It is dedicated to the life and deeds of 19th century U.S. entrepreneur, philanthropist, and namesake of the city, George Peabody.

David took out two mortgages on the property in 1812: to Jesse Emerson in January, and to Mary Titcomb of Newburyport later in the year.

In 1832, two years after his mother's death, George Peabody sold the property to David Shove for $1,465.

Elijah Upton, a glue manufacturer with a factory complex at the corner of Washington Street and Allen's Lane, owned the land until 1883, when it was sold to Charles B. Farley.

By this point the house had been divided into two separate apartments, which Farley rented out to a produce peddler, a carpenter, and a stable hand.