, will remain at 1000 Red River for an additional two years while its new Austin headquarters campus in Northeast Austin is built. The organization has been based at the campus for nearly 50 years. TRS is a nearly $185 billion financial institution that serves 1.9 million Texans.

Austin ranked No. 14 in the U.S. for total commercial real estate investment volume with nearly $16.9 billion invested between Q2 2021 and Q2 2022, according to CBRE Research. Year-over-year, commercial investment rose by 68.1% in Texas’s capital from just over $10 billion between Q2 2020 and Q2 2021.