Continued Interest in Capitol Office Sparks Another Buy

900 Congress has one of the highest parking ratios among downtown office buildings.

AUSTIN, TX—The 64,000-square-foot building at 900 Congress Ave . includes nine levels of off-site accessory parking at 816 Colorado, giving the property one of the highest parking ratios among downtown Austin office buildings. Cielo Property Group has purchased the five-story office building just two blocks south of the Texas Capitol. “It’s been exciting to see this area of downtown revitalize over the past few years,” said Cielo vice president of investments Branigan Mulcahy . “Close proximity to the Capitol has always been an advantage for this building, and the energy from all of the redevelopment on North Congress along with the new Dell Medical School and the Dell Seton Medical Center nearby puts this building in the new center of downtown for a growing and diverse group of tenants.” Cielo plans to upgrade and modernize the Art Deco-style building with an extensive renovation of the lobby and elevators as well as improvements to the building’s streetscape and canopy. Mulcahy tells GlobeSt.com: “Cielo specializes in redeveloping and repositioning well-located urban assets, and I believe this property is a great fit for our strategy. This building is in an exceptional location and has great architectural bones. Our renovation plan for the exterior and interior of building will both improve the overall aesthetic and drive down energy costs for tenants.” This is the seventh property Cielo has acquired on Congress Avenue and the second at the corner of 9th and Congress. The company purchased the 15-story office tower at 823 Congress across the street in 2014. The company also owns three historic mixed-use buildings at 315, 319 and 323 Congress Ave. as well as 601 W. Third St., where it plans to break ground on a 29-story office tower called Third + Shoal later this year. “With the renovations Cielo has planned for 900 Congress, this building will add more creative, modern office space in the heart of downtown,” said Bethany Perez , principal with AQUILA Commercial . “Cielo has become synonymous with creative office and their involvement has already sparked new activity and interest in the building. Companies continue to be drawn to downtown Austin for recruiting and retention purposes and 900 Congress boasts a prime location that appeals to companies looking for more identity and access to walkable amenities. Proximity to the Capitol and a high parking ratio will also make this building attractive to a variety of users.” Cielo founding partners Bobby Dillard and Rob Gandy will continue to focus investment activities in Austin’s central business district. “We are grateful to operate in such a vibrant downtown, and 900 Congress will do an excellent job addressing the space needs for businesses that want to be in this high-energy, walkable environment,” Dillard said. Gandy concurs: “Not every business wants to be in new high rise construction, and 900 Congress offers a great alternative where tenants can office in a boutique building with modern amenities and also be in the middle of downtown’s most iconic destinations and exciting new developments.”