It is known primarily for its architecture and its almost six decades as the flagship location of Fredericks of Hollywood.

"[3] In 1947, Fredericks of Hollywood moved into the building, the location serving as the company's flagship store.

[1] In 1986, the company opened the Celebrity Lingerie Hall of Fame here, showcasing intimate apparel from films such Some Like It Hot, Show Boat, and There's No Business Like Show Business, as well as person items from Mae West, Cher, Madonna, Halle Berry, and others.

[3] The building underwent a $30 million ($42.5 million in 2023) renovation in 2008, and re-opened with a basement nightclub, ground floor restaurant, mezzanine dining hall and sushi bar, third floor banquet facility/entertainment venue, and rooftop lounge.

But despite drawing celebrities such as David Spade, Paris Hilton, Justin Timberlake, and Matthew Perry, the building went vacant again in 2011.