This building, known popularly as the Torre Ibería for the luminous sign installed at the top, was designed by architects Ignacio de Cárdenas Pastor and Gonzalo de Cárdenas Rodríguez in the 50s.

The tower is part of the project undertaken by Sociedad Banco de Vizcaya to build 254 homes spread over seven buildings. The project was designed in 1947 and it was built between 1949 and 1953, in the so-called international style that exploded in Madrid in the 50s. The exposed brickwork of its facade, with its long balconies that are repeated all the way up the building, accentuated by its rational design, creates a note of modernity reminiscent of central European architecture of the inter-war period.