One of downtown Austin's most recognizable office towers is officially up for grabs. Cousins Properties has moved to sell One Eleven Congress, the 30-story office building on Congress Avenue that includes a busy ground-floor food hall and dozens of office tenants. The real estate investment trust disclosed the planned disposition in a recent quarterly filing and said the deal is expected to close in the early part of the third quarter of 2026. Local brokers and tenants say the buyer will be stepping into a high-visibility corner of the central business district.
In an April 29 earnings release, Cousins Properties said it had "entered into an agreement to sell One Eleven Congress," describing the property as roughly 519,000 square feet and noting that the transaction is expected to close early in the third quarter of 2026. The same filing shows the company recorded an impairment tied to the building in the first quarter as it moved the asset toward a sale.
Building profile and tenants
Public listings and local coverage offer a slightly different snapshot of the building. ConnectCRE describes the stair-stepped tower as about 503,344 square feet, completed in 1987 and roughly 84% leased as of June 2025. On the ground floor, the lobby level hosts Fareground, a downtown food hall that lists vendors including Austin Rôtisserie, Ciccio Bomba, Desnudo, Four Brothers and Taco Pegaso.
Why Cousins is reshuffling
Cousins told investors that the sale fits into a broader portfolio strategy. Proceeds from dispositions are expected to help fund recent acquisitions and other capital priorities, including the company's purchase of 300 South Tryon earlier this year. That approach was outlined in the same earnings materials that confirmed the One Eleven Congress agreement.
Where this fits in Austin
The move follows a period when Cousins added to its downtown Austin holdings. The REIT paid roughly $522 million for a separate "sail" tower at 601 West 2nd Street in December 2024, a transaction reported at the time by The Real Deal. Over the same stretch, market trackers say Austin absorbed a wave of new office deliveries that pushed overall vacancy higher. A Partners Real Estate report recently pegged metro office vacancy in the mid-20s percentage range, highlighting why some owners are looking to rebalance portfolios rather than simply sit tight.
Neither Cousins nor brokers have released a price tag for One Eleven Congress. ConnectCRE notes that the company has not announced a figure. Buyers, tenants and downtown watchers will be tracking the marketing process and the expected early third-quarter closing for clues about how much appetite remains for large institutional office plays in the heart of Austin.
