It was initially designed for Qantas by architects Joseland & Gilling positioned as Sydney's equivalent to the World Trade Centre.

The building was first announced in 1966 with development approval given on 19 August 1968 and construction for Stage 1 of the project began in 1970 targeted for completion in 1973, however the project was delayed many times due to industrial action by the Builders Labourers Federation (NSW BLF) and took 12 years to finally complete in 1982.

Most recently, the lobby was completely refurbished with full concierge service in 2015 and End of Trip facilities named 'Zephyr' added in 2017.

In 2005, Suncorp obtained 10 years of signage rights to the building and leased 15,000 square metres (160,000 sq ft) over 15 floors.

[2] In 2018, IBM Australia became the anchor tenant occupying 7,000 square metres (75,000 sq ft) over seven floors with naming rights to the building.