The HSBC Building was originally built for the British Bank of the Middle East (BBME). BBME started as the Imperial Bank of Persia in 1889. At the time, it was the first modern bank in Iran. In 1952, the bank exited the Iranian market and was later renamed the British Bank of the Middle East (BBME). In 1959, BBME was acquired by HSBC.
The HSBC Building was built in 1913 in a Neo-Classical style by the architectural firm Chambers & Fritchley. In 2007 and 2017, the building was carefully restored by Abha Narain Lambh Associates. The project involved the careful restoration of its basalt and limestone facades, night illumination, and restoration of its historic staircase, among other changes.