1 Wall Street had been constructed for Irving Trust, one of the larger banks in New York City in the early 20th century. At the time of its construction, the building occupied what was then considered one of the most valuable plots in the city. The building replaced three previous structures, including the Manhattan Life Insurance Building, once the world's tallest building. After Irving Trust was acquired by The Bank of New York Mellon (BNY Mellon) in 1988, 1 Wall Street subsequently served as BNY Mellon's global headquarters through 2015. The building was purchased by Harry Macklowe and is undergoing a renovation from 2018 to 2021, which will convert it to a residential building with some commercial space.