Opened in 1972, the building was designed by architects Welton Becket and Fred M. Guirey.

The skyscraper is located in Central Avenue Corridor, an economic and residential region of Downtown Phoenix.

Unlike many traditional skyscrapers with zero-setback retail/lobby space on the ground floor, access to the tower is through an underground restaurant/retail concourse set a comparatively large distance away from the bordering streets.

[3] Upon completion, the tower marked the beginning of a renewed investment in downtown Phoenix that would last for almost twenty years until the savings and loan crisis brought about the 1989 real estate crash.

Located at 201 North Central Avenue, the tower was renovated in 2003 to accommodate 800 additional Bank One employees.

In May 2018, a partnership managed by Wentworth Property Company acquired the building out of foreclosure for $79 million, less than half of its 2007 sale price.

He successfully reached the roof of the building, and was taken into custody by officers who were waiting at the top, who charged him with trespassing and criminal nuisance.