Downtown Austin Tower Sold for $208 Million

AUSTIN – (Realty News Report) – The 111 Congress Avenue building in downtown Austin has been sold for $208 million or about $400 per SF, according to the seller, Cousins Properties.

The 30-story tower was acquired by Canyon Creek Real Estate of Fort Worth. The seller is Cousins Properties, an Atlanta-based REIT. Eastdil Secured handled the deal.

Built in 1987, the 519,000-SF building is 84% leased.

The 111 Congress Avenue building in downtown Austin has been sold for $208 million. The 30-story tower is just north of Lady Bird Lake,. The building is home to the Faregrounds fool hall. Photo Credit: Ralph Bivins, Realty News Report. Copyright 2026

Cousins was a major buyer in another downtown Austin deal about two years ago. Cousins acquired the Sail Tower, which was fully leased to Google. Cousins paid $559 million for the 804,000-SF Sail Tower, which sits on the north shore of downtown’s Lady Bird Lake.

Hines Also a Buyer in Downtown Austin

A few weeks ago, Hines Global Income Trust acquired the 25-story 405 Colorado office building in downtown Austin for $151 million.

The seller, Brandywine Realty Trust, was represented by Eastdil Secured.

The 206,000-SF tower is 100% leased to tenants including JPMorgan Chase, Bain & Company, and AllianceBernstein.

Hines’ Austin building is located on the northeast corner of Fourth and Colorado streets, just west of Congress Avenue. Brandywine first announced plans to build 405 Colorado in 2016.

The building was planned as 25-story structure topping out at 366 feet in height. Twelve floors were devoted to covered parking. The tower was designed by Duda Paine Architects.

“We believe the U.S. office recovery is underway, with demand concentrated in fully leased trophy assets. In office, our strategy involves selectively acquiring best-in-class properties with strong tenants and highly visible income, while maintaining our focus on grocery-anchored retail, said Alfonso Munk, Global Co-Head of Investment Management at Hines. “We’re investing where we see the potential for strong alignment between income durability and attractive pricing.”