Wisevoter
Austin

DML Capital Acquires Austin Office Property

Houston-based firm completes purchase of the 123,272-square-foot Lakeside at Quarry Oaks building.

Updated on Oct. 30, 2026 in Commercial

Modern limestone and glass office building nestled among oak trees near a waterfront trail in Austin.
Houston-based DML Capital acquired the 123,272-square-foot Lakeside at Quarry Oaks office property in Austin, following a surge in occupancy to 98 percent. AI Illustration. Upload story photo >

Live Poll

Does increased investment in local office buildings signal long-term economic stability for your area?

Houston private equity firm DML Capital has acquired Lakeside at Quarry Oaks, a three-story office property in Austin. The deal follows a significant turnaround for the asset, which saw occupancy surge to 98 percent under previous ownership.

Why it matters

The acquisition highlights investor interest in high-occupancy office assets located in the competitive Quarry micro-market. This transaction signals robust demand for improved commercial real estate properties in the Austin area.

The Lakeside at Quarry Oaks building encompasses 123,272 square feet and was originally completed in 1998. The property serves major tenants including HeartFlow, York Space Systems, and UBEO.

The players

DML Capital

DML Capital is a private equity firm based in Houston that focuses on real estate investments.

Brick Row Holdings

Brick Row Holdings is a real estate investment firm that oversaw the recent increase in property occupancy.

JLL Capital Markets

JLL Capital Markets is a global commercial real estate services firm that facilitates property sales and financing.

HeartFlow

HeartFlow is a major medical technology tenant currently leasing space within the property.

The details

The transaction was brokered by JLL Capital Markets, which also managed the acquisition financing through a life insurance company. Located at the intersection of Braker Lane and Seton Center Parkway, the site offers an underground parking garage and access to a one-mile waterfront trail.

Timeline

  1. The Lakeside at Quarry Oaks office building was completed in 1998.

  2. Brick Row Holdings acquired the property in June 2025.

  3. DML Capital acquired the office building in October 2026.

  4. The UT Dell Medical Center is scheduled to open in 2030.

Culture Shift

The property's proximity to the future UT Dell Medical Center development reflects a growing trend of commercial investment near major city expansion hubs. This shift signals a departure from legacy office park strategies in favor of assets located near emerging regional infrastructure.

The transition to a new owner may influence future tenant amenities or long-term lease renewals for companies operating in the Quarry micro-market. Residents near the office complex may notice continued site operations as the new ownership integrates the property into its portfolio.

The takeaway

Commercial real estate investors are currently prioritizing properties with high occupancy rates and modern amenities. Building owners can significantly increase asset value by securing stable, long-term tenants ahead of a property sale.

Further reading

For more information on the local market, visit the Austin Commercial section.

Source note: This article includes information reported by Commercial Property Executive.

Live Poll

Does increased investment in local office buildings signal long-term economic stability for your area?