Currently, the palace offers exhibitions about its history and is a place for classical concerts and cultural events.

In 1719, architect Martin Heinrich Böhme expanded the dimensions of the building on behalf of its new owner, Margrave Albert Frederick of Brandenburg-Schwedt, a half-brother of the late king.

In 1762, the building became property of Prince Augustus Ferdinand of Prussia, the youngest brother of Frederick the Great.

After moving there in 1786, he sold Friedrichsfelde Palace to the exiled Duke of Courland, Peter von Biron, who had the ballroom on the upper floor redesigned in neo-classical style.

In summer 1816, Carl von Treskow acquired the building and hired the Prussian landscape architect Peter Joseph Lenné to transform the park of the palace into an English landscape garden, which is still home to the family's burial ground.