The 15-story building, designed by Clinton and Russell in the Renaissance Revival style, was completed in 1904 at the intersection of Wall, Pearl, and Beaver Streets.

The building is shaped similarly to a flatiron because of its position at an acute angle formed by the junction of Pearl and Beaver Streets.

1 Wall Street Court's articulation consists of three horizontal sections similar to the components of a column, namely a base, shaft, and capital.

The building served as the headquarters of the Munson Steamship Line from 1904 until 1921, and the company owned 1 Wall Street Court from 1919 to 1937.

The commercial spaces on ground level, as well as the interior offices, were significantly altered from their original design, with major renovations in 1937 and the mid-1980s.

[15][16] 1 Wall Street Court's articulation consists of three horizontal sections similar to the components of a column, namely a base, shaft, and capital.

[7][13][14] At the main corner, facing the intersection of Beaver, Wall, and Pearl Streets, there is a rounded stoop leading to the building's first story.

This door is underneath an entablature with a rounded sign reading "THE NEW YORK COCOA EXCHANGE inc."[14][21] Additional entrances were on the building's western end, originally leading to the elevator lobby.

[14][17][22] The entrance on Pearl Street, which was formerly located under the Third Avenue elevated line, is more simply designed and contains revolving doors under a canopy.

The three-story capital is ornamented with multicolored glazed terracotta tiles in green, cream, and russet hues.

[19] The roof has a gravel surface, and contains a skylight and some heating, ventilation, and air conditioning (HVAC) equipment.

[25][27] As built, 1 Wall Street Court also had two 300 horsepower (220 kW) boilers that provided steam for three electric generators aggregating 275 kilowatts (369 hp).

[10][20][25] The basement still serves as its original purpose, but the National Park Service could not determine if a bank ever used the first story and mezzanine.

The first floor is about 4 feet (1.2 m) above street level and contains lobbies, commercial space, and elevator access.

[36] One such project was led by the Century Realty Company, who hired Clinton and Russell in 1903 to design a speculative development on a narrow lot at Beaver and Pearl Streets.

[7][20] The Munson Line, a steamship-line company operating from the United States to the Caribbean and South America,[18][37] took up offices in the Beaver Building in May 1904.

[18][38] The Munson Line retained ownership of the Beaver Building, which continued to be occupied by tenants involved mainly in shipping, produce, and importing and exporting.

The Beaver Building's electrical, heating, and plumbing systems would be replaced, and the facade would be extensively cleaned.

According to The New York Times, the property was then sold to Klausner Associates, and then to investor Arthur H. Bienenstock in 1959, with the latter planning to renovate the elevators and clean the exterior.

[50] However, the New York City Landmarks Preservation Commission states that 82 Beaver Company owned the Cocoa Exchange Building between 1951 and 1981.

[18][37][51] In January 1985, British developers London & Leeds acquired the Beaver Building, at which point about 70 percent of the space was vacant.

After purchasing the building, London & Leeds renamed it One Wall Street Court and renovated the interior, refurbishing the lobby, elevators, and electrical and HVAC systems.

[16][18] Sometime after the Cocoa Exchange moved out, the commercial space was occupied until 2002 by a large shop called J&R Discount Cigars.

[60] However, he was critical of its use on 1 Wall Street Court, saying that the tiles did not "harmonize with each other, nor do they constitute a pleasing scheme of decoration for the top stories of a tall building".

[17][58][59] Architects' and Builders' Magazine, conversely, stated that the terracotta panels served "to strengthen the outline of the building and make it a notable feature amid its surroundings".