The building was often called Red Square in its early years, a derisive reference to its primary occupant Petro-Canada, which was a federal Crown Corporation created under Prime Minister Pierre Trudeau's National Energy Program.

[8] Petro-Canada was privatized in 1991 under the Brian Mulroney government and acquired in 2009 by the complex's current namesake, Suncor Energy, which continues to operate the company as a subsidiary.

Petro-Canada came to an agreement with the West German firm ARCI Inc. to jointly develop an ARCI-owned site in Calgary to host the Crown Corporation's new headquarters.

[10] The Calgary Planning Commission rejected the proposal in Fall 1980 as the site was not large enough for the density three towers would provide, and the all-glass design was not desirable for the city.

Subsequently, Petro-Canada purchased the air rights from the neighbouring Calgary Chamber of Commerce for $2.5 million and received approval for a granite-clad two-tower design with a density bonus option of four storeys on the smaller tower.