The building was constructed to be the headquarters of the Bank of the State of São Paulo (Banespa), between 1939 and 1947. It remained the tallest building of the city for two decades until being surpassed by the Edifício Itália. Soon after its completion in the 1940s, it was named the world's largest structure of reinforced concrete. It was designed by Plínio Botelho do Amaral, who was inspired by the Empire State Building and Frank Lloyd Wright. Its panoramic view of the center of São Paulo and its outskirts attract thousands of visitors. In the future, the Altino Arantes building will become the headquarters of the Banespa Cultural Institute, facilitating artistic and cultural activities.