The Tower Terrace is a long stand in the middle of the inside of the front straight.  

The south end is by the Pagoda Control Tower.
The north end is by the Gate 7 tunnel entrance.

There are
suites above the terrace, from section 49-79
Media Center is above the terrace from section 37-48
Tickets to either of these are
not sold to the public.

They have aluminum stands with back rests.

The Tower Terrace offers views of the pits and the front straight away.

Rows run from A (at the bottom) to MM, with no rows i or ii
20 seats per section per row.

2017 - They have now divided the Tower Terrace into North and South areas.  
The North runs from section 58 to 79 and are slightly less expensive as they are
further from the finish line and the winners circle.
Tower Terrace
In the map above, the left side is to the north.   The vertical lines you see in the stands are aisles.  
There are two sections or boxes between aisles.
This photo taken from Tower Terrace at 2005 US Grand Prix
where the cars raced clockwise, different than the Indy 500.
This photo taken from the south end of Tower Terrace at the 2018 IndyCar Grand Prix,
who also race in a clockwise direction.
Close-up View of a section of Tower Terrace
The black and white seats are part of the Tower Terrace Suites
Photos and notes from when I sat in these stands:

2005 F1 USGP  ,
2008 Brickyard 400  ,  2013 Brickyard 400  
2009 MotoGP  ,  2010 MotoGP  
2001 Carb Day  ,
2014 Angie's List Grand Prix  ,
2014 Sportscars   

Tower Terrace Suites:
2006 Indy 500 Practice  ,
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Tower Terrace is shown in orange.