At the end of the 19th and beginning of the 20th centuries, the area around Maiden Lane and John Street became home to a number of early skyscrapers built speculatively to house businesses attracted to the booming financial district, which was expanding north.

[1] Boehm and Coon hired prolific New York City architect Gilbert A. Schellenger to design the building for the specific requirements of diamond merchants and jewelers.

[5] The frame and floors were made unusually strong in order to accommodate the heavy safes required by the trade, large windows provided ample daylight, augmented by gas and electric lights, and the facade was ornately decorated.

[10] The ground floor, decorated in polished granite, was leased to retail tenants;[5] in 1915 it became home to Tessaro's, a dealer in rare books.

[11] While many early skyscrapers have been demolished or dwarfed by modern neighbors, the Diamond Exchange, as of 2022[update], still stands above the adjacent buildings.