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Canyon Creek buys Austin office tower One Eleven Congress for $208M

The 30-story property totals more than 503,000 square feet and was 84% leased last year.

Reported · Written up by our desk · Commercial

Canyon Creek, a Fort Worth-based firm that launched last year, has acquired One Eleven Congress, a downtown Austin office building, in a deal valued at $208 million, according to Bisnow and the Austin Business Journal.

The seller was Atlanta-based Cousins Properties. One Eleven Congress is a 30-story tower spanning more than 503,000 square feet and is located in the central business district among other 1980s-era office buildings.

Bisnow reports the building was 84% leased last year, with tenants including Husch Blackwell LLP and Wells Fargo. The property also features a ground-floor food hall called Fareground with restaurants such as Austin Rotisserie, Ciccio Bomba, and Four Brothers.

Eastdil Secured brokered the transaction, which Bisnow characterizes as one of the larger recent downtown Austin deals. The purchase comes as Austin’s office market recovery continues, with net absorption of 64,525 square feet in Q2 and vacancy falling to 25.8% from 26.0% the prior quarter, according to a JLL office report.

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