Canyon Creek Real Estate Purchases One Eleven Congress Office Tower In Austin For $208 Million
111 Congress Avenue
$208,000,000
$401/SF
Building Size
518,385 SF
Asset Type
Office
Closing
Jul 31, 2026
About this deal
AI
The office asset involves the sale of the One Eleven Congress office tower located at 111 Congress Avenue in Austin, TX. The property spans a total square footage of 518,385 and was sold for a transaction amount of $208,000,000, reflecting a price per square foot of $401.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $208,000,000
- Buyer: John Holt & Benjamin Stephens - Canyon Creek Real Estate
- Seller: Colin Connolly - Cousins Properties
- Square Footage: 518,385
- Price per Square Foot: $401
- Date of Transaction: 07/31/2026
- Market: Austin, TX
Cousins Properties sold the office tower to Canyon Creek Real Estate to aid in funding their recent acquisition of 300 South Tryon in Charlotte, valued at $317.5 million. This transaction reflects Cousins Properties' ongoing strategy to reshape its office portfolio.
On the Map
$208,000,000
$401/SF
Office
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Players
Avenue Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93