The building was built as the Industrial Trust Tower in 1927 and designed in the Art Deco style popular at the time. Though stepped buildings in New York City had been a common solution for Manhattan's strict zoning policies regarding adequate light and air, there were no such restrictions in Providence; nevertheless, New York architects Walker & Gillette chose to keep symmetrical stepped massing. The base and the trim at the base's top were built to match the cornice height of existing adjacent (now gone) four-story buildings. The building has remained relatively unchanged over the years with the exception of the lobby, the upper windows and several stone eagles at the top of the tower on the light beacon, which were removed decades ago after an eagle fell to the street below.
From nightfall until midnight, the building's peak has traditionally been lit a bright blue (red and green at Christmas, red for Valentine's Day). On April 7, 2013, however, Bank of America, the building's last tenant, announced its intention to vacate the space and plans for future lighting of the empty tower remained in the dark. Bank of America officially left in March of 2013, leaving the Providence landmark dark for the foreseeable future. High Rock Development put forth a plan to convert the building into mostly luxury apartments, involving $80 million in tax credits. This plan was rejected and the state has applied to move some of their Health and Human Services offices into the now vacant property. High Rock Development is expected to decide on this in early Fall 2013.