"The plan is to have it properly mothballed until such time it can be used again," said Clay Boardman, one of the new owners. "But it will be protected."
The 10-story, limestone and stucco-faced building opened in 1914 as The Chronicle Building, the headquarters of The Augusta Chronicle.
It was gutted during the 1916 fire and became the Marion Building in 1921 after its acquisition by Jacob Phinizy.
Its purchase by Marion Partners LLC represents an equal ownership between Boardman and Barry Storey, a managing partner with Hull Storey Gibson Cos. LLC.
The previous owners, Bettis Rainsford and Bryan Haltermann, acquired the building 19 years ago and were interested in selling.
"They wanted to get out, and I wasn't really looking to get in, but it was available, and I think it was a pretty good deal," Boardman said.
The purchase price, according to Richmond County property records, was $200,000.
Current stabilization efforts include replacing the roof, restoring windows and gutting portions of the interior, he said. "We want to create a nice, dry shell."
Contractors received permission from the Augusta Historic Preservation Commission in March for limited demolition that included removal of a former restaurant behind the building, said Erick Montgomery, the executive director of Historic Augusta Inc.
Boardman said there are no definite plans for the building.
"We don't want to create any expectations that something will happen anytime soon," he said. "We're probably looking about five years out, and we will have to see what is in demand at that point.
"Right now, we don't know."
Possibilities include retail fronting on Broad Street, with offices on the lower floors and apartments or condominiums in the upper stories, he said, noting that the previous owners had drawn up plans long ago to convert the building to housing.
Challenges to redevelopment include a lack of parking and the need for major upgrades in the building's elevators and other primary systems.