La Castellana Shopping Centre came into existence due to demand in the city of Madrid, located outside of the overcrowded city centre it has a residential and commercial area as well as a third area of buildings used for office space. That is where the A.Z.C.A Business Centre started, in the block located between Raimundo Fernandez Villaverde, Orense, Gral Perón streets and La Castellana.

The Planning and Coordination Committee of the Metropolitan Area of Madrid approved the Interim Plan in 1996 announced through an international tender and in 1975 the subdivision was originally approved.

The company Unión de Explosivos Rio Tinto, owner of the plot A-1of the place awards "the project" in 1977, by means of an international tender, for the construction of the biggest office building in the area, to the North American architect of Japanese descent Minoru Yamasaki (1912-1986), with Jorge Mir Valls and Rafael Coll Pujol as collaborating architects. The Construction License was obtained in 1980.

Work started at the end of 1982 and after different incidents in 1985 the plot was sold to new owners Portland Valderrivas and Ason Real Estate who restarted the construction in 1986. They appointed Construcciones and Contratas S.A, now called Fomento de Construcciones y Contratas S.A, under the direction of the architect Genaro Alas and Picasso Tower was opened in December 1988.

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