Former pro sports team owner Red McCombs and two other investors, have acquired the Tower Life Building. Built in 1929, the 31-story landmark has had just a few owners, the latest are descendants of H.B. Zachry, a construction and engineering magnate.

The iconic tower is known for its eight stone gargoyles and conical clay tile roof. It was built just before the 1929 stock market crash and the Great Depression.

The building was placed on the National Register of Historic Places in 1991. Recently, the building has been occupied by a number of law firms. It received a number of tenant improvements and renovations in 2012 and then again earlier this year.

The purchase price has not been disclosed. The appraised value was most recently set at $10.1 million.