Olympia and York developed the complex as an expansion of the adjacent headquarters of Scotiabank and the bank continues to occupy approximately 24 floors of the structure.

[9] On January 19, 2012, Scotiabank announced it would sell the iconic building[9] and on May 22, announced a final agreement with Dundee Real Estate Investment Trust (now Dream Office REIT) and H&R Real Estate Investment Trust for $1.27 billion, making it the last of Canada's major banks to divest ownership of its Toronto headquarters property.

[12] The tower incorporates the historic Beaux-Arts Bank of Nova Scotia Building at 44 King Street West, by architects Mathers and Haldenby with Beck and Eadie, built between 1946 and 1951 on the site of Cawthra House.

The atrium houses a large banking hall incorporating architectural features from both the historic and modern components of the complex and includes a 40-metre (131 ft) large, metal structure referred to as the Circle of the Provinces which houses the teller services for the Bank of Nova Scotia's main branch.

Red Napoleon Granite, quarried in Sweden, cut and polished in Italy, then imported to Canada, covers much of the exterior and many interior surfaces.