Modeled after the Washington Monument, the building was completed in 1929, months before the stock market crash in October of that year.

The exterior is faced with Indiana limestone, while the interior features African mahogany, Italian marble, terrazzo, gold-plated doorknobs, a silver and gold plated ceiling, beautiful ornamental bronze entrances and work throughout the building (made by Crown Iron Works Company of Minneapolis), hand wrought iron and three commissioned busts of George Washington.

At the time the tower was being built, he had sold his previous two empires in turn and was building up his third (which was eventually to stretch from Alaska to Nicaragua).

He planned to locate his business and residence on the 27th and 28th floors where a three-bedroom, three-bath suite was built, with a fireplace and library, Italian Siena marble walls and glass-paneled ceilings.

[3][4] Foshay invited 25,000 guests to the dedication ceremony and provided all-expenses paid trips to many including cabinet members, senators, and congressmen.

Six weeks after the building's opening on November 2, 1929, Foshay's corporate empire was thrown into receivership at the onset of the Great Depression.

It wasn't until 1988 when a group of Minnesota investors repaid Foshay's debt to Sousa's estate that the march was permitted to be played in public again.

In January 1981, the building was wrapped in a huge yellow ribbon during the final days of the Iran hostage crisis.

Around 1980, when the Foshay was still one of the tallest buildings in Minneapolis, the pyramidal top was covered with numerous pieces of radio transmitting equipment.

On September 4, 2006, it was reported that developers Ralph W. Burnet and Minneapolis-based Ryan Companies would spend as much as $90 million to convert the 32-story office tower into a 230-room W Hotel.