It was designed by the architects Julián and José María Otamendi Machimbarrena as an assignment of the Metropolitan Real Estate Agency, for whom they had already built the Edificio España.

It was the highest office building in Western Europe until 1967, when it was surpassed by the 150-metre high South Tower in Brussels.

Furthermore, the tower was equipped with twelve elevators of the fastest model of the time, permitting users to travel 3.5 metres per second.

The Tower of Madrid is found in the Plaza de España, at the end of the street of Gran Via, in the heart of the Spanish capital.

On April 28, 2005, the tower was put up for sale by the real estate agency Metrovacesa along with the Edificio España to vote part of the acquisition of the French company Gecina.