After its foundation in 1909, the Banespa underwent a period of substantial expansion and needed a larger headquarters. The first place chosen for such purpose was in Ramos de Azevedo Square, a place distant from the São Paulo's banking district near São Bento and XV de Novembro streets. Determined to move to an area of more economic prominence, the bank made an agreement with the Santa Casa de Misericórdia to purchase a building that they would demolish to construct a new headquarters on João Brícola street. The project was held in the account of the engineer and architect Plinio Botelho do Amaral, but was adapted by the contracting firm Camargo & Mesquita, who wanted to construct something similar to the Empire State Building.