Built as an extension to the Scotsman newspaper office, it later became part of the city's wholesale fruit and vegetable market.
Designed as a nine-storey iron-framed warehouse, it is clad in stone to create a restrained Beaux Arts facade.
Works by contemporary artists such as Moyna Flannigan, Calum Colvin, Peter Howson and Dame Elizabeth Blackadder have all been acquired with Bequest Funds.
The Scheme has been in operation since 2003, and was established to assist museums and galleries throughout Scotland purchase work by contemporary artists and craft makers.
In recognition of Edinburgh's World Heritage Site Status, the City Art Centre is acquiring works all of which have an urban or architectural theme.
[9] Since the scheme began, the City Art Centre have acquired a variety of work including film, photography and installation.
Artists now represented include Toby Paterson, Christine Borland, Graham Fagen, Rosalind Nashashibi, Nathan Coley and Rose Frain.