The site of the building is 1280 square metres, formerly used by a Japanese fire insurance company and had undergone numerous reselling between several British firms.
One of the earliest applicants for a space in the new building was a Japanese entrepreneur who wished to open a Turkish bath and restaurant in part of the basement.
After the Second World War the China Merchants Steam Navigation Company took over the building.
The building became owned by Shanghai Maritime Bureau shortly after the establishment of the People's Republic of China in 1949.
The building's façade consists both Japanese and Western elements and is completely covered in granite.