It was designed by the architect Ventura Rodríguez in 1772, and has been a National Historic Monument since 1977. Construction began in 1788 but eventually, from the original project only one of the bays was built, with a total area of 1344 square metres. It is located in the heart of Madrid, next to Gran Vía

In 1887 the architect Mariano Belmar directed works undertaken to standardise the building aesthetically, especially as an important part of the façade was left unfinished.

In the twentieth century the interior was adapted for office use until later, it was closed and remained so for more than a decade, severely deteriorating. Finally, after a complex rehabilitation directed by Gabriel Allende, from October 2006, it has been the home of the European Institute of Design.