A historic property in downtown Dallas has been listed for sale as the city prepares for major redevelopment projects. Wildcat Management, led by Tanya Ragan, is selling the Purse Building at 601 Elm Street. The six-story, 75,000-square-foot building was built in 1905 and previously housed Purse & Company Wholesale Furniture.
The Purse Building holds historical significance. After President John F. Kennedy was assassinated in nearby Dealey Plaza, the FBI used the building as an investigative command center. It is listed on the National Register of Historic Places and qualifies for state and federal historic tax credits as well as a 10-year historic tax abatement from the city.
Ragan purchased the building in 2017 after it had been vacant for decades. She began renovations to restore original features such as pine floors and timber beams by removing outdated carpet and drop ceilings. Her initial plans included leasing it to office tenants, adding a rooftop deck, and introducing ground-level retail space. At one point, she also considered converting it into a hotel.
According to marketing materials, potential future uses for the property include “multifamily or condo development, creative office, or a flagship destination for a single use.”
Ragan described the property as “an irreplaceable piece of Dallas history.”
Ragan is known for her work in adaptive reuse projects and played a role in redeveloping the Dallas Farmers Market from old warehouses into a mixed-use district with daily market activity.
Downtown Dallas faces challenges attracting tenants due to competition from newer developments in Uptown. Many companies have moved out of downtown offices to new buildings near Klyde Warren Park—a trend often referred to as “flight-to-quality.” There are concerns that AT&T may move its headquarters from Whitacre Tower (One AT&T Plaza) downtown to a suburban location. The Neiman Marcus flagship store’s future is also uncertain after community efforts delayed its closure earlier this year.
Office vacancy rates remain high in downtown’s central business district—nearly 35 percent compared to about 25 percent across the broader market—according to data from Partners Real Estate.
Repurposing older buildings has been proposed as one way to address excess office space downtown but presents financial challenges.
Despite these issues, significant investments are planned nearby: Dallas is moving forward with a $3.5 billion overhaul of the Kay Bailey Hutchinson Convention Center (https://www.dallasnews.com/business/real-estate/2024/05/15/dallas-city-council-approves-35-billion-convention-center-revamp/) while Hunt Realty intends to spend $5 billion redeveloping Reunion Tower (https://www.bizjournals.com/dallas/news/2023/09/12/hunt-realty-reunion-tower-downtown-dallas.html). Both projects will be located within blocks of the Purse Building.
