The tower, designed by the architect firm Cameron Chisholm Nicol, features a triangular cross-section and stepped front to maximise natural light and corner offices.

The completed building rests upon 43 belled concrete and steel piles, with a sixteen-metre-deep basement featuring a diaphragm wall to prevent water ingress.

The tower's prime location at the corner of William Street and St Georges Terrace was the site of the first licensed premises in Perth from the 1830s.

[2] The then-opulent Palace Hotel opened on this corner in 1897 during the days of the Western Australian gold rush, and developed a "colourful" history, hosting numerous celebrities of the time.

[4] In this atmosphere, wide public protest resulted and a lobby group of concerned citizens calling themselves "The Palace Guards" worked to save the historic building.

[6] However, the construction of the modern office tower at the site's north-eastern corner required demolition of Terrace Arcade, the eastern accommodation wing and the hotel's renowned dining room.

This changed on 7 September 1984 when R&I Bank chairman David Fischer signed a joint venture agreement over the development with Austmark International, a subsidiary of Bond Corporation.

[7] The bank, which was at the time wholly owned by the Government of Western Australia, consulted then-Premier Brian Burke in deciding whether to invest in the project.

[8][13] In November 1987, Alan Bond bought the Vincent van Gogh painting Irises and unveiled it in a purpose-built secure art gallery on the 49th floor of the tower on 23 December 1988.

[22] Meanwhile, Brookfield inherited its half-stake in the tower through its 2007 acquisition of Multiplex, who had merged with Ronin Property Group[23] (the renamed AMP Office Trust) in late 2004.

[29] Stockland divested their 50% holding via an asset swap in 2011, transferring full ownership of the tower to Brookfield in exchange for two residential projects.

[30] It was announced in January 2015 that base metal and mining company South32 would sign a 10½-year lease for 8,300 square metres (89,000 sq ft) of office space, starting from May 2015.

[35][36] In March 2023, South32 announced that they would exit the building in mid to late 2025, aligning with the end of their lease, and relocate their offices into newly refurbished space at the adjacent 100 St Georges Terrace.

The new name is a reference to the Palace Hotel, and was announced alongside a $10 million refurbishment to the building in a bid to attract a new anchor tenant and to stand out in a competitive market.

[39] The foyer of the tower was originally planned to be an open-air forecourt between the building and the remains of the Palace Hotel, however extensive aeroelastic wind testing of the structure by the Institute of Environmental Sciences at Murdoch University forced this area to be covered with a glass canopy.

[10] Mocks of the curtain walls to be used in the tower were also tested to 1.5 times the proof load to ensure they could withstand cyclone-force weather and seismic shocks.

[11] The building rests upon 43 belled concrete and steel piles, of average length 30 metres (98 ft), which go "through 3 layers of swamp" to solid siltstone bedrock.