The corporation intended to privately develop the building that would then be leased to the federal government, making this an unusual speculative venture.

The group retained the Chicago architectural firm Holabird & Root to design the building, which included some of the first uses of underground parking and central air-conditioning in the city.

Original tenants included the Federal Loan Agency, Reconstruction Finance Corporation (RFC), RFC Mortgage Company, Disaster Loan Agency, Federal National Mortgage Authority, Export-Import Bank of Washington, and the Elective Home and Farm Authority, all established during the New Deal era.

The Lafayette Building's steel frame is encased with concrete and brick, collectively selected by the architects for their fireproof qualities.

The first story of the building, which contains retail space, is clad in black granite, while the upper levels are faced with smooth light grey limestone on the street-front elevations.

Regularly spaced square windows with one-over-one, double-hung configurations dominate all elevations and are slightly recessed to avoid interruption of the wall plane.

Bronze is used liberally on the first two stories, forming spandrels that divide the first and second levels, window frames, entrance doors, shop fronts, and select railings.

Simple recessed panels at select ends of the building run the full height of the main mass and suggest plain classically inspired pilasters.

The principal entrance consists of four pairs of deeply recessed bronze and glass doors centrally located on the Vermont Avenue elevation.

Water fountains set in large, recessed, circular marble panels with Alberene frames are among the most prominent interior features.