The building was built in 1906 for the Commonwealth Trust Company, with construction underway by June 1906.

[2] By August 5, 1906 the dispute had been settled and the building's framework had been completed up to the twelfth floor.

[3][4] The building was completed in 1907, with the Commonwealth Trust Company moving in by April 1, vacating their previous residence at 327-329 Fourth Avenue.

[8] The building also served as the offices for the Steel Workers Organizing Committee, and later the United Steelworkers.

[9][10] On June 1, 1954, first assistant county solicitor Edward G. Bothwell was shot three times and critically wounded by George E Linn in his office on the fourth floor of the Commonwealth Building, after losing a 10-year court case previously.