Investors buy Katy Building

DALLAS MORNING NEWS

Pre-World War I structure to cater to legal firms, retail
By: Steve Brown, Real Estate Editor

One of Dallas’ oldest office buildings has a new owner.

The landmark Katy Building, located downtown at Market and Commerce streets, was purchased Friday by a partnership of local and out-of-state investors.

Built in 1912, the eight-story building for many years housed the corporate offices of the Missouri, Kansas & Texas Railway Co.

The building was substantially remodeled in the late 1970s.

Dallas investor Rafael Bega purchased the 57,000-square-foot office building in partnership with American Premiere Homes of California.

The terms of the sale by Westmount Realty Capital were not disclosed.

The building is valued for taxes at $2.4 million.

Sary Benzvi of Select Real Estate Group in Dallas negotiated the sale.

With its brick and decorative terra cotta facade, the Katy Building has long been a favorite with Dallas preservationists.

The building was constructed by Dallas business man Col. John M. Simpson and designed by local architect H.A. Overbeck.

Mr. Benzvi said the new owners plan to keep the building as office space catering to legal firms that need to be close to the courthouse, which is across the street.

The buyers plan to remodel the interior and locate some retail on the street level.

The same investors purchased the Park Plaza Office Building at High Five in North Dallas two years ago.

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