Austin’s seventh tallest tower sold for $208 million this week, according to an SEC filing.
Cousins Properties offloaded One Eleven Congress to Canyon Creek Real Estate on Wednesday, according to the Austin Business Journal. The price comes out to $413 per square foot.
As of June 2025, One Eleven Congress was 84 percent leased, and had Husch Blackwell and Wells Fargo listed as tenants. The purchase marks Fort Worth-based Canyon Creek’s entry into the Austin market. The firm was formed in 2025 and is helmed by three ex-Woodside Capital Partners employees: John Holt, Ben Stephens and Justin Prachyl. Ron Welborn, formerly the vice president of Jackson-Shaw Company and general manager of a private investment office in Colorado, rounds out the team. Eastdil Secured brokered the sale, according to the publication.
While Holt and Stephens told the outlet that Atlanta-based Cousins has done a solid job managing the building, they’re also considering modernizing some common areas and adding a tenant lounge. The 30-story, 503,300-square-foot One Eleven Congress, with its distinctive stacked-block pyramid-like shape, was built in 1987, firmly on the older side of Downtown Austin buildings.
After the sale, Cousins still remains one of the largest commercial firms in the Austin area, managing 21 buildings and 5.9 million square feet, according to the outlet. Cousins purchased the 800,000-square-foot Sail Tower for $552 million in 2024, and saw Google finally move into the building recently after signing a lease for the whole tower years earlier in 2019.
Google lit $53 million per year or $145,000 per day on fire by not occupying the building until late 2025. Cousins is active in Austin’s “second downtown,” the Domain, and retains possession of 300 Colorado Street and the building at 303 Colorado Street in the downtown area.
The sale of One Eleven Congress is the second high-profile downtown office building sale in the Austin area this month. Earlier in July, Brandywine sold 405 Colorado Street to Hines for $151 million, or $733 per square foot.
— Hunter Cooke
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