It was built in 1904 and was designed by Marcus T. Reynolds in the Renaissance Revival style.

Currently, it is the main offices of the Research Foundation for the State University of New York.

The property at State Street and Broadway had been the site of a rounded building since the 1830s.

In 1902, the Albany Trust Company asked prominent Albany architect Marcus T. Reynolds to design a new headquarters for the bank, and Reynolds decided that the new building would also be rounded.

Extensions to the building were later added along both State Street and Broadway.