Acquisition of the 519,653-Square-Foot Iconic Asset Highlights Strong Conviction in Austin’s CBD, Combining Institutional Stability, Modern Amenities, and Value-Add Potential
Austin, TEXAS, Aug. 24, 2026 (GLOBE NEWSWIRE) — Canyon Creek announced the strategic acquisition of One Eleven Congress, a premier 519,653-square-foot, Class A office tower situated on three acres in the heart of Downtown Austin. Positioned along Congress Avenue, this landmark asset offers protected views of Lady Bird Lake and the Texas State Capitol.
Aerial view of One Eleven Congress, a premier 519,653-square-foot Class A office tower occupying 1.5 city blocks in the heart of Downtown Austin.
Occupying 1.5 city blocks at 111 Congress Avenue, One Eleven Congress has long served as an anchor of the Austin skyline. Canyon Creek acquired the property at a competitive basis relative to recent Austin market trades, capturing a unique timing window as market demand and investor interest accelerate.
“One Eleven Congress is an irreplaceable, generational asset that has defined the Austin skyline for decades,” said Ron Welborn, Partner at Canyon Creek. “We acquired this landmark tower at a compelling basis during a unique market inflection point. With over $41 million in modern capital upgrades, seamless ingress and egress, and a highly durable tenant profile, One Eleven Congress delivers unmatched value while competing directly with the newest builds in the market.”
The property features a comprehensive $41 million ($79/SF) recent renovation, upgrading the main lobby, outdoor plaza, state-of-the-art fitness center, executive conference facilities, and structured parking. Additionally, the asset is home to Fareground—Downtown Austin’s premier and only high-end food hall—offering an unrivaled on-site retail experience.
“Our conviction in Austin is high — we believe it’s one of the best places to be putting capital to work in the country,” said Ben Stephens, Principal at Canyon Creek. “This acquisition is the foundation of a much larger presence we plan to build here. Austin has a culture all its own, and our goal is to add to it and participate in it, not just own real estate in it.”
“We’re excited to invest in the interior and exterior spaces of 111 Congress and bring new energy to Fareground, while preserving what makes it such a unique gathering place,” Stephens added.
The acquisition also includes optionality for future development on the northeast corner of the site, providing a compelling opportunity for additional value creation and income diversification.
One Eleven Congress enters the Canyon Creek portfolio as a stabilized institutional asset, currently operating at 90%+ occupancy with a long history of strong performance through both up and down cycles, consistently outperforming many downtown assets. Strong recent leasing activity demonstrates continued tenant demand, with additional upside through contractual rent growth and future lease-up opportunities. The property also benefits from a high-quality and diversified tenant roster spanning legal, financial, consulting, and healthcare sectors, with limited speculative tech exposure and a well-diversified rent roll supporting resilient cash flow through economic cycles.
Located at the epicenter of Austin’s growth, One Eleven Congress is surrounded by major city destinations, including the 2nd Street retail corridor, Four Seasons Hotel, JW Marriott, Rainey Street District, and the transformative $1.6 billion Austin Convention Center redevelopment. The acquisition capitalizes on Austin’s dominant position as the nation’s top city for projected job growth and a leading national market for corporate headquarter relocations since 2018.
Street-level view of One Eleven Congress along Congress Avenue, showcasing its prime location in Downtown Austin’s high-density business district.
About Canyon Creek Real Estate
Canyon Creek is a premier commercial real estate investment and development firm focused on acquiring, managing, and optimizing high-quality assets across Texas and high-growth regional markets. Driven by deep market insight and a disciplined investment approach, Canyon Creek specializes in value-add strategies and marquee acquisitions that deliver long-term value for tenants, investors, and local communities. For more information, visit https://www.canyoncreekre.com
Press Inquiries
Benjamin Stephens
ben [at] canyoncp.com
https://www.canyoncreekre.com
100 Lexington St Suite 050
Fort Worth, TX 76102
