For the second time in two months, an out-of-state teachers’ group is planning to improve office space in Dallas.
According to a state filing, the State Teachers Retirement System of Ohio (STRS) will spend an estimated $228,000 on renovations on the sixth floor of 3131 Turtle Creek — an upscale office tower in Uptown. Scheduled to begin this month, the project encompasses 5,076 square feet. It has an anticipated delivery date of July 31.
The 13-story building offers access to Katy Trail and includes a golf simulator, fitness classes, and private locker rooms with showers, and is within half a mile of more than 100 restaurants.
In January, STRS filed paperwork to renovate 3,230 square feet of office space on the 14th floor of 1900 Pearl, The Dallas Express reported. That building is a 25-story luxury tower in the Dallas Arts District.
STRS “is one of the largest public pension funds in the United States, serving active, inactive and retired Ohio public educators,” according to its website. It recorded nearly $93 billion in total investments as of June 30, 2023, and, for this fiscal year, reported $7.5 billion in benefit payments.
About 70% of the organization’s investment assets are managed internally by associates who “oversee diversified portfolios of equity (common and preferred stock), fixed-income, international, real estate investments and alternative. The mix of investments is designed to provide high, long-term yields while minimizing exposure to risk.”
STRS posted more than $11.2 million in real estate investments as of June 30, data provided by the organization shows. That is down from $11.6 million over the same period last year.
