The handsome, rose-brick structure was built as an office tower in 1987 and is notable for its arcade and mid-block plaza with a waterfall.

It occupies the Wall Street blockfront between Pearl and Water Streets and is not far from the South Street Seaport.

In their excellent book, "The A.I.A. Guide to New York City, Fourth Edition" (Three Rivers Press, 2000), Elliot Willensky and Norval White commented on the building noting that "A deep, generous entrance arch through a flamed granite base offers a promise, but the flat detailing above doesn t deliver,” adding that "The park provides the obligatory waterfall, but little to promote pedestrian serenity."

The building, which was designed by Welton Becket Associates, has a strongly articulated top and the upper floors have superb views in virtually directions.

Schuman Lichtenstein Claman & Efron (SLCE) was the architect for the conversion and The Rockwell Group designed the interiors and public spaces of both the residences and the hotel.

The hotel is managed by the Hyatt Corporation under its luxury lifestyle brand, Andaz, which means "personal style."

J.P. Morgan Chase bought the building from Barclays Bank in 2004 and a December 21, 2005 article in Real Estate Weekly in 2005 indicated it was purchased by the Hakimian Organization and Peykar Brothers Realty for $185 million.

The bank had agreements with two of the largest tenants in the 640,000-sq.ft. building – Dresdner Kleinwort Wasserstein and Fireman’s Fund Insurance Co. – to buy out their leases, which had expired.

A bomb exploded in front of the building in February, 2000.

Some of the Hakimian Organization’s residential developments include 50 and 184 Lexington Avenue, 236 East 47th Street and 277 Mulberry Street.

Apartments will comprise the upper 24 floors and will have 10-foot-high ceilings and “a custom-built overhead storage system that maximizes the use of space. Open-plan kitchens will have glass-tile backsplashes and lacquer and glass cabinetry and baths will have white marble walls. Duplex penthouses will have fireplaces, custom-built library walls and terraces with wet bars.

Residents will have hotel services including room service, catering, housekeeping, valet laundry and parking, a concierge, Club 75, a facility on the 18th floor with a cardio-fitness center, massage treatment, media room and game room, and a rooftop solarium and lounge and indoor-outdoor fireplace.