Built in 1925–26 as San Jose's first skyscraper, it has a red-tile hip roof and a decorative cupola with a needle-like spire featuring a tall green light.

Built in 1925–26 to a design by architect Henry A. Minton, the Bank of Italy Building is one of the oldest skyscrapers in Silicon Valley.

In the 21st century, its office space has housed many companies including law firms, tax services, and an AIDS advocacy group.

In December 2017, local real estate investors and developers Gary Dillabough and Jeff Arrillaga bought the Bank of Italy Building for $27.04 million; it had previously had several partial owners on a condominium basis.

[7] The original plan was a gut rehabilitation to net zero standards to create small office spaces; following the COVID-19-related downturn, a 2021 concept envisaged a mixed-use conversion including retail and food and with the addition of garden terraces;[8] in early 2024, work began on a residential conversion to include at least 100 apartments on the upper floors of the tower.