[1] The Association for the Promotion of the Shipping Industry (Danish: Foreningen til Søfartens Fremme) was founded in 1842.

In 1852, it took over Copenhagen Navigation School from the Shipowners' Guild and appointed Emil Tuxen as its new director.

The project was delayed by the need to find an additional tenant but the Association for the Promotion of the Shipping Industry finally purchased the lot after a contract with the life insurance company Livsrenteanstalten had been closed.

The foundation stone was set by Christian IX on 2 July 1864 and he was also present when the building was inaugurated on 1 September 1865.

The three-storey building is designed in the Historicist style with inspiration from Venetian Renaissance architecture such as Ca' Vendramin Calergi.