DML Capital Acquires Austin Office Asset

Houston-based private equity firm DML Capital has acquired a 123,272-square-foot office building in Austin, Texas, from Brick Row Holdings for an undisclosed amount. JLL Capital Markets brokered the transaction and arranged acquisition financing with a life insurance company.

Lakeside at Quarry Oaks is at Braker Lane and Seton Center Parkway, in the Quarry micro-market of northwest Austin. The property is near the recently announced 300-acre UT Dell Medical Center, which is scheduled to open in 2030.

The three-story building was completed in 1998, according to Yardi Matrix. Brick Row Holdings increased occupancy at the property from 36 percent to 98 percent after acquiring it in June 2025. Its amenities include an underground parking garage and direct access to Quarry Lake’s one-mile waterfront trail.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Ryan Stevens and Drew Fuller. The JLL Debt Advisory team representing DML Capital was led by Managing Directors Kyle Spencer and Michael Johnson and Senior Director Michael King.

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In a prepared statement, Stevens noted that one of Lakeside’s leading tenants is HeartFlow, a medical technology company that uses AI to assist in the diagnosis and management of coronary artery disease.

Other tenants include York Space Systems and UBEO, a JLL spokesperson told CPE.

Austin office investment activity

A late September report in Commercial Property Executive noted that while the Austin office market is coping with slower deliveries and elevated vacancy, strong investment activity has put the metro among the nation’s top 10.

Earlier this month, Unico Properties sold Lavaca Plaza, an 11-story, 122,042-square-foot office building in Austin, to private equity investor Riverside. The property was completed in 1981 and features a seven-story parking garage, with four stories of office space above that. The office space is 46.2 percent vacant, according to Yardi Matrix data.