It lies on the corner of Arachovis and Themistokleous Streets, adjacent to Exarcheia square and was built in 1932–1933 for Kyriakos Panagiotakos, the architect who designed the building.
Particular care was given to the design and construction of the common areas such as the two entry halls, concierge desks, corridors, staircases, laundry, and the meeting room on the top floor.
Through time, notable people have lived in the Blue Condominium such as Leonidas Kyrkos (politician), Renos Apostolidis (writer), Sofia Vembo (singer), Lili Zografou (writer and descendant of Dionysios Solomos), Dimitris Horn (actor), Alexis Minotis (actor), Katina Paxinou (actress), the owner Kostis Antanopoulos and his family, Fredy Germanos (journalist and author), Dimitris Myrat (orchestra director), Evaggelos Meimarakis (politician and speaker of the Greek Parliament).
During the Metaxas dictatorship and World War II the building housed the counterintelligence organization "Midas 614" and its staff officer Ioannis Tsigantes.
During the Dekemvriana events, fighters of the Greek People's Liberation Army had attempted three times to blow up the building.