originally serving as the headquarters of the commercial association of rio de janeiro (Associação Comercial do Rio de Janeiro - ACRJ), the building became part of the bank of brazil (banco do brasil), in 1920, and functioned as the bank's flagship office until 1960.

it was not until the late 1980s, that the banco do brasil decided to preserve the building, seeing it as a symbol of great importance in the city, and one of alluring architectural value.

moving away from the buildings original roots, which were heavily based in business and finance, the decision was made to convert the complex into a cultural center, opening its doors to the public, in 1989.