The Teacher Retirement System of Texas (TRS) is set to spend at least $326,000 a month for office space at the new Indeed Tower.

According to KXAN, TRS has inked a 10-year lease for three floors at the facility, which isn’t set to officially open its doors on Sixth Street in Austin until 2021.  

Despite the glitzy price-tag, TRS Executive Director Brian Guthrie says the agency secured a good deal for itself with the transaction.

“We were able to stabilize the rent and negotiate favorable per-construction rates for the 100,000 square feet,” he 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 officials said the agency’s Investment Management Division will occupy the space at Indeed.

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