The idea for the current skyscraper was attributed to Irving Trust president Harry Ward. Irving Trust, founded in 1851, had merged with numerous other banks in preceding years, and had outgrown its offices in 60 Broadway, the Equitable Building, and the Woolworth Building. At the time of the proposal, the bank was known as American Exchange Irving Trust, having merged in 1926 with the American Exchange-Pacific National Bank. During the mid- and late 1920s, many Art Deco office buildings were constructed in New York City, peaking around 1929 and 1930. Additionally, banks in Manhattan were clustering around Wall Street, and the corner of Broadway and Wall Street was seen as a valuable location.