The fire occurred at 4:15 PM on Thursday, 24 February 1972, on the second floor and engulfed the entire building, which contained several corporate offices, among them German multinational companies Henkel and Siemens.

Although the building is most often associated with the fatal fire, it nevertheless has significant architectural value, being one of the best-known skyscrapers of São Paulo, of considerable prominence in the skyline with its unmistakable geometric shape.

Most survivors of the tragedy, unable to use the emergency stairs, chose to climb to the top floor of the building, where they remained until firefighters were able to get the fire under control.

The fire was covered live on television broadcasts and the scenes of people throwing themselves from the windows shocked the world.

These discussions gained added impetus from an even greater tragedy, the fire at the Joelma Building, which occurred two years later in São Paulo.