The former St. Peter’s Rectory Building in Lowell has been purchased for $702,000.

David T. Daly, a local businessman, bought the property at 327 Gorham St., located across from Lowell Superior Court. The building is occupied by several tenants, most prominently Clark Insurance, which holds a long-term lease for the space.

The new owner will renovate the property with energy efficiency and technology updates, enhancements to lighting, landscaping and the addition of a modern security system with cameras.

The 125-year-old, five-story brick building served as a rectory and residence of St. Peter’s Church, which was demolished in 1996. An open house event is planned for January.

The property was sold by Susan and James Cooney, formerly of the James L. Cooney Agency. Future tenant brokerage at the property will be handled by The Edge Group Inc. of Lowell.