[4] The site used to be occupied by the second Grand Central Palace exhibition hall, which was demolished in 1964 to make way for 245 Park Avenue.

In 1987, Bear Stearns signed a lease for more than 500,000 square feet (46,000 m2) of space as its new headquarters and moved 3,000 of the company's employees into the building.

[6] In November 2000, JPMorgan Chase leased 580,000 square feet (54,000 m2) in the building, creating a corporate campus with the company's nearby headquarters at 270 Park Avenue.

[10] Following financial difficulties at HNA in 2018, the conglomerate committed to selling off $22 billion in stocks and real estate assets.

[14][15] By mid-2024, the owners were renovating the building and adding a golf lounge, restaurant, wellness center, and communal rooftop space.