Canyon Creek Real Estate has claimed a spot along the Austin skyline.
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The Fort Worth-based firm purchased One Eleven Congress, a downtown office building, from Atlanta-based Cousins Properties for $208M, the Austin Business Journal reported. It is the first Austin property for Canyon Creek, which launched last year.
One Eleven Congress is 30 stories tall and spans more than 503K SF. It sits in the central business district, among other vintage office buildings constructed in the 1980s. Last year, the building was 84% leased by tenants including Husch Blackwell LLP and Wells Fargo, the ABJ reported. The property also has a ground-floor food hall called Fareground, featuring restaurants like Austin Rotisserie, Ciccio Bomba and Four Brothers.
Cousins in April disclosed that a sale of the tower was pending. Eastdil Secured brokered the July 29 deal.
The deal is one of the largest recent downtown Austin deals, the ABJ reported, trailing Cousins’ 2024 acquisition of the city’s 804K SF Sail Tower for $522M and Hines’ acquisition of the 206K SF office building at 405 Colorado St. for $151M last month.
The acquisition comes amid a period of recovery for Austin’s office market. More office space was occupied than vacated for the third consecutive quarter, with net absorption reaching 64,525 SF in Q2, according to a JLL office report. Vacancy sat at 25.8%, down from 26% the previous quarter. Austin’s office development pipeline dropped to 1.7M SF under construction, “its lowest level in recent years” and down from a peak of more than 3.5M SF in mid-2024.
Cousins is the fourth-largest commercial building owner in Austin, with 21 buildings across the city, according to the ABJ. In addition to One Eleven Congress and the Sail Tower, the firm owns the Offices at the Domain and downtown’s 300 Colorado and Colorado Tower.
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