Cousins Properties Sells Austin Office Asset for $208M

Cousins Properties has sold One Eleven Congress, a 518,385-square-foot office tower in downtown Austin, Texas, for $208 million, according to its latest SEC filing. Canyon Creek Real Estate purchased the asset, as reported by The Austin Business Journal.

The high-rise’s imminent trade surfaced earlier this year, in Cousins’ first-quarter report. The property was 90.2 percent leased as of March, up 380 basis points compared to the December reading. However, One Eleven Congress was below the average Austin office occupancy across Cousins’ portfolio, which clocked in at 95.3 percent at the end of March.

Proceeds from the sale will partly cover the acquisition of 300 South Tryon, a 638,000-square-foot office property in Charlotte, N.C., that Cousins paid $317.5 million for earlier this year. The divestment of Harborview Plaza, a 206,000-square-foot asset in Tampa, Fla., for $39.5 million is likewise expected to cover the Charlotte purchase.

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The 1987-built One Eleven Congress had been under Cousins’ ownership since 2016, and since then, the company continued investing in capital improvements. As of 2025, the expenditure reached $66.4 million, including the entrance and facade renovation of 2021, as well as various other interior enhancements throughout the tower.

The 30-story high-rise features 23,500-square-foot floorplates and amenities such as a food hall, conference center and gym, among others. The tenant roster includes Colliers and Strattam Capital, as well as law firms Fish & Richardson and Bracewell.

Downtown tenant demand drives investment

Located at 111 Congress Ave., the tower is in Austin’s central business district, a couple of blocks away from 405 Colorado, a 206,000-square-foot trophy office property that Hines acquired for $151 million earlier this month.

The downtown area generated outsized demand, capturing nearly one-third of all leasing activity during the first half of 2026, according to a Cushman & Wakefield report. Class A properties in the area stood to benefit from the ongoing flight-to-quality office building trends, with tenants paying a steep 40 percent premium to occupy such buildings compared to the market average.