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The construction of the building began in 1922 and it was inaugurated in 1929 with 12 floors. The construction of the building followed until 1934. The work ended when the building had 30 floors (130 meters). The building was designed by Italian Brazilian entrepreneur Giuseppe Martinelli.
The building was completely remodeled by Mayor Olavo Setúbal in 1975. It was remodeled again in 1979. Today, the building houses the Departments of Municipal Housing and planning, companies Emurb and Cohab-SP, the headquarters of the Association of Banks of SP, and several shops in the ground floor of the building.
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