The building was built in the second decade of the 20th century and signed by Teodoro de Anasagasti on an original idea by French architect Gaston Braive.

The works began in 1921 and culminated, more than six months behind schedule, in January 1924, when the Madrid-Paris Department Store was inaugurated by kings Victoria Eugenia and Alfonso XIII.

In 1956 the architect Fernando Cánovas del Castillo made the most profound transformation by raising two new floors and removing the side domes, and crowned the building with the sculpture of the phoenix.

Some time later, a profound remodeling work recovered the building's initial commercial use, and put the great central courtyard, the vault and even the imperial staircase in value.

The public entrance was arranged through two large doors located on the chamfers of Gran Vía and a smaller central one, protected by arcades.