The Historic Purse Building Is Now for Sale in Downtown Dallas

22 Sep The Historic Purse Building Is Now for Sale in Downtown Dallas

Posted at 13:29h in Opportunities by

In Downtown Dallas, a century-old red brick landmark is officially back on the market. The Purse Building at 601 Elm Street has stood for more than 120 years, reflecting the city’s growth and transformation. Now, it represents a once-in-a-generation opportunity for investors.

A Century of Dallas History

Constructed in 1905, the Purse Building reflects more than a century of the city’s growth and transformation. Originally built for the Parlin & Orendorff Implement Company, the structure later housed Purse & Co. Wholesale Furniture, giving the building its enduring name.

The building embodies Chicago Italianate-style architecture, with red brick façades, pine wood floors, timber beams, and expansive arched windows. As one of the few surviving pre-World War I warehouse buildings in Dallas, it holds a place on the National Register of Historic Places.

The Purse Building also carries a unique chapter of American history: in 1963, during the JFK assassination investigation, the FBI commandeered the property as a command center due to its proximity to Dealey Plaza and the Texas School Book Depository (now the Sixth Floor Museum).

Restoration and Renewal

After nearly 30 years of vacancy, Dallas developer Tanya Ragan and her firm, Wildcat Management, stepped in to acquire and restore the building. Tanya oversaw a major rehabilitation, updating the building’s core and shell while preserving its historic features.

“Restoring the Purse Building has been one of my pride projects,” Ragan has said. “It honors the history of Dallas while creating a platform for its future.”

The 2020 renovation included updated infrastructure, preserved brickwork, and improvements that position the building for immediate adaptive reuse by its next owner.

Property Highlights

  • Address: 601 Elm Street, Dallas, TX 75202 (Downtown Dallas, Government District)
  • Size: ±65,000 SF | 6 floors (avg. 9,100 SF floor plates)
  • Lot Size: 0.32 acres
  • Zoning: CA-1(A): All zoning allowed, no maximum density
  • Features: Original pine floors, exposed brick & timber beams, industrial-style windows
  • Rooftop: 360° unobstructed views of the Dallas skyline
  • Ground Floor: Corner frontage on Elm Street, ideal for restaurant or retail activation
  • Transit Access: Steps from DART West End Station, Reunion Tower, and Dealey Plaza. Minutes to the Dallas Convention Center

Limitless Redevelopment Potential

The Purse Building is ideally suited for a range of adaptive reuse scenarios, including:

  • Boutique Hotel (102-116 key potential, per feasibility studies)
  • Creative Office or Corporate Headquarters
  • Residential Lofts or Condominiums
  • Mixed-Use Destination combining retail, dining, and workspace


As Downtown Dallas continues its rapid downtown transformation, with more than $3 billion in new development including the Convention Center District and Reunion redevelopment, the Purse Building offers both scarcity value and immediate upside.

Incentives for Investors

As a recognized historic property, the Purse Building qualifies for federal and state historic tax credits, with potential abatements covering up to 45% of eligible rehabilitation costs. Combined with its location in a high-growth submarket, these advantages make it one of the most compelling investment opportunities currently available in Dallas.

Positioned in Downtown Dallas

Downtown’s Government District blends civic anchors, culture, dining, transit, and tourism. With heavy foot traffic near Dealey Plaza and The Sixth Floor Museum and excellent rail and freeway access, the Purse Building stands as a flagship redevelopment opportunity supported by walkability, connectivity, and history.

A Rare Investment Opportunity

The availability of the Purse Building marks a rare chance to acquire a Dallas icon that blends architectural heritage with unmatched redevelopment potential. Properties of this scale and significance seldom come to market in the city, making this a once-in-a-generation acquisition.

For full details or to schedule a private tour of the Purse Building, please contact Monica Moreno (469) 882–8716. 🔗 View the full listing on LoopNet.