What is a Team Room?
Team Room is a team-based feature designed to facilitate a group of users to plan, track, and collaborate in a central, consolidated view. It allows multiple users (according to their role) of a team/department to come together in real time or work offline to draft, view, share and sign documents. It speeds up the process and makes it easier for everyone.
If your instance has been setup to support this feature, you will be able to see it in the main navigation bar at the top of the web interface.
This feature is only available in MSB3