Cielo Property Group Buys Downtown Austin Office Building

AUSTIN, TEXAS — Cielo Property Group has purchased a five-story office building located at 900 Congress Ave. in downtown Austin. The 64,000-square-foot building includes nine levels of off-site accessory parking at 816 Colorado St. Cielo purchased a 15-story office tower located across the street at 823 Congress Ave. in 2014. The company plans to upgrade the Art Deco-style building with a renovation of the lobby and elevators, as well as improvements to its streetscape and canopy. This is the sixth downtown Austin property that Cielo has acquired since it was founded in 2010. 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.