Cousins Properties Inc. has completed the sale of the One Eleven Congress office tower in downtown Austin, transferring the 30-story asset to Canyon Creek Real Estate in a $208 million transaction. The high-rise, built in 1987 and regarded as one of the Central Business District’s older office properties, continues to hold a significant footprint in the market, totaling 503,344 square feet and ranking as the seventh-largest office tower in the city.
Eastdil Secured brokered the sale of One Eleven Congress. The deal adds another major Austin office assignment to Eastdil’s recent track record in the market, following its role as exclusive adviser on other large transactions for institutional owners in the city.
According to reporting from the Austin Business Journal, the new ownership may pursue improvements within the tower, with potential plans that include modernizing common areas and the possible addition of a tenant lounge. While no specific timeline or scope for these upgrades has been detailed, the capital plan under consideration suggests an emphasis on enhancing shared spaces and tenant-facing amenities within the existing office footprint.
One Eleven Congress is currently a largely stabilized asset, with occupancy at 84% as of June 2025. That leasing level reflects a substantial in-place rent roll for an older vintage tower in the core of Austin’s Central Business District, positioning Canyon Creek with an immediate income stream while it assesses future investment in building enhancements.
The acquisition marks Canyon Creek Real Estate’s first property in Austin. The firm, which is based in Fort Worth and was formed in 2025, is using the purchase of One Eleven Congress as its initial entry into the downtown Austin office market. No additional information was provided on Canyon Creek’s broader portfolio strategy or future acquisition pipeline.
The sale comes amid a period of sizable office investment activity in Austin. In 2024, Cousins acquired the Sail Tower in the city for $522 million, a transaction for which Eastdil Secured served as exclusive adviser. More recently, Brandywine sold the 405 Colorado office property to Hines earlier this month, with Eastdil again representing the seller. Together with the One Eleven Congress trade, these deals highlight ongoing investor engagement with large-scale office assets in Austin’s urban core and sustained brokerage involvement from Eastdil Secured across multiple marquee assignments.
