In the 1820s, merchant Petter Brofeldt hired a contractor to construct a two-storied stone building on this site which was completed in 1830. A third floor was added a year later. The ground floor housed shops with entrance doors adorned with Doric columns. The merchant himself lived on the main floor. The building was purchased by merchant Aleksey Kudrakoff in 1841. A new shop opened in the premises soon became famous for its exquisite caviar and goose.

The building was converted to neo-Renaissance style in 1895 according to drawings prepared by Theodor Höijer. A new three-storied wing flanking Sofiankatu street and a single-storied bank room attached to the main wing in the courtyard were designed by architects Valter Jung & Emil Fabritius in 1912–1914.

Banking business was transacted in the building up until 2008 – for the last 57 years it served as the Helsinki City Bursar’s Office.

Following several other conversion projects, the building was completely renovated during 1968–1971 to the plans of architect Aarno Ruusuvuori. The interiors were completely rebuilt with only the bearing walls retained.