Its construction started on 19 March 2009 and was officially inaugurated by King Juan Carlos I on 21 February 2012.

One of those former industrial areas was Abandoibarra, located right next to the river, and between the La Salve bridge and the bankrupt Euskalduna shipbuilding company.

In the early 1990s the regional authority of the province of Biscay chose César Pelli and its team to design a masterplan for the future development of the 348,5000 square metre area.

One of the first proposals included two towers of 200 metres, but the final project that included the participation of the architect team Aguinaga y Asociados Arquitectos presented its final proposal with a single 150 metre office tower and several residential blocks of 10 floors.

In 1998 the regional authority of the province of Biscay (Bizkaiko Foru Aldundia or Diputacion Foral de Bizkaia) announced its intention to sell all of its buildings scattered throughout the city of Bilbao and moving all of its offices to the 150 metre tower.

After months of speculation about possible tenants wanting to move to the tower, the city hall of Bilbao reached an agreement with Basque utilities company Iberdrola in July 2004.