Occidental Management closed the deal Friday with Cox Communications, which put the historic building on the market in 2008.
Occidental Management's Gary Oborny says his company wants to retain the marble interior and many of its classic features while also putting in space for office tenants, shops and at least two restaurants.
Union Station sits between Wichita's Old Town entertainment district and Intrust Bank Arena. Oborny says it's an ideal location for downtown residents to work, and visitors to eat and shop before going to events at the arena.
The purchase price was not disclosed.