[5] On 10 April 1992 at 9:20 pm, the façade of the Exchange's offices at 24–28 St Mary Axe was partially demolished, and the rest of the building was extensively damaged in a huge Provisional Irish Republican Army (IRA) bomb attack.

English Heritage, the government's statutory conservation adviser, and the City of London Corporation insisted that any redevelopment must restore the building's old façade onto St Mary Axe.

In 1998, what remained of the Exchange Hall was completely razed, with the permission of the planning minister John Prescott over the objections of architectural preservationists, including Save Britain's Heritage, which sought a judicial review of his decision.

[10] After years on the market, in June 2006 an Estonian businessman, Eerik-Niiles Kross, found an advertisement for the components of the Baltic Exchange building on SalvoWEB while trawling the web for reclaimed flooring.

[13] The components sold included fifty crates with arches, staircases, marble columns, a carving of Britannia and others, and Kross and Hääl said they would rebuild the building in central Tallinn like "Lego".